Politics

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

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REUTERS/Jonathan Ernst – RC1EA8733CA0

As outlined by the Treasury data, the revenue raised from the tariffs is more than the tax increases from the first three years of the Obama administration’s ACA. Only in year four of the ACA, when revenue rose by an estimated 0.46% of GDP, did it raise more than the estimate from Trump’s tariffs.

The revenue measure is by far the largest enacted without congressional approval. Congress, in a series of laws, has ceded to the president vast powers to levy tariffs.

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