Trump wants to eliminate income tax, but replace it with tariffs on imported goods.

[frigidweirdo]

This video estimates that tariffs would have to be at 133%. This would mean that other countries would also put up tariffs on US goods.

So, A) foreign goods for the US would be too expensive for people to buy

B) US goods would be too expensive to sell abroad.

C) This would hit the working classes the hardest. Any tax which taxes what people buy, like sales taxes, is worse for poor people than income taxes, as the poor pay a high proportion of their wages on goods, while the rich don't.

Nothing says "I Don't Care About You, I Just Want Your Vote" than this policy.

Trump Told Rallygoers, 'I Don't Care About You, I Just Want Your Vote'?

"Freudian slip of the century," one X user wrote.

www.snopes.com

 

[progressive hunter]

This video estimates that tariffs would have to be at 133%. This would mean that other countries would also put up tariffs on US goods.

So, A) foreign goods for the US would be too expensive for people to buy

B) US goods would be too expensive to sell abroad.

C) This would hit the working classes the hardest. Any tax which taxes what people buy, like sales taxes, is worse for poor people than income taxes, as the poor pay a high proportion of their wages on goods, while the rich don't.

Nothing says "I Don't Care About You, I Just Want Your Vote" than this policy.

Trump Told Rallygoers, 'I Don't Care About You, I Just Want Your Vote'?

"Freudian slip of the century," one X user wrote.

www.snopes.com

sounds good to me,,

and its what the constitution says,,,

not to mention the jobs it would create with all the companies coming back to avoid tariffs,,

 

[White 6]

This video estimates that tariffs would have to be at 133%. This would mean that other countries would also put up tariffs on US goods.

So, A) foreign goods for the US would be too expensive for people to buy

B) US goods would be too expensive to sell abroad.

C) This would hit the working classes the hardest. Any tax which taxes what people buy, like sales taxes, is worse for poor people than income taxes, as the poor pay a high proportion of their wages on goods, while the rich don't.

Nothing says "I Don't Care About You, I Just Want Your Vote" than this policy.

Trump Told Rallygoers, 'I Don't Care About You, I Just Want Your Vote'?

"Freudian slip of the century," one X user wrote.

www.snopes.com

Perfect for him, but most of us are not multimillionaires. We don't need another Trump trade war. It would be devastating.

 

[Skylar]

This video estimates that tariffs would have to be at 133%. This would mean that other countries would also put up tariffs on US goods.

So, A) foreign goods for the US would be too expensive for people to buy

B) US goods would be too expensive to sell abroad.

C) This would hit the working classes the hardest. Any tax which taxes what people buy, like sales taxes, is worse for poor people than income taxes, as the poor pay a high proportion of their wages on goods, while the rich don't.

Nothing says "I Don't Care About You, I Just Want Your Vote" than this policy.

Trump Told Rallygoers, 'I Don't Care About You, I Just Want Your Vote'?

"Freudian slip of the century," one X user wrote.

www.snopes.com

This is essentially the Smoot-Hawley Tariff act all over again. It doesn't work because other nations retaliate. They put tarriffs on our goods, while maintaining trade agreements with each other. They flourish in a free trade environment among each other while we languish in relative economic isolation with the international market for our goods damaged or even eliminated.

We've tried this already. It was a disaster.

 

[Captain Caveman]

Perfect for him, but most of us are not multimillionaires. We don't need another Trump trade war. It would be devastating.

Don't forget -

Biden to impose tariffs on China.

I thought democrats opposed tariffs as a tax on American consumers. What changed. PITTSBURGH — President Bidenon Wednesday will call for tripling the tariff rate on steel and aluminum imported from China, a move aimed at preventing American manufacturers from being undercut by lower-cost...

www.usmessageboard.com

 

[Orangecat]

Trump wants to eliminate income tax, but replace it with tariffs on imported goods.​

Sounds good to me.

 

[Skylar]

Sounds good to me.

It really shouldn't. The income tax brings in 5 trillion a year. ALL US imports were about half that. You'd be talking about essentially TRIPLING the price of every foreign good or commodity, including most oil.

It would be catastrophic for our economy and nightly contribute to wild inflation. As bad, it would result in like tariffs on our exports by other nations. Which are also about half the value of the income tax revenue. Making our products wildly expensive overseas and creating a collapse in our export markets. Further damaging the US economy, costing us millions of jobs as our former international trading partners stop buying our products. Trade supports about 41 million US jobs.

Or roughly a THIRD of entire full-time workforce.

As our economy shrinks, our capacity to purchase imports diminishes, fewer tariffs are collected and our tax revenue base collapses. Because remember, we got rid of the income tax.

This would be a terrible idea. This isn't new. Last time we tried this was the 30s. Do I need to remind you what happened then and for how long?

 

[Orangecat]

It really shouldn't.

It really does.
Your opinions don’t shape mine.

