Trump Again Claims Tariffs Will Result in Large Income Tax Cuts

[postman]

it means history, 1812 is history, right? When was the first income tax for the US?

First income tax was enacted by a Republican.

 

[candycorn]

True, tariffs worked and Biden kept them on.
Onshoring didn't happen because Trump-45 didn't renegotiate fair tariffs globally like he is doing now.

So...we should see Iphones being made in the US any day now, right?

 

[leftwinger]

You're confusing federal debt with trade deficit.

If we didn't have huge trade imbalance GDP could rise. More revenue in. Quit being annoyingly obtuse and ignorant. $38T would be much less if things improved back decades ago. And theft waste stopped.

 

[Marener]

It was and remains the major cause of the Biden inflation.

Probably not the "major" cause.

 

[Zincwarrior]

Zincwarrior

Is falling demand for imported goods necessarily a bad thing?

1. Love the avatar!
2. No. Like everything, it depends. Carefully targeted tariffs to protect an industry being dumped on (an actual definition) or a new industry, no. Tariffs identical to another country's you are trading with, with the hope of reducing those tariffs-no. Massive tariffs that effective block out entire industries (if you are talking $4Tr, thats what you are talking about), you betcha.

We are addicted to cheap shit from overseas.
Imagine money is to a country as blood is to a body.

Then specifically tagret those countries. However, making it expensive here doesn't help US consumers or companies. If we can't make it as cheaply its just a regressive tax.

Money that circulates inside the country carries sustenance to the cells (businesses and people) many times over. But money that flows overseas is gone at a minimum for an extended period and likely forever. It sustains and enriches other people and businesses.

Money that goes from the poor and middle class to the government to fund a tax break for corporations makes your statement simplistic nonsense.

The countries that blood flows to becomes stronger, and the one it flows from becomes weaker.

We are weakening ourselves in the long term to benefit in the short term...but eventually we are going to arrive at the same termination point.

And one can do that better. Thats NAFTA. Thats the EU. This is not that. This is stupidity.

Today we can stem the flow and reinvigorate the country, as we continue to be the engine of the world economy. A short term harm will pay off in a long term gain.

If we wait until our blood supply has enriched others like China, they become the engine and WE'LL become the second world nation working for peanuts to make cheap products for the Chinese.

Just eliminate trade with China.

 

[Independent thinker]

The math doesn’t come close to working out even with the rosiest of projections and we aren’t cutting 3-4 trillion in spending a year. Even if it did, wouldn’t the tariff income greatly decrease if it led to onshoring which is the stated goal?

I admit, Trump is not quite right on that and I don't think most people are understanding Trump on this. Tariffs themselves won't really generate much tax income because they are all mostly bluffs to get trade deals and then eliminate those tariffs. But, the result of tariffs and trade deals is to bring more business to the US and that increased business will generate a bunch of tax income all though the economy. The ultimate goal is actually to have as few tariffs as possible, including tariffs from other countries on us.

 

[candycorn]

Well, decreased demand is pretty bad if you're someone who sells things. The less demand, the less you sell, the less you sell the less the revenue, the less the revenue the less the profit.

Why would I be concerned about some wealth flowing out of the country when this country creates so much wealth?

And if you’re the city that relies on sales taxes...less sales means less sales tax revenue.

 

[leftwinger]

Or it will end in a mess.

Under Trump the fix, started out in a mess.

With $5 trillion in stock market equity gone.
Our export markets in turmoil.
And the man in charge just put ai 10% tariff on uninhabited islands.

Naddaq us up in APR now? You can't hate the dirty media enough.

Few percent market fluctuations expected. It happens. I can live losing 3% YTD in 401K for the uptick later.

 

[kyzr]

So...we should see Iphones being made in the US any day now, right?

Maybe not iPhones or clothing, but semiconductors and vehicles.

 

[jc456]

First income tax was enacted by a Republican.

so?

 

[pknopp]

But your OK with Asian countries (and others) unfair trade practices over decades adding to $38T hole in American future? Get off the boards marshmallow brain.

Get $1T tariff income (ERS), $1T DOGE and presto. Poor people <$200K won't pay income tax. Boom.

LOL, don't hold your breath.

 

[Care4all]

You do realize our country at onetime the goverment got all its money from tariffs?

Tariffs were mostly on luxury items imported and paid for by the wealthiest.

 

[candycorn]

Maybe not iPhones or clothing, but semiconductors and vehicles.

Whoa..wait a second...why not iPhones?

 

[jc456]

If anything ....it shifts IRS taxes to the consumers, including the very poorest, who never made enough taxable income above the standard deduction to be taxed, no?

they don't pay taxes. prove they do, show us the bracket where they pay.

 

[jc456]

And the man in charge just put a 10% tariff on uninhabited islands.

what products would that uninhabited island be selling here?

 

[kyzr]

Whoa..wait a second...why not iPhones?

Labor intensive assembly. If robots can assemble them then fine, move that factory here to avoid tariffs.

 

[leftwinger]

And if you’re the city that relies on sales taxes...less sales means less sales tax revenue.

If you sell 1 mil widgets now, dropping to 800k....at higher cost = more tax per widget....do math across the universe. Add in 200K widgets now made here? Too complicated for you?

Ask APPL home O to make Iphones in Memphis and hire Blacks. Are they too stupid compared to Shanghi? I'll wait you dumb IX.

 

[Zincwarrior]

I think we had more than 6 ships in 1913.

First income tax was 1862.

A Brief History of Taxes in the U.S.

America's first citizens enjoyed little to no taxation. Taxes were added and occasionally repealed over time. Many were implemented in the 1920s and 1930s.

www.investopedia.com

We didn't just have tariffs. Also we didn't have a two fleet navy, Air Force, tank divisions, farm subsidies, Medicare, Medicad, Social Security, a highway system, NASA, etc. etc.

 

[jc456]

First income tax was 1862.

A Brief History of Taxes in the U.S.

America's first citizens enjoyed little to no taxation. Taxes were added and occasionally repealed over time. Many were implemented in the 1920s and 1930s.

www.investopedia.com

We didn't just have tariffs. Also we didn't have a two fleet navy, Air Force, tank divisions, farm subsidies, Medicare, Medicad, Social Security, a highway system, NASA, etc. etc.

and?

 

[Care4all]

It's the expensive, proprietary and critical manufactured goods, that should be brought back here, which can support and afford American labor....

The cheap stuff can stay in China....we could never pay Americans a decent salary to make that throw away, disposable crap we buy....it would likely be automated here anyway.... Imo.