Administration cut taxes for the rich, raised costs for the working people .
Under the Trump administration, the answer is clear: the economic rules have been rewritten to enrich wealthy donors and politicians and to hurt working- and middle-class families.
Look no further than Trump’s signature legislation: his tax bill.
Congressional supporters of the legislation repeatedly admitted that the reason they pushed the bill was to satisfy their donors. It’s not hard to see why; the vast majority of the benefits of the legislation go to corporations and the wealthiest Americans. And while most working- and middle-class families saw a temporary tax cut, the permanent tax cuts for corporations are paid for by permanent tax increases on the middle-class.
But if middle-class families were getting any benefit from the tax bill, it’s likely been wiped out by the new costs that Trump is imposing on them through tariffs. Trump claims these tariffs are about helping workers. But to the extent there is any coherent strategy behind them, they are aimed at helping large corporations secure even larger profits, not at increasing workers’ wages.
While Trump argues that the cost of tariffs is being borne by China, the real loser is the American consumer. All told, these Trump tariffs cost the average family $831 a year, more than offsetting the average tax cut for a household in the bottom 80%. And now Trump is saying he’ll impose even more costs on the American people as part of his erratic and ineffectual trade policy.