Americans will pay $6 trillion for Trump's tariffs -- the largest tax hike in US history

[CousinIT]

https://www.cnn.com/business/live-news/tariffs-trump-news-04-02-25#cm8xamo3600lo2cqf5bit2p6p

White House aide Peter Navarro said he expects President Donald Trump’s tariffs to bring in $6 trillion in revenue in the next decade, which could amount to the largest tax hike in US history.

Even when adjusting for inflation, that amount would be triple the tax increase put in place in 1942 to pay the cost of fighting World War II.

Navarro, Trump’s senior counselor for trade and manufacturing, insists it’s not a tax increase but a tax cut — echoing the Trump administration’s repeated belief that tariffs will be paid not by American consumers but by businesses in other countries or the countries themselves.

“The message is that tariffs are tax cuts, tariffs are jobs, tariffs are national security,” Navarro said on Fox News Sunday. “Tariffs are great for America. They will make America great again.”

But most economists say US-imposed tariffs are paid by American businesses and consumers in the form of higher prices on imported goods, not paid by foreigners.

[dalton99a]

1. The Trump tax - to crash the U.S. economy

[Eliot Rosewater]

3. Under orders from Putin, plus he's going to set up a special fund and take billions

[Bernardo de La Paz]

5. I'm afraid it will. Revenue will turn out much less than $6 trillion but oligarchs will be paid first

It will be less because of economic contraction resulting from tRump's total control of US goobermint expenditures due to compliant maga party leader Johnson.

Even on their own, the tariffs and reciprocal tariffs and reciprocal-reciprocal tariffs will be contractionary. The tariff tax will reduce international trade, by design, hence less revenue. But they do not dial that in.

But the tariffs are layered on top of contractionary cuts in government spending, contractionary firing of government workers, and contractionary deportations/self-deportations of labour.

[Eliot Rosewater]

2. All for Putin.

[Bernardo de La Paz]

4. Only liars of Trumpian proportions (Navarro) would call tariff taxes a tax cut . . . nt

[no_hypocrisy]

6. If the Treasury is getting $6 trillion from the tax hike,

wouldn't that cover the tax cuts and save Medicare, Social Security, and Medicaid from fatal cuts to their programs?

[CousinIT]

7. It'll all go into the billionaire's pockets and Medicare, Social Security and Medicaid will still be cut. nt