Trump's Tariffs Are Transferring Tax Burdens from the Wealthy to the Average American, According to Ross Gerber

Tariffs as a Tax: CEO Ross Gerber argues that President Trump's tariffs function as a tax on American citizens, disproportionately affecting lower-income households.

Regressive Impact: The tariffs are described as regressive, taking a larger share of income from poorer households compared to wealthier ones, effectively shifting the tax burden.

Value-Added Tax Comparison: Investor Kevin O’Leary likens the tariffs to a value-added tax (VAT), emphasizing that while the U.S. lacks an official VAT, the tariffs serve a similar purpose.

Legislative Response: Rep. Ro Khanna is proposing bipartisan legislation against specific tariffs, such as those on coffee, which he claims unfairly burden consumers who rely on it daily.