Loading ...Number of US households, 131m (Statista, 2023)
Data from the Penn Wharton Budget Model, which is based on Department of the Treasury information, showed the United States has collected more than $320 billion in customs and excise taxes as of November, up from roughly $171 billion at the same point in 2024. So, the new tariffs have resulted in an additional $150bn in 8 months, $225bn per year.
Somehow this is going to magically explode in revenue to the government, without increasing prices paid by consumers on the tariffed goods i.e. price inflation, to the extent that income tax can be abolished for everyone earning less than $200,000 and the National debt be paid down ……
From Mr Trump:
“That heavy inventory purchase {up front purchases to avoid tariffs} is now, however, wearing thin, and soon Tariffs will be paid on everything they apply to, without avoidance, and the amounts payable to the USA will SKYROCKET, over and above the already historic levels of dollars received. These payments will be RECORD SETTING, and put our Nation on a new and unprecedented course.”