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.
Many of Joe Biden’s closest advisors are now well-ensconced in the sinecures reserved for the elite, working at think tanks, academia, and major media outlets. Normally, they could expect to have future jobs when the Democrats retake the White House. But this cozy situation is being disrupted by ongoing reporting showing the extent of their complicity in the Gaza genocide and other US crimes in the Middle East. I spoke about this with Connor Echols, managing editor of Responsible Statecraft, who wrote an excellent article on the efforts to hold these officials accountable.
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