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Republicans and President Donald Trump want credit for what he has called “the largest tax cut in the history of our country” for the income tax cuts in his One Big Beautiful Bill Act.
Democrats and free trade advocates have said Trump’s tariff policy, which placed levies on most imported goods from around the world, is one of the largest tax hikes in history.
Both claims are debatable, but for most Americans how tariffs and tax cuts will affect their daily lives is a highly relevant question.
The answers are hard to find and nuanced. But the bottom line, according to calculations by the Yale Budget Lab, is that American households could pay $2,300 more, on average, as result of the current tariff policy, nearly three times the average roughly $800 benefit from the OBBBA’s new tax provisions.
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