$500 Tax

Trump Plans to Announce $500 Tax on All American Households Today

KEVIN DRUM

The Wall Street Journal reports:

The White House, looking to ratchet up trade pressure on China, is expected to announced today that it is more than doubling the size of the proposed tariffs to 25% from 10% on $200 billion of Chinese imports, industry sources said.

Well, let’s see: divide by four, carry the one….that’s a $50 billion tax on Chinese goods—and according to the Journal, that’s consumer goods like furniture, lamps, food and computers. That’s about $500 on every household in America.

This is going great, isn’t it? The rich are getting a $100 billion cut on their capital gains taxes while the working class is getting a $50 billion increase on its furniture and computer gadgets. MAGA!