Trump Authorizes $20 Billion Tax Increase

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On Thursday President Trump announced a new 5 percent tariff on all goods coming from Mexico—nearly all of which will be paid by consumers in the form of higher prices. A new car imported from Mexico, for example, will cost $1-2,000 extra. Altogether, we’ll import nearly $400 billion from Mexico this year, so the tariff will amount to about $20 billion, or $200 per family.

But it’s a regressive tax and it’s mostly invisible, so I guess Republicans are OK with it.