The Largest Tax Hike in World History

The Telegraph: “If tariffs do raise $600 billion annually, that is no small sum of money, even for an enormous economy like the United States.”

“For context, the U.S. government raises $4.9 trillion a year in tax revenue, so if Navarro is right the tariffs will add a little under 15 percent to that total. It would be more than the $424 billion the government raises from corporate taxes annually. Tariffs would be turned into the third largest source of government revenue, after federal income taxes, which account for just over 50 percent of the total, and social security or payroll taxes, which account for around 30 percent.”

In effect, it would be the largest tax rise any president has ever imposed, and trigger a huge shift in how the federal government raises money.