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

[frigidweirdo]

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.

He put a 100% tariff on Chinese electrical cars.

And he's been pretty consistent with his China policy.

Unlike Trump who was pro-China, then anti-China, then pro-TikTok which is the weirdest.

 

[Skylar]

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.

By 18 billion dollars. Not by 5000 billion dollars necessary to cover what income tax brought in.

You don't seem to understand the scale of the tariffs necessary to compensate for the loss of income tax revenue.

Orders of magnitude, Canadian.

And we'd have to do it to you too. At least 200% of ANYTHING you ship to us. Any product, any commodity. We're you're number one trading partner. And we'd have to fuck you too. And ourselves, of course.

Our economies would burn together.

 

[shockedcanadian]

Biden is protecting his E.V turf by hitting Chinese EVs with 100% tariffs. This is how the game works. China is flooding the markets of the world trying to destabilize and hurt foreign domestic manufacturing even further. I stand by Bidens tariffs, you can't have state funded companies destroying private companies. Make the Chinese government subsidize your economy by funding these.co pa ies and then the U.S taking their cut when it arrives. Thats protecting free markets. Mark.my words, as WWIII arrives the West will be moving out of China or face public and government backlash. The funding of a state that has fully half of the worlds CCTV and enforced digital currency is bad for civilizatioin, especially when their militar budgets have doubled and is spending more tha the U.S in PPP terms.

 

[Skylar]

Biden is pritecting his E.V turf by hitting Chinese EVs with 100% tariffs. This is how the game works. China is flooding te markets kf the world trying to destabilize and hurt foreign domestic manufacturing even further. I stand by Bidens tariffs, you can't have state funded companies destroying private companies. Make the Chinese government subsidize your economy by fu ding these.co pa ies and then the U.S taking their cut when it arrives. Thats protecting free markets.

Its an 18 billion dollar tariff. Trump's plan would need 5000 billion dollars in tariffs just to break even.

You don't seem to understand the scale of what Trump is proposing. Biden's tariffs are barely 1/3 of 1 percent of what Trump is proposing.

 

[shockedcanadian]

Its an 18 billion dollar tariff. Trump's plan would need 5000 billion dollars in tariffs just to break even.

You don't seem to understand the scale of what Trump is proposing.

Trump is just reaching for the libertarian vote. As I said, in theory it can.work, but it wont pass. Politiicans all promote grandeur visions, ultimately they will settle. Even the libertarian in Argentina has learned this. Some drastic steps are required on government speding, even the IMF has stataed this. Other steps are more incremental.

 

[frigidweirdo]

Biden is protecting his E.V turf by hitting Chinese EVs with 100% tariffs. This is how the game works. China is flooding the markets of the world trying to destabilize and hurt foreign domestic manufacturing even further. I stand by Bidens tariffs, you can't have state funded companies destroying private companies. Make the Chinese government subsidize your economy by funding these.co pa ies and then the U.S taking their cut when it arrives. Thats protecting free markets. Mark.my words, as WWIII arrives the West will be moving out of China or face public and government backlash. The funding of a state that has fully half of the worlds CCTV and enforced digital currency is bad for civilizatioin, especially when their militar budgets have doubled and is spending more tha the U.S in PPP terms.

Having tariffs for a specific purpose is fine. Getting rid of income tax and expecting tariffs to make up that.... fantasy.

But then when it came to "lock her up", he told his fans that they were idiots for believing him then. He probably expects them to not believe him now.

 

[Skylar]

Trump is just reaching for the libertarian vote. As I said, in theory it can.work, but it wont pass. Politiicans all promote grandeur visions, ultimately they will settle. Even the libertarian in Argentina has learned this. Some drastic steps are required on government speding, even the IMF has stataed this. Other steps are more incremental.

No, in theory it can't work. In practice it can't work either.

We'd need a 200% tariff on EVERY SINGLE PRODUCT or COMMODITY from every country that imports to the US. Just to break even.

And of course, when imports are suddenly triple in price, Americans won't buy them. Meaning a collapse in the import market. Meaning.....far fewer tariffs. You can't triple the price of import goods and commodities and expect the import trade levels to remain the same.

It doesn't work. The last time we tried the Great Depression immediately followed.

 

[Markle]

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.

https://www.snopes.com/fact-check/trump-i-dont-care-about-you-wquote/

IF any of that is true, why did none of that happen when Trump was in office? We had a great economy, no wars, and a closed border.

 

[excalibur]

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,,

And how it was done until Progressives, aka American Marxists, conned America into the income tax. Conned them by saying the working class would never pay the income tax, that it would only tax the rich. Within 25 years, that deceit was exposed.

 

[Skylar]

Having tariffs for a specific purpose is fine. Getting rid of income tax and expecting tariffs to make up that.... fantasy.

But then when it came to "lock her up", he told his fans that they were idiots for believing him then. He probably expects them to not believe him now.

Pure, delusional fantasy. Even those that support it can't tell make it work with any specificity. They insist you can't change their opinions. Or it 'works in theory'. But they can't explain how it could possibly work in theory or practice.

