“It’s an extraordinary tax increase,” said Douglas Holtz-Eakin, a conservative economist with the American Action Forum and formerly the director of the Congressional Budget Office. White House officials declined on Tuesday to reveal exactly how large a tariff Trump would impose and on which countries, although his statements in recent days have suggested that it would be across the board. Advertisement“It would be the largest peacetime tax increase in history and the third largest overall tax increase behind only the 1941 and 1942 revenue acts to fund WWII,” said Erica York, the Tax Foundation’s vice president of federal tax policy. Support HuffPost Already contributed? When the tariff, or import tax, is increased, that is passed along as a price increase to consumers.

Source: Huffington Post April 02, 2025 12:44 UTC