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

[candycorn]

No. Making Mexicans pay instead of us is a great idea.

Yeah, how's that wall working out?

 

[YoursTruly]

If a poor person gets $20,000 a year, and they pay $10,000 in tax, and another poor person gets $20,000 a year and they pay $5,000 in tax, who do you think will have more money to spend on things?

If the one who's spending $10,000 in taxes, then he needs to stop buying so many things that are on the increased tariffs list.

If you get rid of income tax, and expect tariffs to bring in that extra, it's not going to work.
The article says you'd need to increase ALL TARIFFS to 133%.

1. They're not going to get rid of the income tax. 2. I don't expect tariffs to bring in any extra.
What's more concerning to me is the short fall they would be getting in tariffs (vs income tax), that's going to lead to them borrowing more money from the fed, that's going to create and even higher inflation tax.

So even if we all found a way to buy only imported items that are not on the increased tariff list, we'd still be paying a higher tax from the devaluation of our currency that comes from that borrowed Fed money.

Just since 1980, we're paying over 200% more because of that borrowed fed money.

No, if you don't increase tariffs on this item, then you need to increase tariffs on something else. Meaning you're pumping tariffs for other things to 250%, 500% what ever.

Either way it'll make it prohibitive, so it want get imported, and you won't make any money from it.

You're buying way too much into this Trump campaign lie.

I swear, the left believes everything Trump says, but still calls him a liar. It's as retarded as the Republicans take Biden's word when he said he was going to end fossil fuels. He still hasn't done it. But Trumpbots will still lie and make out like he's trying to. Even though US oil production is higher than it's ever been.

FFS, stop believing lying politicians.

 

[frigidweirdo]

If the one who's spending $10,000 in taxes, then he needs to stop buying so many things that are on the increased tariffs list.



1. They're not going to get rid of the income tax. 2. I don't expect tariffs to bring in any extra.
What's more concerning to me is the short fall they would be getting in tariffs (vs income tax), that's going to lead to them borrowing more money from the fed, that's going to create and even higher inflation tax.

So even if we all found a way to buy only imported items that are not on the increased tariff list, we'd still be paying a higher tax from the devaluation of our currency that comes from that borrowed Fed money.

Just since 1980, we're paying over 200% more because of that borrowed fed money.


You're buying way too much into this Trump campaign lie.

I swear, the left believes everything Trump says, but still calls him a liar. It's as retarded as the Republicans take Biden's word when he said he was going to end fossil fuels. He still hasn't done it. But Trumpbots will still lie and make out like he's trying to. Even though US oil production is higher than it's ever been.

FFS, stop believing lying politicians.

So, your response is "stop buying stuff"... the whole point here is that sales tax is worse for poor people. Telling a poor person they can't buy as much because the government is making them pay more, and the rich pay less is.... well... it's the point being made that it's unfair and ridiculous.

Trump made the argument for getting rid of income tax. That's what we're talking here. Doesn't matter whether you think it's not going to happen or not. It's not really the topic.

People believe liars. That's the point. Look how popular Trump is, the more he says stupid shit that's so obviously a lie, the more they love him. The more he insults them, the more they love him.

 

[candycorn]

What is going to happen is this. You can raise the tariff to 133%...you could raise it to 1000% and companies will still import stuff.

Apple has $67B in the bank. In cash.

How did they get that much money? By having popular consumer goods they charge an arm and a leg for and not paying the guys who make them anything--even when they lose an arm and a leg while making the stuff.

There is zero chance Apple will move their production stateside because the tariff will not matter to them; they'll just absorb the costs of it so they don't have to pay factory workers $25 an hour plus benefits. The way they will mitigate that is by holding products off shore and onshoring them as demand dictates.

The losers are going to be the American consumers who will simply have to pay more because tariffs are taxes paid by importers; not exporters. MAGA folks do not understand this. Trump may--or he may not. It doesn't matter. MAGA is about "sticking it" to someone--anyone. In this case the supposed damage that is going to be inflicted to China is simply an illusion. But that is good enough for his supporters.

 

[Mac-7]

There is zero chance Apple will move their production stateside because the tariff will not matter to them

Possibly

But they might move it from communist china to India

Which is still good for the US

 

[candycorn]

Possibly

But they might move it from communist china to India

Which is still good for the US

It is? Explain. What difference does it make if it's not creating American jobs?

 

[berg80]

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,,

Yellen on Trump’s tariffs-taxes idea: It would ‘make life unaffordable’​

U.S. Treasury Secretary Janet Yellen said former President Donald Trump’s plan to replace federal income taxes with tariffs would “make life unaffordable” on Sunday morning.