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

 

[frigidweirdo]

And how it was done until Progressives, aka American Marxists, conned America into the income tax. Conned them by saying the working class would never pay the income tax, that it would only tax the rich. Within 25 years, that deceit was exposed.

Income tax is better for the working classes.

Sales tax is worse for the working classes.

 

[excalibur]

The income tax brings in 5 trillion a year.

In fact, it is slightly more than half that number, so save your time finding a link to that which does not exist.

 

[Skylar]

And how it was done until Progressives, aka American Marxists, conned America into the income tax. Conned them by saying the working class would never pay the income tax, that it would only tax the rich. Within 25 years, that deceit was exposed.

Not on this scale, it wasn't. 5 trillion in tariffs? Customs and tarrifs in 1912 represented about 1% of our GDP. The customs and tariffs that Trump is proposing is about 20% of our GDP.

A difference of 20 times.

 

[shockedcanadian]

No, in theory it can't work. In practice it can't work either.

We'd need a 200% tariff on EVERY SINGLE PRODUCT or COMMODITY from every country that imports to the US. Just to break even.

And of course, when imports are suddenly triple in price, Americans won't buy them. Meaning a collapse in the import market. Meaning.....far fewer tariffs. You can't triple the price of import goods and commodities and expect the import trade levels to remain the same.

It doesn't work. The last time we tried the Great Depression immediately followed.

If you significantly.cut government spending it can't work? You can't keep piling up.debt, your taxation isn"t providing enough and hasn't for.decades because the expenditures are far too high.and increase constantly. I dont see how 13M primarily low skilled illegal immigrants helps in this regard either. It is straining every level of government

 

[excalibur]

The income tax is a control of the People and most states also have one, and they are linked to the Federal one, so they'd cry great tears if the Federal income tax went the way of the Dodo Bird.

We need to cap spending, be rid of at least 4 or 5 Cabinet departments, Education, Labor, Energy, a few more.

 

[excalibur]

Not on this scale, it wasn't. 5 trillion in tariffs? Customs and tarrifs in 1912 represented about 1% of our GDP. The customs and tariffs that Trump is proposing is about 20% of our GDP.

A difference of 20 times.

The income tax does not bring in anywhere near $5 trillion, and I notice you don't provide a link to back up your assertion (you can't).

 

[Mac1958]

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

Trump knows nothing about macroeconomics. He begged the Fed for MORE inflationary QE and to smash down interest rates even MORE. His tariffs put American manufacturing into an extended recession during his term.

He ran with Daddy's money and bank loans to create an imaginary business celebrity.

The rubes will never get this, the shameless congressional sycophants will never admit it, but he is not doing any of this for them or America. These fools are creating another French Revolution with their ignorant cult.

https://www.reuters.com/article/idUSKBN1WG4IT/

Trump calls on Fed to cut rates by 1% and urges more quantitative easing

In a two-part tweet, the president says more easing would make the economy "go up like a rocket."

www.cnbc.com

 

[Skylar]

In fact, it is slightly more than half that number, so save your time finding a link to that which does not exist.

Okay. Lets say it its half. 2.5 trillion dollars.

Imports around 3 trillion dollars. So you'd need a tariff on EVERY import product and commodity, without exception, of about 85%. Close to double.

Nearly doubling the price of EVERY import product and commodity would result in a massive reduction in US consumption and purchase of these import goods and commodities. Resulting in massive reductions in tariffs that are generated as the imports collapse.

To maintain the same revenue levels, you'd need to proportionally INCREASE the tariffs of the remaining imports. Which would in turn further reduce domestic consumption, which would further reduce tariffs, which would require yet another INCREASE in tariffs.

Rinse, Repeat in a downward spiral.

Then there's the massive inflation as we see a sudden spike of nearly double in every imported good or commodity. With this surging every time tariffs are increased.

Then there's retaliation by other nations, as they impose escalating tariffs on us. Severely damaging our export markets. And costing millions of American jobs as the citizens of other countries can no longer afford to purchase American made goods due to the escalating tariffs placed on them.

Which then reduces the ABILITY of Americans to purchase import goods. Which then reduces tariff revenue even further. Which then requires higher tariff rates. Which would make the inflation spike worse. And would also then result in higher tariffs on our goods AGAIN.

And on. And on.

This doesn't work.

 

[Skylar]

The income tax does not bring in anywhere near $5 trillion, and I notice you don't provide a link to back up your assertion (you can't).

Lets go with the half you said it was. 2.5 trillion. That means that the percentage of GDP in tariffs would be 10%. Compared to 1% in 1912, before the institution of the general income tax.

A factor of 10.

Even with 2.5 trillion in income tax revenue, we're still talking a scale of tariffs that is an order of magnitude more severe.

We've never seen tariffs at the level Trump has proposed. The last time we tried anything remotely resembling them was 1930. And the great depression immediately followed.

 

[WinterBorn]

It won't happen. It is not something Trump can do on his own.

Income tax was authorized by the 16th amendment. It would take another constitutional amendment to remove it.