By the Numbers

At the time of Donald Trump's tax cut passage last year, which went primarily to the wealthy, many economists predicted they would have little to no economic benefit. As it turns out, according to the Congressional Research Service, those predictions were correct (details here and here).

"The CRS finds that the cuts have had virtually no effect on wages, haven’t contributed to a surge in investment, and haven’t come close to paying for themselves," per one article describing the report. "Nor have they delivered a cut to the average taxpayer."

And now with Trump madly increasing tariffs on imports from China and Mexico, where a considerable percentage of imported goods and food originate, ordinary Americans are facing the equivalent of the largest tax increase in more than thirty years (details here and here).

Whatever gains the tax cut brought to ordinary Americans, they will be wiped out and then some by the de facto tax increase brought on by tariffs.

Trump may have a business degree but he clearly doesn't understand basic economics and finance.