“It would require tariffs well over 100%,” Yellen said when Jonathan Karl asked about the plan on ABC’s “This Week.” “The impact would be to make life unaffordable for working class Americans and would harm American businesses.”

https://www.politico.com/news/2024/06/16/janet-yellen-donald-trump-tariffs-taxes-00163605

Don attended Wharton but fails to understand the financial dynamics underpinning tariffs. Not surprising for someone who almost blew the fortune he inherited from his dad, only being bailed out by income from a reality TV show where he played the role of a person who's status he never achieved in real life, a successful businessman.

 

[Mac-7]

It is? Explain. What difference does it make if it's not creating American jobs?

Because communist china is our enemy, India isnt

 

[pknopp]

Yellen on Trump’s tariffs-taxes idea: It would ‘make life unaffordable’​

U.S. Treasury Secretary Janet Yellen said former President Donald Trump’s plan to replace federal income taxes with tariffs would “make life unaffordable” on Sunday morning.

“It would require tariffs well over 100%,” Yellen said when Jonathan Karl asked about the plan on ABC’s “This Week.” “The impact would be to make life unaffordable for working class Americans and would harm American businesses.”

https://www.politico.com/news/2024/06/16/janet-yellen-donald-trump-tariffs-taxes-00163605

Don attended Wharton but fails to understand the financial dynamics underpinning tariffs. Not surprising for someone who almost blew the fortune he inherited from his dad, only being bailed out by income from a reality TV show where he played the role of a person who's status he never achieved in real life, a successful businessman.

Yellen and Biden did enact Tariff's. I'm going to guess she has a way to explain how these don't make things more unaffordable?

 

[Mac-7]

candycorn

Laughing libs are boring

 

[BlindBoo]

And if Republicans control Congress ?

"If' is the most powerful word in the universe. If they don't have 60 votes in the Senate they will have to change another long standing Senate rule and change the rule to the tyranny of 50% +1, or simple majority, to pass a bill like that. It's what they had to do to get the their extremely partisan SC, so it would surprise me if they try that.

 

[theHawk]

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

Other counties already do put tariffs on the US.

We used to use almost all exclusively tariffs before there was an IRS.

We can see this really has you idiots in a panic. Your whole religion is based on the state being able to rob the citizens of the money they earn.

 

[pknopp]

Other counties already do put tariffs on the US.

We used to use almost all exclusively tariffs before there was an IRS.

We can see this really has you idiots in a panic. Your whole religion is based on the state being able to rob the citizens of the money they earn.

A tax is a tax is a tax.

 

[CowboyTed]

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

Well Inflation might be safety above 20% for a good few years...

This sounds like such a great idea until someone uses the brains..

 

[22lcidw]

Yeah, how's that wall working out?

Who expected Joe to waste trillions of dollars? Trillions and trillions and trillions...

 

[frigidweirdo]

Well Inflation might be safety above 20% for a good few years...

This sounds like such a great idea until someone uses the brains..

Don't mention the b word. They'll rip you apart and put you on the barbecue.

 

[AntonToo]

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,,

Jobs? What fn jobs at 3.X% unemployment?

Inflation is going to go into overdrive because labor and import costs will explode.

Turning the best performing big economy upside down like that is straight nuts and even if Trump crazy enough to try it Congress will 100% reject this.

Bottom line this is nothing but bs pipe dreams for the ignorant.

 

[CowboyTed]

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.

It is a very simplistic view...

US car manufacturing would collapse... The cost of importing parts which aren't made in US would make US car very expensive to build...

Does Trump then intend to pull out of NAFTA and WTO as well...

If he does there would be a job collapse...

This is so stupid it shows clearly why he is really unfit to be President... This is brainless stuff, a total lack of understanding of basic economics..

 

[CowboyTed]

Don't mention the b word. They'll rip you apart and put you on the barbecue.

I don't think they get it...

It this guy was roaring this shit in a bar, they would all say to ignore him, he is only ranting.

These guys think they should be voting for him.

The reat of the world is looking at this and see America has a large proportion of ignorant, uneducated, gullible, desperate people. They seem to not realise that that the problems in there life is not because of immigrants, democrats, black people,....

It is because you keep voting for a political ideology that has convinced you that giving rich people more money is in your interest. When things don't work out they blame anyone and everyone else...

Well wake up and smell the coffee... Blue States and the rest of the first world (social democracies) are doing better than Red States... Better quality of life, better educated, better health, better work conditions....

There is the proof and that is why the GOP spend so much time blaming anyone and everyone else.. It is a scam, just look around...

Note: You will probably point to a few blocks in San Fran, yep, not great but they will fix that and the real problem is that small patch of land that too many want to live on.

 

[dblack]