Politics

Trump’s Tariffs Equals One Of The Largest Tax Increases In Decades

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Image Source: Gage Skidmore / CC BY-SA 2.0 / MGN

According to analysis of data from the Treasury Department, the combined $72 billion in revenue from all of the tariffs implemented by the Trump administration is ranked as one of the largest tax increases since 1993. According to the data, the tariff revenue is one of the biggest increases as a percent of Gross Domestic Product (GDP) since 1993, when it was compared to the first year of all the revenue measures that has been enacted since that time.

It was stated that only the revenue raised in the fourth year of the Affordable Care Act is greater than this current tariff, but not by much.

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