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Trump’s tariffs are equivalent to one of the largest tax increases in decades
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| Contributor | IndyGeorgia |
| Last Edited | IndyGeorgia Jun 02, 2019 09:06pm |
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| Category | Study |
| Author | Steve Liesman |
| News Date | Thursday, May 16, 2019 04:00:00 PM UTC0:0 |
| Description | President Donald Trump, having championed one of the larger tax cuts in recent years, has now enacted tariffs equivalent to one of the largest tax increases in decades.
A CNBC analysis of data from the Treasury Department ranks the combined $72 billion in revenue from all the president’s tariffs as one of the biggest tax increases since 1993. In fact, the tariff revenue ranks as the largest increase as a percent of GDP since 1993 when compared with the first year of all the revenue measures enacted since then, according to the data.
Only the revenue raised in the fourth year of the Affordable Care Act is greater, but not by much.
The nonpartisan Tax Foundation estimates all the tariffs enacted by the president, including the latest increase from 10% to 25% on $200 billion on Chinese goods, will raise $72 billion in revenue, equal to 0.34% of U.S. gross domestic product. Revenue raised in the first year of the 1993 budget and reconciliation act equaled 0.36% of GDP. |
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