Trump has called for a host of tax cuts, campaigning on novel ideas to eliminate taxes on workers’ tips and overtime pay, and even to allow homeowners to take unlimited federal deductions for the property taxes they pay to state and local governments.

Those tax breaks, combined with an extension of across-the-board tax rate reductions Trump enacted as president in 2017, would save most households hundreds or thousands of dollars.

“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.