Trump’s Big Tax Hike

Photograph by Nathaniel St. Clair

While everyone is talking about the Republicans’ big tax cuts for Elon Musk and other billionaires, he also is hitting us with one of the largest tax increases in history. This would of course be his massive Big Beautiful Import Taxes, also known as “tariffs.”

We got new evidence yesterday that we will in fact be paying the tariffs, not the exporting countries, as Trump weirdly claims. I’ll get back to this, but first we should be clear how much money is at stake.