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US Collects $100 Billion in Tariff Income, on Track for $300 Billion Annual Revenue

Treasury Secretary Scott Bessent announced on Tuesday that the US has brought in $100 billion in revenue since President Donald Trump has implemented a number of tariffs imposed on goods imported into the US and that the country will bring in about $300 billion this year.

Bessent told those in a Tuesday Cabinet meeting, “We’ve taken in about $100 billion in tariff income thus far this year, and that’s with the major tariffs not having started until the second quarter. So we could expect that could be over $300 billion by the end of the year.”

The staggering figures don’t stop there. Bessent added that over the next decade, these tariffs will generate approximately $2.8 trillion in government revenue. That’s $2.8 trillion that won’t come from increased taxes on American citizens.

This success comes as Trump announced a series of tariffs on countries around the world, set to take effect on August 1, 2025. The president has been clear there will be no extensions to this deadline. “There has been no change to this date, and there will be no change,” Trump stated on Truth Social.

Remember when Democrats and their media allies claimed tariffs would destroy the economy? They called Trump’s approach “dangerous,” “reckless,” and “harmful to Americans.” What they really meant was: this threatens our monopoly on deciding how the government collects money.

For decades, Democrats have relied on a simple formula—when they want more money for their programs, they raise taxes on American citizens and businesses. The idea that revenue could come from anywhere else threatens their entire approach to governance.
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Kwek00 · 41-45, M
What a weird post... where on the one hand you are cheering for the governement getting 100 billion dollar of tax revenue from consumers living in the US. But also saying:

Democrats have relied on a simple formula—when they want more money for their programs, they raise taxes on American citizens and businesses.

... Oh, I know what's going on. You still don't know what a tariff is.



Republicans are relying on a ...
... simple formula—when they want more money for their programs, they raise taxes on American citizens and businesses.
sunsporter1649 · 70-79, M
@Kwek00 Easy way to avoid tariffs, buy American
Kwek00 · 41-45, M
@sunsporter1649 As long as you understand that this was actually a tax increase... The republicans actually increased taxes on American consumers. Citizens and non-citizens alike. The thing they were absolutely not going to do, was to increase taxes... but here we are.
sunsporter1649 · 70-79, M
@Kwek00 Easy way to avoid tariffs, buy American.
Kwek00 · 41-45, M
@sunsporter1649 Yeah... the state is telling you what to buy. And also rising your prices while they are doing it. You don't have the money to buy American? No problem... we'll rise you prices and pretend the inflation is Bidens' fault... which Bessent did on CNN this week. They probably get away with it too, because the only people that listen to Bessent are pretty:

sunsporter1649 · 70-79, M
@Kwek00 Buy whatever you want, nobody stopping you from buying imports
Kwek00 · 41-45, M
@sunsporter1649 Prices do sporter... what do you think Tariffs do? It's a monetary incentive to buy something else. Your governement is taking away the liberty of consumers through taxes... that's ussually a right-wing talking point, but I guess once you are in power you don't like taking your own medicine anymore when you are sinning to the orthodoxy that was cool when you weren not in power.

Republicans are relying on a ...
... simple formula—when they want more money for their programs, they raise taxes on American citizens and businesses.
sunsporter1649 · 70-79, M
@Kwek00 So buy a Corvette instead of a Ferrari, duck the tariff
JSul3 · 70-79
@sunsporter1649 $77k for a Corvette.
How many poor and middle class can afford it?
sunsporter1649 · 70-79, M
@JSul3 Cheaper than a Ferrari, eh?
Carla · 61-69, F
sunsporter1649 · 70-79, M
@Carla Still cheaper than a Ferrari, eh?
Carla · 61-69, F
@sunsporter1649 still american dollars going to that upcharge on the corvette.
Tariffs=taxes, paid by us consumers.
But trump isn't raising taxes. Oh no. He is just lowering them. Lowering them for those that aren't fazed by all those price increases. 6 or 7 thousand a year is less than picket change for those people.
How about you sporto? Can you afford 6 or 7 grand a year in extra costs? You'll be long dead if/when tariffs drive new manufacturering..
sunsporter1649 · 70-79, M
@Carla Far more important to keep foreign workers employed than American workers, eh?
Carla · 61-69, F
@sunsporter1649 if americans want to work, there are jobs.
And while you are waiting for the implausibilty of waves of new manufacturing jobs, the citizens that can't afford it, are footing the bill for the 1%.
You are deep in denial. Tariffs, and that bill, are failures.
sunsporter1649 · 70-79, M
@Carla Duck the tariffs, buy American
This comment is hidden. Show Comment
@sunsporter1649
Easy way to avoid tariffs, buy American

I prefer freedom, yo
sunsporter1649 · 70-79, M
@AlienTheExtraterrestrial Buy whatever you want, nobody's stopping you
@sunsporter1649 Why do you hate our freedom so much?
sunsporter1649 · 70-79, M
@AlienTheExtraterrestrial Buy whatever you want, nobody's stopping you.
This comment is hidden. Show Comment
sunsporter1649 · 70-79, M
@MoveAlong About time we started making things here in America, eh?
Kwek00 · 41-45, M
@sunsporter1649 Here is you, talking and complaining about high prices:

https://similarworlds.com/politics/5181413-Members-Of-Congress-Explain-They-Need-Pay-Raises-To-Keep-Up
https://similarworlds.com/politics/5126134-Inflation-Continues-Outpacing-Earnings-Prices-Skyrocketed-19
https://similarworlds.com/politics/5126021-Supplier-of-McDonalds-French-Fries-to-Shut-Down-Washington
https://similarworlds.com/politics/5048882-Trump-Challenges-Biden-To-Another-Debate
https://similarworlds.com/politics/4963207-Undoing-the-Massive-Damage-that-Biden-has-Done-to-America

That last one btw:

Inflation and Economic Squeeze on the Middle Class

With someone who knows anything about economic policy and how to assist vast amounts of our population to regain the spending power that they had say under President Trump, the situation could improve rapidly.

