Laurie Buckhout: The Reckless Tariffs Were One The Largest Tax Increases In The Country’s History And Were Estimated To Cost Americans Thousands Of Dollars
2025: Tariffs Were One Of The Largest Tax Increases In The Country’s History
Center For Economic And Policy Research: Trump’s Tariffs Were The Largest Tax Increase In The Country’s History. “Donald Trump is putting in place the largest tax increase in the country’s history with his big import taxes (tariffs). We won’t know the full size of Trump’s taxes until after Liberation Day III (August 1), and probably not even then, but we already know that they are huge. This is evident from the tariff revenue the government is collecting. In June the government collected $26.6 billion in tariff revenue. That is up from around $6 billion a month in 2024 before Trump’s tax hikes. The difference of $20 billion comes to $240 billion on an annual basis. Summed over a decade, as we do with other measures, this comes to $2.4 trillion. This would be a substantial tax hike in itself, roughly $1,900 per household, but we know that the figure is almost certain to go much higher. Trump is threatening taxes of an additional 10 to 30 percent on imports from our major trading partners, such as Mexico, Canada, the European Union, and Japan. The tax take could easily end up being twice its current level, making Trump’s tariff frenzy by far the largest tax increase in US history.” [Center For Economic and Policy Research, 7/17/25]
2026: Tariffs Were Estimated To Cost American Families Thousands Per Year
Tariffs Increased The Cost Of Living By More Than $1,700 Per Family
Trump’s Tariffs Increased The Cost Of Living By More Than $1,700 Per Family. “Following the Supreme Court’s decision today to overturn Trump’s tariffs, the Joint Economic Committee – Minority released an updated report estimating that American families have already paid more than $1,700 each in tariff costs since President Trump took office. Combining Treasury Department data on the amount of tariff revenue collected across the first year of Trump’s term with independent estimates from the nonpartisan Congressional Budget Office of the percent of each tariff dollar that is paid by American consumers, the Committee found that they paid more than $231 billion in total tariff costs between February 2025 and January 2026, an average of more than $1,700 per family. ‘President Trump’s tariffs have been a disaster for American families, driving costs up at the worst possible time,’ said U.S. Senator Maggie Hassan, Ranking Member of the Joint Economic Committee. ‘While the Supreme Court has thankfully and correctly ruled that much of Trump’s tariff agenda was an illegal exercise of presidential power, today’s ruling cannot undo the damage that tariffs have already caused.’” [Joint Economic Committee, Press Release, 2/20/26]
- Joint Economic Committee Headline: “UPDATED DATA: American Families Have Already Paid More Than $1,700 Each In Tariff Costs Since Trump Entered Office.” [Joint Economic Committee, Press Release, 2/20/26]
2026: The Joint Economic Committee Estimated That Tariffs Would Cost American Families More Than $2,500 On Average
Joint Economic Committee Minority: “American Families Will Pay More Than $2,500 Each In Tariff Costs In 2026.” “Even though the Supreme Court ruled that the bulk of President Trump’s tariff agenda was illegal, the administration moved immediately to enact new tariffs that Treasury Secretary Bessent claims will result in ‘virtually unchanged tariff revenue in 2026’. If Bessent’s estimates hold true, the Joint Economic Committee – Minority estimates that American families will pay more than $2,500 each in tariff costs in 2026. Building on its previous tariff cost estimates, the Committee combined official data from the U.S. Treasury Department on the amount of tariff revenue collected since the start of 2025 with independent estimates from the nonpartisan Congressional Budget Office of the percent of each tariff dollar that is ultimately paid by American consumers. The Committee found that if tariff revenue stays at the level recorded in January 2026 for the rest of the year, American families would in total pay more than $330 billion in tariff costs in 2026, an average of more than $2,500 per household in tariff costs this year. This is substantially higher than the more than $1,700 in average tariff costs that the JEC – Minority previously estimated that families paid during the first year of Trump’s second term.” [Joint Economic Committee Minority, Fact Sheet, March 2026]
Joint Economic Committee Minority: With The Administration’s Projected Tariff Policy, “American Families Would In Total Pay More Than $300 Billion In Tariff Costs In 2026.” “Even though the Supreme Court ruled that the bulk of President Trump’s tariff agenda was illegal, the administration moved immediately to enact new tariffs that Treasury Secretary Bessent claims will result in ‘virtually unchanged tariff revenue in 2026’. If Bessent’s estimates hold true, the Joint Economic Committee – Minority estimates that American families will pay more than $2,500 each in tariff costs in 2026. Building on its previous tariff cost estimates, the Committee combined official data from the U.S. Treasury Department on the amount of tariff revenue collected since the start of 2025 with independent estimates from the nonpartisan Congressional Budget Office of the percent of each tariff dollar that is ultimately paid by American consumers. The Committee found that if tariff revenue stays at the level recorded in January 2026 for the rest of the year, American families would in total pay more than $330 billion in tariff costs in 2026, an average of more than $2,500 per household in tariff costs this year. This is substantially higher than the more than $1,700 in average tariff costs that the JEC – Minority previously estimated that families paid during the first year of Trump’s second term.” [Joint Economic Committee Minority, Fact Sheet, March 2026]
