Leading nonpartisan tax policy research and analysis
Washington, DC
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Tariffs are taxes.
Tariffs are regressive taxes.
Tariffs are distortionary, regressive taxes.
Tariffs are distortionary, regressive taxes that raise prices for US businesses and consumers.
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Most countries' corporate tax rates range between 20 percent and 25 percent: buff.ly/3qCIJhT
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NEW: Corporate tax rates around the world, 2020 buff.ly/3qCIJhT @ElkeAsen
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Tariffs are taxes.
Tariffs are regressive taxes.
Tariffs are distortionary, regressive taxes.
Tariffs are distortionary, regressive taxes that raise prices for US businesses and consumers.
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We estimate Trump's 25% tariffs on Canada and Mexico and 10% tariffs on China will:
🔹 Increase taxes by $1.2T (2025-2034)
🔹 Reduce GDP by 0.4%
🔹 Reduce employment by 344k jobs
🔹 Result in an average tax increase of $830 per US household (2025)
taxfoundation.org/research/a…
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Corporate tax rates have been declining in every region around the world over the past four decades as countries have recognized their negative impact on business investment: buff.ly/3qCIJhT @ElkeAsen
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Corporate tax rates have been decreasing around the world over the past four decades as countries have recognized their negative impact on business investment.
Rates between 20 percent and 25 percent are now most common: buff.ly/3qCIJhT @ElkeAsen
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Attempting to “pay for” making the individual provisions permanent by imposing universal baseline tariffs would cause a net reduction in tax revenues and economic output, while simultaneously increasing the tax burden on lower- and middle-income taxpayers.
taxfoundation.org/blog/trump…
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The worldwide average statutory corporate income tax rate, measured across 177 jurisdictions, is 23.85 percent.
Europe has the lowest regional average rate at 19.99 percent, while Africa has the highest average rate at 28.50 percent: buff.ly/3qCIJhT @ElkeAsen
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The potential for easy administration, significant tax revenue, and few economic distortions make the VAT one of the most efficient forms of taxation: tax.foundation/2JjQ4Ql
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Nearly all the new tariff revenue raised under President Trump’s first term was used to bail out farmers and ag producers harmed by retaliatory tariffs.
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We estimate President Trump's Tariff proposal will:
🔹 Increase taxes by $1.2 trillion (2025-2034)
🔹 Reduce GDP by 0.4%
🔹 Cut employment by 344,900 jobs
hubs.ly/Q034vzmm0
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Tariffs are taxes.
Tariffs are regressive taxes.
Tariffs are distortionary, regressive taxes.
Tariffs are distortionary, regressive taxes that raise prices for US businesses and consumers.
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We estimate that Trump's tariffs on Canada, Mexico, and China would result in an average tax increase of $1,072 per US household in 2025.
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⚡ We're tracking the economic impact of President Trump's tariffs.
🧵 Here are some of our key findings:
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Tariffs are taxes.
Tariffs are regressive taxes.
Tariffs are distortionary, regressive taxes.
Tariffs are distortionary, regressive taxes that raise prices for US businesses and consumers.
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Corporate tax rates have been declining in every region around the world over the past four decades as countries have recognized their negative impact on business investment: buff.ly/2Ysg8xz @ElkeAsen
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Tariffs are taxes.
Tariffs are regressive taxes.
Tariffs are distortionary, regressive taxes.
Tariffs are distortionary, regressive taxes that raise prices for US businesses and consumers.
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Facing an unpopular new tax, voters in the 119-year-old village of Amelia, Ohio went to the polls and just… abolished their local government.
buff.ly/2DQmPR8
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The Trump tariffs amount to an average tax increase of nearly $1,300 per US household in 2025 and over $1,600 per US household in 2026.
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Tariffs are taxes.
Tariffs are regressive taxes.
Tariffs are distortionary, regressive taxes.
Tariffs are distortionary, regressive taxes that raise prices for US businesses and consumers.
