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Trump’s sales advisor Peter Navarro said, according to an XFF Stein Post from Washington Post that Trump planned to impose $ 600 billion in prices per year for ten years:
Assistant of the White House Peter Navarro today: Trump prices will increase $ 600 billion a year, or 6 billions of dollars over a period of 10 years seems to reflect our report that Trump wants to go absolutely huge on prices, whatever the short -term economic consequences
Navarro video:
To put this in context, the prices offered by Trump would represent 2.2% of GDP.
Here is a painting of The Tax Foundation of the highest increase in percentage tax of GDP in American history:
1941 fell into the line because it was the year Pearl Harbor was attacked and the United States entered the Second World War, but the world was at war in 1941.
The other tax increases in 1950 and 1951 took place during the Korean War, and 1943 was the Second World War.
The greatest increase in peacetime tax in the history of the United States was 1968, and Trump prices are double that in percentage of GDP.
The Center for Economic and Political Research Note that the Republicans lost their heads when Bill Clinton and Barack Obama supervised much lower tax increases: “In comparison, the increase in taxes that Bill Clinton pushed in 1993, mainly on high -end taxpayers, reached 0.66% of GDP.
Obama and Clinton tax increases were about a fifth and third larger than Trump wants to do with prices.