On this episode of Time of Monsters, Marshall Steinbaum on the president’s love of regressive taxes.
President Donald Trump holds up a copy of a 2025 National Trade Estimate Report as he speaks during a “Make America Wealthy Again” trade announcement event in the Rose Garden at the White House on April 2, 2025, in Washington, DC.(Chip Somodevilla / Getty Images)
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Donald Trump’s tariff war is usually framed in terms of how it would impact consumers and America’s relationship with other countries, but it is also part of a larger project to remake taxation policy. Trump is very explicit that he wants tariffs to replace personal and corporate taxes with tariffs as the main source of revenue. As such, tariffs are a sales tax, of a particularly regressive sort. I talk to Marshall Steinbaum, an economist at the University of Utah, about how tariff’s fit in with Trump’s larger social vision of a plutocratic society, something that can also be seen in how the White House is cracking down on student debt holders. We take up this and other economic matters, bringing a class analysis to the business news.
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Donald Trump’s tariff war is usually framed in terms of how it would impact consumers and America’s relationship with other countries, but it is also part of a larger project to remake taxation policy. Trump is very explicit that he wants tariffs to replace personal and corporate taxes, with tariffs as the main source of revenue. As such, tariffs are a sales tax, of a particularly regressive sort. I talk to Marshall Steinbaum, an economist at the University of Utah, about how tariffs fit in with Trump’s larger social vision of a plutocratic society, something that can also be seen in how the White House is cracking down on student debt holders. We take up this and other economic matters, bringing a class analysis to the business news.
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Here's where to find podcasts from The Nation. Political talk without the boring parts, featuring the writers, activists and artists who shape the news, from a progressive perspective.
The famed economist Larry Summers, not for the first time, finds himself the center of a
scandal. He’s had to take a leave from Harvard, where he teaches, because of embarrassing
emails he had with his late friend Jeffrey Epstein.
I talked to economic journalist and Nation contributor Doug Henwood, a long-time Summers
watcher, about the career of this controversial and influential figure. Summers has been one of
the most influential policy makers of his era, serving as Treasury Secretary and President of
Harvard. He has also embodied the major intellectual and political limitations of the ruling class.
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