Source: American Institute for Economic Research
by Bryan Riley
“Sen. Sherrod Brown (D-OH) and many other legislators are attempting to impose a big tax increase on low-income families by ending the ‘de minimis’ exemption (from the Latin for ‘pertaining to tiny or trivial things’) in tariff law that spares goods valued under $800 originating from non-market economies like China. Senate Finance Chairman Ron Wyden has introduced separate legislation that would impose an average 14.7 percent tax on all low-priced clothing imports. A recent National Bureau of Economic Research working paper concludes that entirely eliminating the de minimis exemption for imports from all countries would reduce net US welfare by $11.8-$14.3 billion while disproportionately harming lower-income and minority consumers.” (08/26/24)
https://www.aier.org/article/trivial-tariff-would-cost-the-poor-billions/