Donald Trump is dangerously close to becoming the first Republican president since George H.W. Bush to raise taxes. According to the Tax Foundation, if the tariffs already announced by Trump go into effect, they will amount to a $200 billion annual tax increase. That’s larger than the $165 billion average annual reduction in 2017’s Tax Cut and Jobs Act.
Bush’s brazen break with Republican orthodoxy, along with a sluggish economy and broken promises, made him a one-term president. If Trump’s not careful, he may join him.