Ringo Chiu via ZUMA
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The Wall Street Journal reports:
The White House, looking to ratchet up trade pressure on China, is expected to announced today that it is more than doubling the size of the proposed tariffs to 25% from 10% on $200 billion of Chinese imports, industry sources said.
Well, let’s see: divide by four, carry the one….that’s a $50 billion tax on Chinese goods—and according to the Journal, this includes consumer goods like furniture, lamps, food and computers. That’s about $500 on every household in America.
This is going great, isn’t it? The rich are getting a $100 billion cut on their capital gains taxes while the working class is getting a $50 billion tax increase on its furniture and computer gadgets. MAGA!