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Tariffs imposed so far by the Trump administration are equivalent to one of the largest tax increases in decades: analysis bit.ly/2ouOYc2 @ericadyork
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The most competitive tax systems in the OECD:
1. 🇪🇪 Estonia
2. 🇱🇻 Latvia
3. 🇳🇿 New Zealand
4. 🇨🇭 Switzerland
5. 🇨🇿 Czech Republic
6. 🇱🇺 Luxembourg
7. 🇭🇺 Hungary
8. 🇱🇹 Lithuania
9. 🇹🇷 Turkey
10. 🇮🇱 Israel
See more: hubs.ly/Q01PDLMR0
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Double taxation of corporate income can lead to such economic distortions as reduced savings and investment, a bias towards certain business forms, and debt financing over equity financing: buff.ly/3qjjzDU
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Several OECD countries have integrated corporate and individual tax codes to eliminate or reduce the negative effects of double taxation on corporate income.
To learn more, explore our new report: buff.ly/3qjjzDU
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A value-added tax (VAT) is not a tariff, it is a consumption tax assessed on the value added in each production stage of a good or service.
VATs are border-adjusted, meaning they rebate tax on exports and impose tax on imports. They’re trade neutral.
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Under President Biden's tax plan, 13 states and D.C. would have a top combined capital gains tax rate at or above 50%:
56.7% CA
54.3% NY
54.2% NJ
53.3% OR
53.3% MN
52.4% DC
52.2% VT
50.7% HI
50.6% ME
50.4% CT
50.3% ID
50.2% NE
50.2% MT
50.0% DE
(58.2% NYC)
(57.3% Portland, OR)
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Tariffs are taxes.
Tariffs are regressive taxes.
Tariffs are distortionary, regressive taxes.
Tariffs are distortionary, regressive taxes that raise prices for US businesses and consumers.
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Biden’s tax plan would be the 5th largest tax increase since the 1940s and one of the largest tax increases not associated with wartime funding: buff.ly/3gVZXkc #Debates2020
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The top 1% of taxpayers pay about 37% of federal income taxes, more than 12x the tax burden of the bottom half of taxpayers: bit.ly/2EhSv1y @ericadyork
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2020 INTERNATIONAL TAX COMPETITIVENESS INDEX:
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See more: taxfoundation.org/competitio…
@danieldbunn @ElkeAsen
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Trump’s tariff hikes would rank as the the largest tax increase outside of wartime since 1940.
Read more: hubs.ly/Q02VRb9M0
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President Trump’s tariffs amount to an average tax increase of nearly $1,300 per U.S. household in 2025.
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Tariffs are taxes.
Tariffs are regressive taxes.
Tariffs are distortionary, regressive taxes.
Tariffs are distortionary, regressive taxes that raise prices for US businesses and consumers.
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History shows tariffs lead to lasting economic harm, such as lower production and incomes.
Data from 151 countries from 1963 through 2014 shows higher tariffs reduce output and productivity, increase unemployment, and worsen inequality.
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Trump's tariff hikes would rank as the the largest tax increase outside of wartime since 1940.
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Trump’s tariffs will increase federal tax revenues by ~$258B in 2025, or 0.85% of GDP, making the tariffs the largest tax hike in 43 years.
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Nearly all the new tariff revenue raised under Trump's first trade war was used to bail out farmers and ag producers harmed by retaliatory tariffs.
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Tariffs imposed so far by the Trump administration are equivalent to one of the largest tax increases in decades: analysis buff.ly/35Zgy1v
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Trump’s tariffs amount to an average tax increase of more than $2,100 per US household in 2025.
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A 20% universal tariff would increase taxes on US households by $2,045 on average.
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Trump’s tariffs amount to an average tax increase of more than $2,100 per US household in 2025.
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Nearly all the new tariff revenue raised under President Trump’s first term was used to bail out farmers and ag producers harmed by retaliatory tariffs.
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2019 International Tax Competitiveness Index:
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See more: bit.ly/2oynhyX
@danieldbunn @ElkeAsen
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To shrink the trade deficit, Americans would either have to consume less and save more, or invest less.
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Least competitive tax codes in the OECD:
21. United States
22. United Kingdom
23. Slovenia
24. Korea
25. Israel
26. Japan
27. Spain
28. Denmark
29. Greece
30. Iceland
31. Mexico
32. France
33. Portugal
34. Poland
35. Chile
36. Italy
taxfoundation.org/competitio…
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Tariffs imposed so far by the Trump administration are equivalent to one of the largest tax increases in decades. bit.ly/2nfdDke @ericadyork
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Trump’s 2025 tariffs are the largest tax hike in more than 30 years (as a % of GDP).
