Economy
December 18, 2018
Tax Foundation: Tariffs Take a Toll on Taxpayers and GDP
Written by Tim Triplett
Trump administration tariffs will increase the tax burden on Americans, especially lower and middle-income households, and will cost the economy thousands of jobs, according to a new report from The Tax Foundation, a conservative-leaning tax policy research organization.
Trump has placed tariffs on steel, aluminum, washing machines, and thousands of other products that American businesses and consumers buy from China, effectively imposing $42 billion worth of new taxes on Americans. If the president follows through on his threats to impose further tariffs on Chinese goods, Americans could see additional tax increases totaling up to $129 billion, the foundation claims.
