Now if Nice Santa’s Favorite Biology Teacher Elf Christmas Funny Shirt we’re talking about federal budgeting, the tariffs countered the tax cuts. It was just trading billions from one source to another. If you already know the rich and businesses got billions in tax cuts, well guess who’s paying in the billions. I’ll give you a hint, not the rich and not businesses. So what about the deficit? Well, over the last three years, pre-covid, both the national debt and federal budget remained consistent with pre-existing trends. It means Trump and Republicans didn’t national debt, and they didn’t federal spending. Surprisingly, I know. Who would have thought? What did happen was a big tax cut to the wealthy and businesses and a big tax hike to everyone else. Yes, your income tax dropped. But tariffs are taxes.
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And you Nice Santa’s Favorite Biology Teacher Elf Christmas Funny Shirts paid all that back plus billions more through the cost of all the goods and services you consumed throughout the year. You simply don’t recognize it as a tax, even though it is. You just see stuff get more expensive, like the cost of steel went up 30. Worse yet, businesses are immune to tariffs. They pay zero. A business will just raise the selling price to offset the cost increase. The company I work for that makes industrial equipment raised prices across the board 10% to cover tariff increases. You pay that 10 in the end. You pay that tax. What did happen was Trump single-handedly implemented the single biggest tax increase in recent American history, and he did it while people praised him and Republicans for slightly reducing their income tax. Good trade, right? Cheer while you all pay billions more into the government. Yay tax cuts. Yay tariffs. So great.