Summary
Donald Trump is poised to impose massive import tariffs on goods from Canada, Mexico, and China, effectively raising taxes on U.S. households by an estimated $3,000 annually.
Unlike past tax increases that targeted the wealthy, these tariffs disproportionately impact low- and middle-income workers.
While Trump claims the measures address immigration and fentanyl concerns, experts argue they serve as a revenue source to offset tax cuts for the rich.
Critics contend that Trump’s tariffs lack a clear industrial strategy and primarily burden American consumers.
Awareness isn’t a big thing for them. They’ve lived through Reaganomics since 1980 and still haven’t noticed that none of the wealth is trickling down.
In 1980, ‘middle class’ was still one job supporting a family of four and $1 million was still a vast fortune. By the time Bush Sr’s term was over, ‘middle class’ was two incomes to run a household and $1 million was what a rich guy paid for a party.