Trump raised taxes on Americans by $30 billion with his trade war -- and it will get worse

[turbinetree]

By Oliver Willis August 29, 2019

Trump's trade war has been cited by a majority of economists as a drag on the economy that could lead to a recession.

Trump's trade war is going to cost American taxpayers an additional $30 billion taxes a year, according to a new analysis released Thursday by the nonpartisan Congressional Budget Office (CBO).

"CBO estimates that all tariffs enacted under Trump are raising taxes by about $30 billion annually ($315B 2020-2029)," noted Zach Moller, deputy director of Third Way’s Economic Program. "This would rise to about $45 billion a year if announced tariffs go into effect."

The trade war tax hike would add to Trump's already weak record on taxes.

Trump has claimed that the tax cut enacted by him and congressional Republicans in 2017 would be "rocket fuel" for the economy, but instead economic growth slowed. That legislation contained tax cuts targeted toward the super-rich and large corporations.

https://shareblue.com/trump-raised-taxes-on-americans-by-30-billion-with-his-trade-war-and-it-will-get-worse/

Hey, all of you trolls that voted for this ass......................and then to top it all off we still have the 1.5 trillion tax cut to deal with....................again....................... this coming tax season....................

[Newest Reality]

1. Slight of hand!

See! Look, tax cut, kind of sort of, for them that has.

Oops...new taxes...I mean tariffs.

It's all magic here in fucking Unicorn Land.

[smirkymonkey]

2. This will come in handy when I go to visit my Republican sister and her husband this weekend,

should they bring it up. We kind of have a "detente" in my family since we are split down the middle between R and D. We just don't talk politics when together and will occasionally joke about it, but have put our relationships above our political views for the sake of familial harmony.

I think it is easier for us Dems than it is for the R's of the family though. Sometimes, when they have had a bit too much too drink they will get a dig in. I usually ignore it or go hang out with the dog or something. We all know we aren't going to change so there is no point in getting into it. However, it's always good to be armed with some facts just in case.