Trump’s hidden tax hikes
You’ve probably heard about the tax cuts President Trump signed into effect in 2017, which kicked in last year and lowered the tax bill for about two-thirds of Americans.
But you may not have heard about the tax hikes Trump imposed in 2018, even though they negate a significant portion of the tax cuts Trump crows about regularly.
The tariffs Trump imposed last year on a broad range of imports have generated about $3 billion per month in new taxes, according to new research published by the Centre for Economic Policy Research in London. Trump has said many times that China is paying “billions of dollars” to the United States. But that’s not true. The Trump tariffs “have been almost entirely passed through into domestic prices,” according to the paper by economists at Columbia University, Princeton University, and the New York Federal Reserve.
That means American producers and consumers are paying the Trump taxes.
http://www.yahoo.com/finance/news/trumps-hidden-tax-hikes-135230218.html