This basically eliminates almost all taxes on the rich, burdens middle and lower class with higher prices, and blows up budget deficit.
So much for FiScAL ReSPonSibiLiTY
Yeah, are you being fiscally responsible, chump? How much are you making? Jeff over here needs another yacht!
The real rich don’t pay any income tax tho? Not sure what you mean. Sure the high-income developers and engineers and lawyers etc. would become a richer, but they are not the rich, are they? The owners of the businesses they work at are. And they don’t pay income taxes.
Tarrifs on imports?
So basically jacking up prices on all the things made overseas that are cheapest to buy in the US. That affects everyone, especially the poorer people that tend to shop places where that cheap imported stuff is sold because it’s a bigger percentage of their income. It’s gonna affect the middle class the most because they’re probably the biggest consumers. The rich DGAF because well, they’re rich.
Quickest way to put even more people below the poverty line.
Nailed it.
That affects everyone, especially the poorer people
That’s a consequence of outsourcing as much as anything. Tariffs don’t have to mean making retail goods unaffordable for the bulk of the population. When you have domestic industry with room to grow, insourcing your demand can simply mean building out more capital and consuming more labor at home.
But insourcing also means boosting wages and incentivizing immigration, things conservatives hate.
So Trump’s pitch ultimately amounts to giving domestic producers with no intention of boosting production an opportunity to price gouge their clients with the blessing of the state.
Your assumption that things become unaffordable is incorrect, they just cost more.
Prove that wages get boosted. That flies in the face of corporate methodology to cheapen wages and benefits along with product quality in the service of quarterly reports and profits.
Price gouging is already happening. It doesn’t require trump’s ok to allow it.
Prove that wages get boosted.
Wages rise when demand for labor exceeds supply. That’s Econ 101.
That flies in the face of corporate methodology to cheapen wages and benefits along with product quality in the service of quarterly reports and profits.
Wages are kept low by artificially stunting labor demand. That happens either by under-investing in new capital or cartelizing the hiring process.
Price gouging is already happening.
Gouging involves monopolizing supply of commodities. If we increase the supply of capital and the number of hiring firms, that monopolization becomes more difficult.
But if we simply freeze out imports with trade laws, the existing firms can monopolize domestic supply more easily.
None of your replies have any basis other than broad opinion. It’s devoid of manufacturing ability, profiteering, or the corporate price gouging we already experience.
You just wave a magic wand and suddenly the US can defray the manufacturing deficit and will suddenly throw money at the workforce. Must be a nice imaginary world you live in.
broad opinion
K
Lookit you…solved everything with a ‘k’. Pity it isn’t as easy as you handwave away.
Plus rich people can better afford quality stuff made in the USA.
Rich people have enough money that a small percent in price increase doesn’t affect them the way it affects a “normal” person. If you make millions vs 100k/yr combined income it does that the same.
It’s not about quality, it’s about what you’re being sold.
But right now the cheap stuff is made overseas like in Asia. The expanse stuff is built in Europe or the US. Tariffs would likely be harsher on Asia products. So expensive stuff might not get much more expensive at all. The cheap stuff would get much more expensive.
Meaning there’d be a bigger cost percentage increase for the people who already can’t afford it. A double whammy.
Tariffs would likely be harsher on Asia products. So expensive stuff might not get much more expensive at all. The cheap stuff would get much more expensive.
Meaning there’d be a bigger cost percentage increase for the people who already can’t afford it. A double whammy.
That’s pretty much what I said.
Not what I understood from it but okay. I thought you were saying rich people are better able to absorb the cost increase. I was saying the cost increase would also be less for rich people.
That is what I said.
If you say so
This is one of the stupidest things I’ve ever heard.
I’m sure he’ll come up with something dumber tomorrow.
Income tax is such a bitch to deal with. I used to support the idea of replacing it with GST/VAT because then I’d not have to deal with it. But then someone pointed out that disproportionately benefits the rich (who mostly just hold wealth rather than spend it) and disadvantages the poor (who cannot avoid paying for things).
So fuck it. Make it all income tax and get rid of the others! :P
(In before this is also a bad idea somehow)
It’s the most practical tax idea I’ve heard in forty years, tbh.
Heard about the Land Value Tax 41 years ago, huh?
It’s the least practical tax idea I’ve heard in forty years.
No that’s about right. The big problem we have right now is we’ve lost the ability to effectively tax people who don’t live on an “income”. So we need a second system for people who are insanely wealthy.
Be mad that income tax is unnecessarily difficult to deal with. As has been pointed out by others online a lot recently, the US makes personal income taxes hard, where other countries you can fill it out in minutes if you have no deductions, and less than an hour if you do (and have kept good records).
No one likes paying taxes (usually) but since the process is so painless I don’t hear people complaining about income tax that much (outside of the right-wing media in my country, Australia)
So he’s planning to make the poor pay the taxes for the rich.
No, poor people already pay for the rich. The rich can afford an accountant to find as many loopholes and deductions as possible. The really rich don’t have an “income” and live of capital gains which is already under taxed.
This is just a hope people remember the “no income tax” part and forget about the “raise import tariffs” part when they’re at the ballot.
