Editorials & Other Articles

And note that covers 3/4 of the fiscal year, which ends on September 30. Even if you project June's total across 12 months, that's an annual revenue of just $310 billion. The total revenue for the Federal Government in 2024 was $4.9 Trillion so that would project tariff revenues at just 6.5% of total revenues. And while there may be additional tariffs in future months, the higher the tariff rates, the lower the amount of goods being imported meaning the tariffs will be collected on smaller levels of goods meaning they will never bring in anywhere near is much as Trump thinks.

As of right now, the tariffs project as a tax increase of over $2100 annually for the average taxpayer. And somehow, Trump believes that eliminating a tax bill of $2100 for every taxpayer would cause a depression? As if we needed any more evidence of how stupid Trump is.