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Trump’s tariffs will result in a nearly $3.2 trillion tax increase over the next decade, according to our analysis.
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The most competitive tax systems in the OECD:
1. 🇪🇪 Estonia
2. 🇱🇻 Latvia
3. 🇳🇿 New Zealand
4. 🇨🇭 Switzerland
5. 🇨🇿 Czech Republic
6. 🇱🇺 Luxembourg
7. 🇭🇺 Hungary
8. 🇱🇹 Lithuania
9. 🇹🇷 Turkey
10. 🇮🇱 Israel
See more: hubs.ly/Q01GVqrF0
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Most competitive tax codes in the OECD:
1. Estonia
2. Latvia
3. New Zealand
4. Switzerland
5. Luxembourg
6. Lithuania
7. Sweden
8. Czech Republic
9. Australia
10. Slovak Republic
11. Turkey
12. Austria
13. Norway
14. Hungary
15. Germany
taxfoundation.org/competitio…
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Wealth taxes in European countries have had disappointing results and many have been phased out. buff.ly/3jz510Q @danieldbunn
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Trump’s tariff hikes would rank as the the largest tax increase outside of wartime since 1940.
Read more: hubs.ly/Q02ZmDZT0
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🎉 The new rankings are in!
🌎 2025 International Tax Competitiveness Index
➡️ taxfoundation.org/competitio…
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Under Trump’s tariffs, the average tariff rate on all imports will rise to the highest level since 1933.
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Sweden is planning on cutting its corporate tax rate, which is already lower than the U.S. combined statutory rate of 25.77 percent: buff.ly/3qCIJhT @ElkeAsen
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Tariffs are taxes.
Tariffs are regressive taxes.
Tariffs are distortionary, regressive taxes.
Tariffs are distortionary, regressive taxes that raise prices for US businesses and consumers.
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Trump often cites President McKinley as an inspiration for his personal affinity for tariffs.
But it's worth noting some of McKinley’s final words on tariffs in a 1901 speech:
- “Isolation is no longer possible or desirable"
- “Commercial trade wars are unprofitable"
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CELEBRATE A LARGE TAX REFUND!
ⓘ 𝗔 𝗹𝗮𝗿𝗴𝗲 𝗿𝗲𝗳𝘂𝗻𝗱 𝗺𝗲𝗮𝗻𝘀 𝗺𝗼𝗿𝗲 𝗺𝗼𝗻𝗲𝘆 𝗶𝘀 𝗯𝗲𝗶𝗻𝗴 𝘄𝗶𝘁𝗵𝗵𝗲𝗹𝗱 𝗳𝗿𝗼𝗺 𝘆𝗼𝘂𝗿 𝗽𝗮𝘆𝗰𝗵𝗲𝗰𝗸 𝘁𝗵𝗮𝗻 𝗻𝗲𝗲𝗱𝗲𝗱, 𝗴𝗶𝘃𝗶𝗻𝗴 𝘁𝗵𝗲 𝗴𝗼𝘃𝗲𝗿𝗻𝗺𝗲𝗻𝘁 𝗮𝗻 𝗶𝗻𝘁𝗲𝗿𝗲𝘀𝘁-𝗳𝗿𝗲𝗲 𝗹𝗼𝗮𝗻 𝗮𝗹𝗹 𝘆𝗲𝗮𝗿.
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Tax cuts pay for themselves.
ⓘ 𝗪𝗵𝗶𝗹𝗲 𝗺𝗮𝗻𝘆 𝘁𝗮𝘅 𝗰𝘂𝘁𝘀 𝗽𝗮𝗿𝘁𝗶𝗮𝗹𝗹𝘆 𝗰𝗼𝘃𝗲𝗿 𝗮 𝗽𝗼𝗿𝘁𝗶𝗼𝗻 𝗼𝗳 𝗳𝗼𝗿𝗴𝗼𝗻𝗲 𝗿𝗲𝘃𝗲𝗻𝘂𝗲, 𝘁𝗮𝘅 𝗰𝘂𝘁𝘀 𝗱𝗼 𝗻𝗼𝘁 𝘁𝘆𝗽𝗶𝗰𝗮𝗹𝗹𝘆 𝗽𝗮𝘆 𝗳𝗼𝗿 𝘁𝗵𝗲𝗺𝘀𝗲𝗹𝘃𝗲𝘀 𝗶𝗻 𝗳𝘂𝗹𝗹.
