economy
By 2026, tariffs imposed in the US since 2025 amounted to roughly $1,500 in extra tax per household for the year, according to one estimate — the largest US tax hike as a share of GDP since a specific year.
Analysts calculated that the wave of tariffs the US imposed starting in 2025 added up to roughly the largest tax increase as a share of GDP the country had seen since 1993, working out to about $1,500 in extra cost per household by 2026. Tariffs function as a tax because importers typically pass at least part of the added cost on to consumers and businesses through higher prices.
1913 and 2008 mark unrelated milestones — 1913 saw the creation of the modern US income tax and the Federal Reserve, while 2008 was the financial crisis, not a tax increase — neither matches the specific comparison analysts drew for this tariff wave.
Economists found the cost wasn't borne by any single group alone; it was split between American consumers paying higher prices, businesses absorbing squeezed margins, and some foreign exporters cutting their prices to stay competitive.
economy
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