The latest measure of government receipts for “Customs and Certain Excise Taxes” stood at more than $26.7 billion for the month of June, according to the Treasury Department’s latest daily statement dated June 24…
June’s total so far has already topped May’s total haul of about $22 billion — not to mention April and March totals of $17.4 billion and $9.6 billion, respectively. It was a continuation of revenue spikes seen during Trump’s second term in office that are dwarfing counts from recent history as well as the amounts collected during Trump’s first term…
In recent decades, tariff revenue has tended to constitute about 2% of federal revenue. The surge in recent months has changed that, with revenues now accounting for closer to 4%-5% of that revenue.
While that is nice it is still miniscule and we still have to see what the budget is. I am surprised that it hasn’t raised inflation which means it isn’t being passed on to the public.
From a policy change this big and abrupt I believe it is too soon to see any pattern clearly, as we are still just at the beginning of a period of turbulent response. A lot of that tariff income is likely on goods already ordered or planned to be ordered from before TIG’s policy shift dropped.
But the CBO also acknowledged that the tariffs will result in higher inflation this year and next, as well as slower economic growth.
The overall drag on the economy is hard to estimate, because the U.S. hasn’t had tariffs this high since the Great Depression era. But some experts think the damage could be substantial.
@Leap1 I agree that corporate tax rates ought to be raised, but seems to me that “ought to”, let alone “going to have to” applies to lots of other things that have been stuck in the mud forever. Want to try to create a priority order list?
upgrade our educational system
provide basic sane affordable (to both individuals and society as a whole) health care
stop/fine the most egregious polluters of crucial water, food, and other public goods
reform taxes, both corporate and private, away from the ill effects of $$$ = “free speech”
Hmmm, glad to live in Mexico where corruption greed murder are acknowledged and right in our faces…. the USA combination of hypocrisy and Micawber-ist self-delusion are nauseating.
