Trump’s Massive Tax Hike: A Disaster for American Families
President Trump plans to unilaterally impose substantial import taxes, potentially totaling trillions of dollars over ten years, marking a significant tax increase surpassing all but two instances in US history. This action, described as “liberation day” by the President, is projected to generate $600 billion annually in revenue. However, economists dispute this figure, asserting that the cost will be largely shouldered by American consumers through higher prices, as importers pass along tariff increases. The substantial tax increase would be enacted without congressional approval.
John Q. Hosedrinker