While Donald Trump talks about cutting taxes he is actually raising them.
As Trump frequently says contradictory things, watch what he does, not what he says
1. He levied a 20 percent tax on washing machine imports. Since then prices of washing machines have risen 17 percent.
2. He levied a 25 percent tax on steel imports. If you buy anything made of steel, you are paying it.
3. He levied a 10 percent tax on aluminum. Not as high as the steel tax, but it is still a tax.
4. The tax cut bill cut the income tax rate from 39.6 percent to 37 percent and then raises it back in 2025. At least we get a few years of lower taxes.
5. The 2018 budget busted the existing budget caps by $300 billion.
All that spending will eventually be paid for either with taxes or inflation. Trump signed while complaining it didn’t spend enough (walls cost money).
Expect more tax increases to come. Trump is already talking about taxing automotive imports.