Wages eventually could catch up to the inflation that Biden has brought. Savings could start to improve. Credit card and personal debt could start to fall. A competent Secretary of the Treasury could help considerably. There is hope on this issue.

I can go on a bit... about how democrats are blamed for inflation even though they enacted no legeslation that causes any inflation you are complaining about. But hey... we are a couple of months later, and look at you. Cheering it on, because Republicans ACTIVELY caused it.
sunsporter1649 · 70-79, M
@Kwek00 In November 2021, the Environmental Protection Agency announced new regulations governing methane emissions from oil and gas production, transmission, storage, and distribution that would cost more than $1 billion a year.

Last spring, Biden signed a resolution that overturned Trump administration reforms to EPA oil and gas rules. This resolution will worsen energy poverty, reestablish burdensome regulations, and have a disproportionate impact on small businesses.

One of Biden’s first actions after taking office was to halt new oil and gas leases on federal lands and waters, the Biden administration has delayed decisions on these leases — a move that results in higher energy costs for the most vulnerable consumers.

The administration canceled the Keystone XL pipeline and suspended oil and gas leases in the Arctic National Wildlife Refuge and New Mexico (despite opposition from the Navajo Nation). It also resurrected the “Waters of the United States” rule, which would increase barriers to energy projects.

The White House is pursuing new standards for particulate matter and ozone, likely tightening them to unachievable levels for much of the country and creating new barriers for energy project permits.

The president also has rescinded Endangered Species Act reforms, a move that will increase red tape and allow litigation to slow down energy projects.

In April 2021, without the consent of Congress, Biden rejoined the Paris agreement, which will result in onerous new regulations that could raise energy costs.

The president has created several bodies within the White House charged with creating new policies to regulate energy. The people who run these councils are unelected and do not need Senate confirmation, but they have been given broad powers to come up with new executive actions — which do not need consent from Congress — to regulate U.S. energy production.

One section of the recently enacted Infrastructure Investment and Jobs Act, supported by the White House, would require every U.S. state to develop state carbon-reduction plans that must be approved by the U.S. Department of Transportation as well as be updated every four years.

These plans are aimed at reducing driving all over the country — even for people in rural areas where public transportation is limited, and driving is the only option.

The Biden administration has failed to take adequate action on annual requirements and small refinery waivers for the Renewable Fuel Standard and in providing regulatory relief from this biofuel mandate due to economic hardship. His EPA has finalized a new rule regulating greenhouse gas emissions from cars and trucks. That single regulation could raise the average vehicle price by $1,000.

This carbon pricing policy statement, issued by the Federal Energy Regulatory Commission in April 2021, is a blanket endorsement of top-down policies that have been demonstrated to be costly, ineffective, regressive, and consistently rejected by the American people.

The EPA has issued a final rule to phase out a common, inexpensive refrigerant. This policy is a de facto tax on air conditioning and refrigeration.

In May 2021, Biden issued a sweeping executive order that mobilized federal agencies, including the Securities and Exchange Commission, to enforce mandates on businesses, insurers, retirement funds, and suppliers. These policies will stifle innovation critical to improving the environment and will increase costs for a wide variety of businesses.

The Biden administration has changed key inputs for economic and regulatory analysis, including raising the “social cost” of greenhouse gases. These policies will mask the true consumer cost of regulatory actions.

The administration attempted to resurrect an aggressive version of the Clean Power Plan for power sector mandates called the Clean Electricity Standard.

In the Fall 2021 Unified Agenda, the EPA stated their intention to propose what can be considered the Clean Power Plan 2.0. This policy would impose burdensome regulations but would have little or no environmental benefit.

The EPA also has mandated that even facilities with reduced emissions must remain on the list of “major” sources, subjecting these facilities to permitting burdens and higher costs.

The administration is considering potential restrictions on the export of crude oil that would increase, not decrease, energy prices.

More than one-quarter of the administration-backed Build Back Better agenda is pulled directly from the “Green New Deal.” The Build Back Better agenda includes new taxes on natural gas and home heating. It also includes new taxes on petroleum and manufacturing.

The Build Back Better agenda would spend taxpayer dollars to push utilities to adopt more costly, politically preferred forms of energy, a move that would reduce Americans’ energy choices.

Finally, through the Civilian Climate Corps, Build Back Better would fund the salaries of tens of thousands of anti-energy activists who would perpetuate high energy costs by demanding new and costly federal regulations and legislation.
Kwek00 · 41-45, M
@sunsporter1649 Oh no... all the red herrings... 😴