No, Tariffs Did Not Cause September's Budget Surplus

No, Tariffs Did Not Cause September’s Budget Surplus

10/28/2025 Ryan McMaken

September’s fiscal surplus was not thanks to tariff revenue. In truth, it was thanks to Americans paying more in income tax. Tariffs were only 5.7 percent of revenue.

Original article: https://mises.org/mises-wire/no-tariffs-did-not-cause-septembers-budget-surplus

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