Trump ran on cutting taxes. But once tariffs are counted, his policies are raising taxes and costs this year for every income group except the richest 1%, per a new report from the Institute on Taxation and Economic Policy. The reason: tariffs, which are largely passed on to consumers as higher prices, outweigh the tax cuts for most Americans. Even the right-leaning Tax Foundation calls the tariffs the largest U.S. tax increase as a share of GDP since 1993.