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How Idiotic Is Grifty's Tariff War? Not Even The Reigning "Stupidest Man on Earth"....
Today 5:36 am
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Despite the gains, collections still fell far short of the lofty claims made by the president. During an Oval Office meeting on April 14, Trump declared, "Now we're making $3 billion a day." However, official data show the daily average was just $918 million — less than a third of Trump's claim.....
A Barron's analysis also found that "tariff revenue remains far below the amount collected through individual income taxes," noting that fully replacing income taxes would require an average tariff rate of 74 percent — a level economists say would effectively sever the U.S. from global trade.
The Penn Wharton Budget Model (PWBM) estimated that the tariffs imposed as of April 8 would generate $5.2 trillion over a decade, but at the cost of slashing U.S. GDP by 6 percent and lowering wages by 5 percent over the long term.
"These losses are twice as large as a revenue-equivalent corporate tax increase from 21 percent to 36 percent," the Penn Wharton team said in their April analysis.
The immediate impact on households could be sharp. The Tax Foundation projects that the tariffs will function as the largest tax hike since 1993, with an average cost of $1,243 per American household this year alone. Household after-tax incomes are expected to fall by about 1.2 percent in 2025.
Middle-class families are likely to bear the brunt of the fallout. According to Penn Wharton, a typical middle-income household could lose around $22,000 in lifetime earnings because of the tariffs.