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1 Erica York, Economic and Distributional Impact of the Trump Administration's Tariff Actions 1 (2018)

handle is hein.taxfoundation/ecdiptarff0001 and id is 1 raw text is: The Economic and Distributional Impact of the Trump Administration's Tariff Actions FISCAL FACT Erica York No. 625 Analyst Dec. 2018 Key Findings The Trump administration has imposed $42 billion worth of new taxes on Americans by levying tariffs on thousands of products. Outstanding threats to impose further tariffs mean Americans could see additional tax increases up to $129 billion. Tariffs are regressive, placing a higher burden on lower-income households. The $42 billion of tariffs imposed so far are estimated to reduce after-tax incomes by 0.30 percent on average. This negative effect is more pronounced for households in the middle and lowest quintiles, reducing their after-tax incomes by 0.33 percent. For taxpayers in the middle quintile, this represents a decrease of $146 in after-tax income. If threatened tariffs are all imposed, after-tax income for households in the bottom and middle quintiles would fall by an additional 1.04 percent, higher than the average decrease of 0.92 percent. The Tax Foundation is the nation's leading independent tax policy research organization. Since 1937, our research, analysis, and experts have informed smarter tax policy at the federal, state, and local levels. We are a 501(c)(3) nonprofit organization. ©2018 Tax Foundation Distributed under Creative Commons CC BY NC 4.0 Editor, Rachel Shuster Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 202.464.6200 taxfoundation.org

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