The Institute on Taxation and Economic Policy released an updated analysis of Trump’s tariffs, highlighting that they will raise taxes on all Americans but deliver the most pain for the poorest fifth of Americans, who will see a tax increase equal to 6.2% of their income.
The report also underscores how Trump’s tariff tax squeezes middle-class families struggling to make ends meet. According to the institute, the middle fifth of Americans will see a tax increase equal to 5% of their income.
Billionaires have already increased their wealth thanks to Trump’s economic chaos. After Trump announced a 90-day pause on some tariffs, the richest people in the world added $304 billion to their combined wealth.
“Of course, Trump’s tariff tax will hurt regular Americans the hardest. Trump will never put working-class people ahead of people with private jets and memberships at his golf clubs,” said American Bridge 21st Century spokesman Brandon Weathersby. “Trump’s tariff tax is already causing layoffs, shutting down businesses on Main Street, and draining retirement accounts. Americans can already feel the pain, and they’re not buying what Trump and Republicans are selling on the economy.”
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Published: Apr 25, 2025 | Last Modified: Apr 28, 2025