Politics

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

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Evan Vucci/AP Photo; Steffi Loos/Getty; Lintao Zhang/Getty; Jochen Zick/Getty; Shayanne Gal/Business Insider

All the tariffs that has been enacted by the president, including the most recent increase from 10 percent to 25 percent on $200 billion on Chinese goods, will raise $72 billion in revenue, as estimated by the nonpartisan Tax Foundation. This equates to 0.34 percent of the U.S. GDP. The revenue raised in the first year of the 1993 budget and reconciliation act was equivalent to 0.36 percent of Gross Domestic Product.

The Chief Economist with the Tax Foundation, Kyle Pomerleau stated, “it’s certainly not the largest tax increase in history but it does rank among some of the bigger tax proposals over the last 20 years that have raised revenues.”

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