#Trump again criticizes the creation of the #IncomeTax in the US in 1913, arguing that it’s a mystery why the nation ever instituted one. American policymakers embraced the income tax for 2 reasons: to collect more taxes from the #rich & to pay for a growing federal govt.

Conversly, #tariffs disproportionately burden #LowIncome Americans, who spend more of their earnings on goods that tariffs make more expensive.

#economy #inflation #recession #TrumpTariffs #Trumpcession #geopolitics #USpol