Always has been
So become 100% dependent on foreign trade… thats a stupid thing to do when conflict is potentially right around the corner
More getting other countries to pay for things I see. The hubris I swear.
That is his dream for everything, it’s how he lives his sham life. And it causes a lot of issues along the way but what does he care, he has a jet and his name on a skyscraper.
Look at this graph, when you know, then you know. Fuck all this distraction from the actual problem, orange man is a distraction.
https://en.wikipedia.org/wiki/Corporate_tax_in_the_United_States
Makes sense that profits went up, since this graph is not inflation adjusted
He’s not a distraction if he gets re-elected.
That’s probably why he won’t win again. It would be amazing to have a convicted felon as president, he’d go from being a distraction to being the thing that causes serious unrest.
I said he wouldn’t win in 2016. I was wrong.
Okay so I’ll say he will win in 2024 so then I’ll be wrong as well. It would be crazy if he won as a convicted felon, after being impeached twice, after losing in 2020 by a landslide.
I agree with the Squid. We should all be worried. He came ridiculously close last time. Remember the electoral college is not helping. It was basically thousands of votes in 2020 that saved us.
He did not lose in 2020 by a landslide. That’s just not true.
Biden won the election with 306 electoral votes and 51.3% of the national popular vote, compared to Trump’s 232 electoral votes and 46.9% of the popular vote.
https://en.wikipedia.org/wiki/2020_United_States_elections
So suggesting he has no chance of winning when he came that close four years ago and he’s likely not lost a huge number of fans is a little premature.
Numbers are even worse when you consider swing states. AZ, GA, and PA swung Biden’s away by a net 40,000 votes. Razor thin margins, for any Dem candidate.
People fixate on the popular vote, but California going Blue by an extra million votes doesn’t change anything
I guess “landslide” is pretty subjective. The difference was 74 electoral votes, 7,059,526 voters. He only won
Trump won Michigan by 10,704 votes in 2016, Clinton won the popular vote by 2,868,686 votes.
https://en.wikipedia.org/wiki/2016_United_States_presidential_election_in_Michigan
I don’t like this system so I’m done speculating.
It was only like 43000 votes across several swing states. Not by much at all.
Convicted Felon and Sex Offender Treason Trump did however lose the popular vote in a landslide and the electoral vote in a landslide.
Trump is currently favored in polls and in betting markets. Few people care about the convictions. People who would vote for him definitely don’t care about impeachments. The far-right has a very effective and expansive propaganda machine (old media, alternative media, and social media) that can counter any negative (“fake”) news. Biden is a very weak candidate because of his physical and mental health, and the Democrats are ineffective at “controlling the narrative” compared to the Republicans. I think it’ll probably be a close election, and if I was forced to bet, I’d bet on Trump winning.
That doesn’t sound amazing at all, that sounds totally horrible
Yea, amazing wasn’t the right word choice. Probably should have used “absurd”, “ridiculous” or “bizarre” instead.
Amazing - causing great surprise or wonder; astonishing
Nah you were all good imo lmao people just attribute amazing to positivity
Someone did the math and realized we would need a 130% tariff on all goods to replace current income tax revenue.
People’s number one concern is inflation. If that tariff is created we will see 100% inflation over night!
Someone did the math and realized we would need a 130% tariff on all goods to replace current income tax revenue.
And probably didn’t take into account that actually the tariff would need to be even higher since imports would drop drastically from the current amount.
I believe 130% was the conservative estimate.
Eat the rich. Tax the motherfuckers.
Oh yes! /c/[email protected]
Trump floats more shit than a sewage treatment plant.
How about we eliminate income taxes and replace it with corporate carbon emissions tax, AND cut fuel subsidies.
Horrible idea from a horrible orange blob.
MAKE INFLATION GREAT AGAIN
See this is the kind of thing that makes zero actual sense but his supporters pretend to believe he can accomplish it or worse they actually believe him.
I swear he comes across as even more senile each and every day. But …
The rich would support this - they can only consume so much after all, and most of that would be discretionary. No more income taxes on vast incomes, stop buying imported shit, huge win for them. The chowderheads supporting Drumpf would probably be enthusiastic about such an idea too - imagining their small paychecks without that hated tax deduction box and imagining no more paying every year for that scary tax return software. And then, they lose their jobs because countries that we export to retaliate with their own tariffs. Prices on pretty much everything goes through the roof (because even domestic products have foreign supply chains), and most of the cheap shit they used to be able to afford (like electronics from China, bulk foods from overseas and (fast-)foods made with it) they can’t afford now.
Meanwhile, with the economy crashing, federal receipts (both tax and tariffs) dry up and it’s Government Shutdown time. All working according to the Plan. Grandma and Grandpa lose their incomes and health care and have to move in with unemployed, impoverished JimBob and the wife, which is darn near intolerable what with all the hillbilly kids being home all the time now that the schools have been shut down. Kids that are wailing about being hungry all the time just like the oldsters.
It would be fun to see what carve-outs to the tax/tariff policy they’d have, to try to keep the MIC funded. Borrowing is of course the preferred way to fund it, but nobody’s going to be touching the bonds issued by an actively collapsing national government.
