The Institute on Taxation and Economic Policy found Trump’s tariff proposals would outweigh his tax cuts for all but the very richest households.

Former President Donald Trump’s domestic policy agenda would amount to a tax increase on the vast majority of American households, according to a new analysis by a Washington, D.C., think tank, thanks largely to his proposed tariffs on imported goods.

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“But his proposed tariffs, which would be largely passed onto consumers as increased prices, would more than offset those tax cuts for all income groups outside the richest 5 percent,” the Institute on Taxation and Economic Policy said in an analysis it published on Monday.

Taken together, the tax cuts and tariffs would cost households in the middle 20% of the income distribution an average of $1,530 in 2026, the analysis found, while the richest 1% would save $36,320. Only 5% of the wealthiest households would come out ahead under Trump’s plans.

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