Here’s something worse than the car tariffs that could spell the end of trade reciprocity.

Here’s something worse than the tariffs on steel, lumber, aluminum, semi-conductors and pharmaceuticals — all of which President Trump says will be permanent.

Here’s something worse than the 25 percent increase in the price of steel since the tariff announcement.

Here’s something worse than pollster Scott Rasmussen’s latest survey where 61 percent of voters say Trump tariffs will cause prices on consumer goods to go up.

What could be worse than all of this? Tax hikes.

Now the Unleash Prosperity Hotline is reporting talk that the 21 percent corporate tax cut, which was made permanent in the 2017 law, could be revisited and raised with Republican support in this year’s tax bill as a way to pay for other tax cuts.

Yet, as Steve Forbes notes, corporate tax receipts skyrocketed to $530 billion in 2024 from $205 billion in 2017, a 158 percent increase.

And along comes Axios reporting that the Trump White House might flip the script on tax cuts for the rich.

Of course, they’ve got no names, it’s all anonymous, but Axios says: “Some White House officials believe letting income taxes on the very highest earners rise would buy breathing room on other priorities, and help blunt Democrats’ attacks as they seek to extend President Trump’s 2017 tax cuts.”

If true, this would be among the top three dumbest things I’ve ever heard.

Reminds me of my friend and a Trump adviser, Steve Bannon, who back in 2017 wanted to raise the top personal tax rate to more than 40 percent. It was a non-starter.

Here’s way to raise revenues: slash the capital gains tax.

Presidents Reagan, Clinton, and George W. Bush all cut the capital gains tax rate — and revenues soared.

Why isn’t the Trump White House thinking about that?

It seems like Republicans have this guilt trip, that they’re afraid to reward success by taxing less of it.

Only that’s exactly what they should do. They should reward success, and they should tax less of it.

And, by the way, the top income tax rate, which is presently 37 percent, was 35 percent under Mr. George W. Bush and 28 percent under Reagan.

Also, by the way, small businesses paid the top income tax rate.

So, if guilt-ridden Republicans, be they in the White House or on Capitol Hill — who think they’re political geniuses, but really aren’t — think they’re penalizing wealthy people, they might take a more careful look at the tax code and realize they’ll actually be punishing small business and wholly-owned family enterprises.

How stupid is that? Plenty stupid.

And, by the way, in three recent polls from Fox News, YouGov, and Quinnipiac, Mr. Trump is scoring sky-high on closing the border to illegal immigrants, but his numbers on inflation and the economy are sinking.

So, perhaps these geniuses leaking anonymous tax hikes to Axios might think about this: Mr. Trump needs more tax cuts, and fewer tariffs right now.

And that’s the riff.

From Mr. Kudlow’s Broadcast on Fox Business News.