The Growing Burden of the 'Trump Tax'

It’s time to start talking about the “Trump tax.” That’s the potential added cost to business and the U.S. economy imposed by President Donald Trump’s policies and behavior. You may still believe that this cost is more than outweighed by the reductions in taxes and regulation that are likely under a Republican president and Republican-controlled Congress. But it’s not nothing.

The Trump tax has two main elements. One is straightforward and intentional: Trump promised to raise barriers to immigration and trade, and now he’s doing it. Last week the president reiterated that he’s serious about building a wall along the border with Mexico, and his press secretary said a 20 percent tax on imports might be used to pay for it. On Friday came the temporary ban on U.S. visits for citizens of seven Muslim-majority countries. Next up: possibly an executive order targeting the H-1B visas heavily used by tech companies to bring in talented workers from overseas.