Consumers Shouldered The Burden Of Tariffs As They Raised The Price Of Basic Goods Like Food And Clothing
Consumers Shouldered 55% Of The Tariff Burden As Compared To Businesses
The Hill Headline: “US Consumers Shouldering 55 Percent Of Trump Tariff Costs: Goldman Sachs.” [The Hill, 10/13/25]
Fox News Headline: “US Businesses And Consumers Shoulder The Bulk Of Tariff Cost Burden, Goldman Sachs Finds.” [Fox News, 10/21/25]
Goldman Sachs Found U.S. Consumers Would Be Absorbing 55% Of Tariff Costs By The End Of 2025. “Goldman’s economists assessed that by the end of 2025, U.S. consumers will be absorbing 55% of tariff costs, while 22% will fall on U.S. businesses, 18% on foreign exporters and 5% on potential tariff evasion. ‘Our 22% estimate for U.S. businesses is modest because it is a net impact – companies that use or sell imported goods will bear a larger share of tariff costs, while domestic producers that are shielded from foreign competition by tariffs will be able to raise their own prices and increase their margins,’ the economists wrote.” [Fox Business, 10/21/25]
Goldman Sachs Found 22% Of Tariff Costs Would Fall On U.S. Businesses By The End Of 2025. “Goldman’s economists assessed that by the end of 2025, U.S. consumers will be absorbing 55% of tariff costs, while 22% will fall on U.S. businesses, 18% on foreign exporters and 5% on potential tariff evasion. ‘Our 22% estimate for U.S. businesses is modest because it is a net impact – companies that use or sell imported goods will bear a larger share of tariff costs, while domestic producers that are shielded from foreign competition by tariffs will be able to raise their own prices and increase their margins,’ the economists wrote.” [Fox Business, 10/21/25]
Tariffs Raised Prices On Cars
Kelley Blue Book: “President Trump Has Announced A 25% Tariff On All Cars Built Outside The United States And On Many Parts Used In Cars Built Here. […] Shoppers Can Expect The Tariffs To Increase Car Prices By As Much As $6,000 On Vehicles Priced Under $40,000.” “President Trump has announced a 25% tariff on all cars built outside the United States and on many parts used in cars built here. See our latest news updates below on where tariffs stand. Effective Dates: Imported Cars: Tariffs began on April 3. Car Parts: Tariffs began on May 3. These tariffs have started to increase car prices. To save money, consider locking in a new car deal before any potential price increases take effect. Can You Avoid a Car Tariff? No vehicle made at an assembly plant in the United States is 100% made here. Even Tesla sources its parts from other countries. This means that with tariffs, car prices will increase for American car buyers, though the timing remains unclear. You can potentially avoid paying a tariff on a new car by purchasing one that was imported to the U.S. before the tariffs took effect, or by buying a used car. How Will Tariffs Affect Car Buying? If new cars become too expensive, used cars will become more attractive. However, if demand spikes, used car prices may also increase. Here’s more information: New cars: Shoppers can expect the tariffs to increase car prices by as much as $6,000 on vehicles priced under $40,000. Higher car prices mean higher car taxes, financing, car insurance, and other ownership costs. This price pressure will make cars less affordable for consumers.” [Kelley Blue Book, 9/15/25]
Tariffs Raised Prices On Groceries
Tariffs Contributed To Prices Rising For Groceries. “President Donald Trump pledged to bring down grocery costs. But his administration’s policies are contributing to an acceleration in prices, food economists and companies say. Grocery prices last month rose at their fastest pace in three years, stoked by Trump’s tariffs, a crackdown on immigration, and extreme weather hurting food production. Prices jumped 0.6% in August from the month prior, according to the latest reading from the Bureau of Labor Statistics, and they are up 2.7% from a year ago. Food prices are deeply personal to consumers, and weekly grocery bills shape their overall perceptions of the economy. More than half of Americans count grocery costs as a major stress in their lives. Low-income and middle-income Americans, hit the hardest by rising grocery costs, are changing where they shop and what they buy. Companies are also taking extreme measures to appeal to shoppers strained by higher prices, such as bringing back paper coupons.” [CNN, 9/20/25]
- Axios Headline: “Grocery Inflation Highest Since 2022 As Trump Tariffs Pile Up.” [Axios, 9/11/25]
- News ABC 12 Headline: “Trump’s Tariffs Could Lead To Higher Grocery Bills As NC Farmers Face Export Challenges.” [News ABC 12, 4/2/25]
Tariffs Raised Prices On Apparel Goods
Tariffs Raised Prices On Apparel Goods. “The impact of President Donald Trump’s tariffs on prices throughout the economy is expected to increase over the summer. At U.S. department store chains including Macy’s , Nordstrom, and Dillard’s , the evidence of sticker price inflation is starting to show up across more items. Recent price increases in apparel, footwear, and bags across major U.S. department-store websites tracked by DataWeave indicate a turning point in May, when prices started their ascent. DataWeave analyzes nearly 15,000 SKUs (stock keeping units), a scannable code retailers use to identify and track a product, and has been collecting that data from January to June for signs of price hikes in footwear, apparel, and bags. ‘Footwear is now as much as 4% above January levels at some banners, while apparel is roughly half that pace,’ said Karthik Bettadapura, co-founder & CEO of DataWeave.” [CNBC, 7/2/25]