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Belgium, Germany, and Italy have the highest tax burden on labor in Europe: buff.ly/2Uwx2ee
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Nearly all the new tariff revenue raised under President Trump’s first term was used to bail out farmers and ag producers harmed by retaliatory tariffs.
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In 2025, a 20 percent universal tariff would increase taxes on US households by $2,045 on average.
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Implemented in 1991, Sweden’s carbon tax was one of the first in the world.
The Swedish example, along with other carbon taxes around the world, provides several lessons.
buff.ly/362mSZo
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Trump often cites President McKinley as an inspiration for his personal affinity for tariffs.
But it's worth noting some of McKinley’s final words on tariffs in a 1901 speech:
- “Isolation is no longer possible or desirable."
- “Commercial trade wars are unprofitable."
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In 2025, Trump’s tariffs will increase federal tax revenues by $290.4 billion, or 0.95 percent of GDP, making the tariffs the largest tax hike since 1982.
The tariffs are larger than the tax increases enacted under Presidents George H.W. Bush, Bill Clinton, and Barack Obama.
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The government of Hartford County, Connecticut is in line to receive $173 million in local aid under the American Rescue Plan Act.
There’s only one problem: the government of Hartford County doesn’t exist.
buff.ly/3dle6rn @JaredWalczak
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80% of taxpayers had a net tax cut in 2018. Don't judge your taxes by your refund: bit.ly/2KiF7Re
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Roses are red,
Violets are blue,
Trump wants tax cuts,
But tariffs are taxes too.
#TaxValentine
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Federal tax collections are approaching an all-time high of 20.5 percent of GDP set in 1943 during World War II.
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According to our analysis, the Trump administration has so far imposed nearly $80 billion worth of new taxes on Americans by levying tariffs on thousands of products, which is equivalent to one of the largest tax increases in decades: buff.ly/38NlEjp @ericadyork
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President Biden's #MadeinAmerica Tax Plan would make the U.S. combined corporate tax rate the highest in the OECD:
🇺🇸 👈Biden plan
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🇺🇸 👈Current law
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⬇️
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Jeff Bezos announced a move to Miami, and somewhere, a Washington state revenue official was probably moved to tears.
Jeff Bezos’s Move Undercuts Proposed Washington State Wealth Tax: taxfoundation.org/blog/jeff-… @JaredWalczak
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Trump often cites President McKinley as an inspiration for his personal affinity for tariffs.
But it's worth noting some of McKinley’s final words on tariffs in a 1901 speech:
🔹 “Isolation is no longer possible or desirable."
🔹 "Commercial trade wars are unprofitable."
We estimate Trump's 25% tariffs on Canada and Mexico and 10% tariffs on China will:
🔹 Increase taxes by $1.2T (2025-2034)
🔹 Reduce GDP by 0.4%
🔹 Reduce employment by 344k jobs
🔹 Result in an average tax increase of $830 per US household (2025)
taxfoundation.org/research/a…
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260
14,959
History shows tariffs raise costs and prices and lead to lasting economic harm, such as lower production and living standards, whether we keep importing goods or switch to domestic alternatives.
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Studies have shown that tariffs result in lower income, reduced employment, and lower economic output.
According to our analysis, tariffs imposed by the Trump administration are equivalent to one of the largest tax increases in decades: buff.ly/310DBaj @ericadyork
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Data from 150+ countries over the course of 50 years shows higher tariffs reduce output and productivity, increase unemployment, and worsen inequality. taxfoundation.org/blog/trump…
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President Trump’s reciprocal tariff calculations are nonsense and will punish mutually beneficial trade.
Senior Economist @AlanMCole explains more: taxfoundation.org/blog/trump…
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We estimate that Trump's tariffs will reduce US GDP by 0.8 percent, hours worked by 669,000 FTE jobs, and after-tax incomes by an average of 2.1 percent—before accounting for foreign retaliation.
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President Biden's #AmericanJobsPlan looks to increase the federal corporate tax rate to 28%, which would raise the U.S. federal-state combined tax rate to 32.34%, higher than every country in the OECD, the G7, and all our major trade partners and competitors including China.
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