Trump’s Trade War Taxes Will Cost Middle-Class Families $200-300 This Year

This got me curious:

How much money are we taking in from increased tariffs? Here’s the answer:

There you have it. We appear to be taking in an extra $1-2 billion per month, and it’s going up. This is gross tariffs, of course, and doesn’t count the amount that other countries are taking in from their retaliatory tariffs.

Anyway, tariffs are paid by domestic firms who import stuff, so this is ultimately all a tax on consumer goods. Over the course of the year it will probably amount to a tax increase of about $200-300 per family—maybe more. I hope everyone enjoys paying their share in order to show Canada who’s boss.

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America will move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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