“If Trump’s 5% tariff on Mexican goods takes effect later this month, the president’s trade policies would constitute a bigger tax hike than Bill Clinton’s in 1993,” Axios reports.
“Tariffs already in place against Mexico will increase revenues by $69 billion, the Tax Foundation estimates — or about 0.32% of GDP. Add in the threatened 5% tax on Mexican imports, and that rises to about 0.40% of GDP.”
“That’s more than Clinton’s tax bill in 1993, which brought in revenues of about 0.36% of GDP after the first year, and just shy of George H.W. Bush’s increase in 1990, which amounted to 0.41% of GDP after year 1.”
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