 

[White 6]

Don't forget -

Biden to impose tariffs on China.

I thought democrats opposed tariffs as a tax on American consumers. What changed. PITTSBURGH — President Bidenon Wednesday will call for tripling the tariff rate on steel and aluminum imported from China, a move aimed at preventing American manufacturers from being undercut by lower-cost...

www.usmessageboard.com

I am not thrilled with his either, but at least it isn't going to put the farmers back on the public dole to the extent Donny's did. From what being tapped, I don't think the average consumer will see it, that much either, except for electric cars. It may sound crazy if you are a city person or green energy nut, but I don't give a damn about electric cars and not likely to buy one at any price. At my age, I can live out my life without being forced into one.

 

[Skylar]

It really does.
Your opinions don’t shape mine.

Its not my opinion that should concern you. Its the history of this scale of tariffs and how catastrophically bad the outcome was. Again, look up the Smoot-Hawley Tariff Act of 1930 and see what followed.

This would be FAR worse as our economy is much, much more integrated into the world economy that the US was in 1930. With nearly a THIRD of US jobs tied to trade. Or roughly 1/3 or our full-time workforce.

The problem with tariffs is always the same: other nations can levy them too. And they do.

 

[shockedcanadian]

This video estimates that tariffs would have to be at 133%. This would mean that other countries would also put up tariffs on US goods.

So, A) foreign goods for the US would be too expensive for people to buy

B) US goods would be too expensive to sell abroad.

C) This would hit the working classes the hardest. Any tax which taxes what people buy, like sales taxes, is worse for poor people than income taxes, as the poor pay a high proportion of their wages on goods, while the rich don't.

Nothing says "I Don't Care About You, I Just Want Your Vote" than this policy.

Trump Told Rallygoers, 'I Don't Care About You, I Just Want Your Vote'?

"Freudian slip of the century," one X user wrote.

www.snopes.com

Wait, so if U.S goods.would be too expensive to sell abroad, wouldn't that mean foreign products would be too expensive to sell in the U.S? He will hit only certain nations with hig tariffs, natioins that cheat and are not allies. There is no restrictioins that you MUST purchase .from these nations. Since this is an MSNBC video I doint even need to mention the other nation since they are the biggest defender of that nation, really in full step with their propaganda. In theory tariffs are bad, however, tariffs that curb the abuses by adversarial states who could one day be at war with you are good.

 

[Skylar]

Wait, so if U.S goods.would be too expensive to sell abroad, wouldn't that mean foreign products would be too expensive to sell in the U.S?

Yup. And with diminished trade, where would the tariffs come from? Remember, our total imports were roughly HALF of the revenue generated by income tax. So if we levied a 100% tarriff on all goods coming in, that would only generate about HALF of the revenue you needed to cover the losses in income tax revenue.

You'd need a 200% tariff on every foreign good just to break even. And that laughably assumes that we'd maintain the SAME import levels when you TRIPLE the price the import products.

Nope! if you tripled the price, the domestic market for imported goods would collapse. Meaning you'd see a stark reduction in imports. Meaning you'd need even HIGHER tariffs on the fewer imports to generate the same tax revenue, QUADRUPLING, even QUINTUPLING the price of all imported goods and commodities.

Like food. And oil. And most cars and electronics.

Which would further diminish the domestic market. Which would further diminish the imports. Which would further diminish tariff revenue.

Its a downward spiral of stupid.

And of course, the WILD spikes in inflation from TRIPLING, QUADRUPLING or QUINTUPLING the base price of import commodities.

Worse still, other nations would match our tariffs tit for tat. And destroy our export markets. Who in China is going to want to buy an Iphone when the base model costs $4000? With roughly 1 in 3 full time jobs tied to trade, we'd devastate our economy.

Its not a coincidence that the last time we tried this.......the Great Depression immediately followed.

 

[shockedcanadian]

Yup. And with diminished trade, where would the tariffs come from? Remember, our total imports were roughly HALF of the revenue generated by income tax. So if we levied a 100% tarriff on all goods coming in, that would only generate about HALF of the revenue you needed to cover the losses in income tax revenue.

You'd need a 200% tariff on every foreign good just to break even. And that laughably assumes that we'd maintain the SAME import levels when you TRIPLE the price the import products.

Nope! if you tripled the price, the domestic market for imported goods would collapse. Meaning you'd see a stark reduction in imports. Meaning you'd need even HIGHER tariffs on the fewer imports to generate the same tax revenue, QUADRUPLING, even QUINTUPLING the price of all imported goods and commodities.

Like food. And oil. And most cars and electronics.

Which would further diminish the domestic market. Which would further diminish the imports. Which would further diminish tariff revenue.

Its a downward spiral of stupid.

And of course, the WILD spikes in inflation from TRIPLING, QUADRUPLING or QUINTUPLING the base price of import commodities.

