'The less you make, the more it is likely to sting'
And the less you make, the more it is likely to sting.
Oh, you won’t find this Trump Tax in his actual tax plan. And he’ll never call it a tax. He’ll call it “making America great again” or “bringing jobs back” or some other bit of sales fluff. But he’s going to tax you.
He’s going to tax you a lot.
Trump wants to place a 45% tariff on Chinese goods. He would presumably want comparable tariffs on Mexican goods (to get them to build the wall!) and other imports. This would increase the cost of everything that you buy that is either made in – or has components that are made in – the targeted countries.
The increase would be yuuuuge. There have been estimates that a 35% tariff would add $65 to the cost of an iPhone and cost consumers who buy them six billion dollars annually.
And that’s just iPhones...