Specifically, the bottom 20 percent of Americans making less than $29,000 per year would in effect have a tax increase of 6.2 percent on their yearly income. The middle 20 percent of Americans, with incomes between $55,000 and $94,000, would see the equivalent of a tax hike of 5 percent of their yearly income. But the top one percent of Americans, making more than $915,000 per year, would only see a relative tax increase of just 1.7 percent.

Even before the 2024 elections, Trump’s tariff idea was painted as a giveaway to the richest Americans, benefiting those with major assets. Small businesses are already seeing negative effects from Trump’s moves, unable to keep up with higher prices from suppliers. At one point, even the government wasn’t making any money off of the tariffs—a glitch at U.S. ports prevented their collection.

Even aside from glitches, the government’s tariff revenue is far below the billions promised by Trump. And his constant flip-flops smack of market manipulation—Trump even bragged about how much money his wealthy executive friends made when stocks jumped after he announced a pause in most of his tariffs earlier this month. The president also has his own scheme to personally cash in.