Justin Wolfers
👤 SpeakerAppearances Over Time
Podcast Appearances
What we have to do is step back from what he says and look at what he does.
That's actually a very important exercise when it comes to economics because every day there's a new debate.
Should we do this?
He called that person fat.
He called that person ugly.
Totally unlike my middle school experience.
What has he actually done?
Well, I can think of two things.
One is this tax bill, is the budget.
The Trump budget was the single biggest redistribution from poor to rich in a single bill in American history.
It was the anti-Robin Hood.
Take from the poor, give to the rich.
Largest redistribution in American history.
Separate from that, you add tariffs.
And the thing about tariffs is tariffs are like a sales tax.
Well, the higher your income, the less of your money is spent.
So therefore, the less a sales tax hits you.
So tariffs are what we call a regressive tax.