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 Trump administration has announced a new set of harsh sanctions against Iran. This is a strange development since originally Trump launched a war on Iran on the pretext that sanctions weren’t working. Trita Parsi of the Qunicy Institute argues the current tactic won’t work and is a holding action as both the US and Iran bide their time in a long conflict. Parsi’s writings can be found on his Substack. In the interview, we discuss his column on the surprising way many governments are rooting for Iran to check US imperialism.
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