Peaked at #3 Now #4
US Fiscal Policy Criticized as Robin Hood Reversed
Justin Wolfers mocks Washington for cutting benefits for the needy, cutting taxes for the rich, and borrowing from those too young to vote.
Key points
- Trump ran on cutting taxes, but once tariffs are counted, his policies are raising taxes and costs this year for every income group except the richest 1%, per a new report from the Institute on Taxation and Economic Policy.
- Tariffs, which are largely passed on to consumers as higher prices, outweigh the tax cuts for most Americans.
- The right-leaning Tax Foundation calls the tariffs the largest U.S. tax increase as a share of GDP since 1993.
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From @Roger_J_Postma, @PDN_Gallagher, @BumphBean and others. Spam removed, with English and Chinese translations.
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