Worse still, other nations would match our tariffs tit for tat. And destroy our export markets. With roughly 1 in 3 full time jobs tied to trade, we'd devastate our economy.

Its not a coincidence that the last time we tried this.......the Great Depression immediately followed.

He isn't getting rid of all taxes regardless of what he says. He may succeed in some cuts but he isn't getting rid of them entirely, it wouldn't pass in congress. Now, in theory this can work, it would just be a state to state issue.and require deep cuts to government spending. No matter how you slice it, Western governments need to cut the fat. That fat lies in federal government, in particular certain central cities. Our futures depend on gettiing budgets balanced.

 

[Skylar]

He isn't getting rid of all taxes regardless of what he says. He may succeed in some cuts but he isn't getting rid of them entirely, it wouldn't pass in congress. Now, in theory this can work, it would just be a state to state issue.and require deep cuts to government spending. No matter how you slice it, Western governments need to cut the fat. That fat lies in federal government, in particular certain central cities. Our futures depend on gettiing budgets balanced.

Of course not. Its fantastically stupid. No matter how you cut it, it would result in a collapse in our tax revenue. With massive economic damage that would last years, if not a decade.

The last time we tried this, it required a world war and 75 million world wide dead to pull us out of it.

Congress wouldn't pass it. But why would we elect Trump based on policy positions that are 1) dumb as fuck 2) unable to implemented?

 

[frigidweirdo]

sounds good to me,,

and its what the constitution says,,,

not to mention the jobs it would create with all the companies coming back to avoid tariffs,,

How much money does the US make from exporting?

A lot. That's be a lot of jobs going out the window.

Look at the UK leaving the EU. Something like $10,000 per year lost PER PERSON.

 

[frigidweirdo]

Wait, so if U.S goods.would be too expensive to sell abroad, wouldn't that mean foreign products would be too expensive to sell in the U.S? He will hit only certain nations with hig tariffs, natioins that cheat and are not allies. There is no restrictioins that you MUST purchase .from these nations. Since this is an MSNBC video I doint even need to mention the other nation since they are the biggest defender of that nation, really in full step with their propaganda. In theory tariffs are bad, however, tariffs that curb the abuses by adversarial states who could one day be at war with you are good.

You say "this is what he'll do", but that doesn't make sense.

You need to make money from tariffs. Which means you need goods to come in. You put 133% on all goods, you won't make the money back, because people won't sell to the US.

You put tariffs on certain countries and not others, then you'll make little in tariffs from some countries and nothing from others.

It won't work.

 

[frigidweirdo]

Sounds good to me.

Might sound good to you.

Maybe if you actually think about it, it'll look much worse.

This is a sort of Liss Truss kind of moment, people with wacky claims their supporters like. Give them 40 days and they'll destroy the country.

 

[Skylar]

How much money does the US make from exporting?

A lot. That's be a lot of jobs going out the window.

Look at the UK leaving the EU. Something like $10,000 per year lost PER PERSON.

Brexit is a mother's kiss compared to what we'd do to ourselves if we ever tried this again.

Income tax revenue is roughly DOUBLE the import trade. So if you put 100% tariff, doubling the price of every import good or commodity, you'd still have only HALF of the income tax revenue you'd lost.

You'd need a 200% tariff just to break even. The UK is dealing with, at worst, 47% tariffs. And only on a relatively handful of products. We'd need 200% tarriffs on every goddamn import of every kind, just to break even.

 

[shockedcanadian]

Of course not. Its fantastically stupid. No matter how you cut it, it would result in a collapse in our tax revenue. With massive economic damage that would last years, if not a decade.

The last time we tried this, it required a world war and 75 million world wide dead to pull us out of it.

Congress wouldn't pass it. But why would we elect Trump based on policy positions that are 1) dumb as fuck 2) unable to implemented?

You do realize that the U.S has further sanctioned.Chinese companies and Biden said he is going to jack up tariffs too, right? Perhaps an election ploy but who knows. Sometimes you have to punish bad actors. You can make cheap products anywhere,. Chinese citizens dont consume as.the U.Z does anyways so their market access is over valued by Western companies and the West is starting to realize this especially in Europe.

 

[Skylar]

You say "this is what he'll do", but that doesn't make sense.

You need to make money from tariffs. Which means you need goods to come in. You put 133% on all goods, you won't make the money back, because people won't sell to the US.

You put tariffs on certain countries and not others, then you'll make little in tariffs from some countries and nothing from others.

It won't work.

Exactly. Every time you got selective and made 'exceptoins', that means the tariffs on what's left would have to get even MORE fantastically ludicrous. With 400%, even 500% tariffs.

Which....no one in the US would buy. Which means no tariffs on those products, as no one would import products they can't sell. Which means you'd need to keep increasing tariffs to compensate. Rinse and Repeat into economic oblivion.

Its a downward spiral. It was in 1930 when we tried it last. It would be in under Trump if we were stupid enough to try it again.