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

[Mac-7]

Wonderful. Can we get back to the topic now?

You derailed the topic with post #98

So whenever you’re ready

 

[Mac-7]

Hard for MAGA to deny him with Trump right over his shoulder.

It wasnt difficult for MAGAs to wise up

 

[Slade3200]

You derailed the topic with post #98

So whenever you’re ready

Just providing a link to something you called a lie but don’t really know if it’s a lie.

 

[Marener]

Thats too high

It was much lower under trump

Historical Inflation Rates: 1914-2024

The table displays historical inflation rates with annual figures from 1914 to the present. These inflation rates are calculated using the Consumer Price Index, which is published monthly by the Bureau of Labor Statistics (BLS) of the U.S. Department of Labor. The latest BLS data, covering up to...

www.usinflationcalculator.com

It’s the historical average, so it’s not too high. It’s by definition normal. Inflation had been low since the global financial crisis, under Obama and Trump, despite interest rates being essentially zero that whole time.

No one is really sure why.

 

[Mac-7]

Just providing a link to something you called a lie but don’t really know if it’s a lie.

In English that's called derailing a topic

 

[Mac-7]

It’s the historical average, so it’s not too high. It’s by definition normal. Inflation had been low since the global financial crisis, under Obama and Trump, despite interest rates being essentially zero that whole time.

No one is really sure why.

In was much lower under trump

 

[bendog]

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?

What? YOu mean Trump just pulled more shit out of his ass, hit maga with it, and they're dancing for joy over filets?

 

[citygator]

I don't take everything Trump mentions off-the-cuff seriously. If he pursues the idea further and brings it up again, then I'll rant about it.

Well… he just, on camera, was ranting about sharks vs batteries… if Biden did this MAGA would lose their shit.

“So I said, let me ask you a question and he said nobody ever asked this question and it must be because of MIT, my relationship to MIT. Very smart. He goes, I say , what would happen if a boat sank from its weight? And you re in the boat and you have this tremendously powerful battery and the battery is now underwater and there's a shark that's approximately 10 yards over there, by the way, a lot of shark attacks lately, do you notice that a lot of shark? I watched some guys justifying today. Well they weren’t really that angry. They bit off the young ladys leg because of the fact that they were, they were not hungry, but they misunderstood what/who she was? These people are. He said there's no problem with sharks. They just didn't really understand a young woman swimming now. It really got decimated and other people too, a lot of shark attacks. So I said there's a shark 10 yards away from the boat over here, do I get electrocuted if the boat is sinking? Water goes over the battery, the boat is sinking. Do I stay on top of the boat and get electrocuted or do l jump over by the shark not get electrocuted? Because he didn’t know the answer he said " you know, nobody's ever asked me that question”. I said, think it's a good question. I think there's a lot of electric current coming through that water. You know what l'd do if there was a shark or you get electrocuted, I'll take electrocution every single time”

 

[Marener]

In was much lower under trump

Lower than it is now, sure, but about the same as it was under Obama.

No one knows why it was so low under Trump. He has no idea how to reduce it any further.

 

[Mac-7]

Lower than it is now, sure, but about the same as it was under Obama.

No one knows why it was so low under Trump. He has no idea how to reduce it any further.

Ok, inflation was higher under obama and biden but not trump

That tells me we need to bring back trump

 

[Mac-7]

No one knows why it was so low under Trump. He has no idea how to reduce it any further.

As I pointed out biden could make it much worse if win a second term

November 2024 is the only thing holding him back now

 

[Marener]

Ok, inflation was higher under obama and biden but not trump

That tells me we need to bring back trump

Inflation was about the same under Obama and Trump.

Biden is the only one that had to deal with the repercussions of COVID.

 

[Marener]

As I pointed out biden could make it much worse if win a second term

November 2024 is the only thing holding him back now

Trump’s stated policies are highly inflationary. He’s more likely to make this worse than Biden.

 

[Mac-7]

Trump’s stated policies are highly inflationary. He’s more likely to make this worse than Biden.

The tariffs will cause higher prices for consumer products from communist china at first

But in the long run our economy will be stronger and china will be weaker

 

[jc456]

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

psst, other countries already do

 

[my2¢]

if Biden did this MAGA would lose their shit.

Being entertained reading sides lose their shit is the main attraction I find on this board.

 

[Marener]

The tariffs will cause higher prices for consumer products from communist china at first

But in the long run our economy will be stronger and china will be weaker

How will higher prices for families make the economy stronger?

 

[Mac-7]

How will higher prices for families make the economy stronger?

In the long run

The short term will be painful

 

[Marener]

In the long run

The short term will be painful

How?

I don’t want China’s economy. I don’t know why anyone would.

 

[Skylar]

As long as biden is president the next round of skyhigh inflation is just around the corner

For instance if The Big Guy wasnt scared shitless about losing the presidential election he could return to his war on fossil fuels

Instead he has broken his promise to the little snowflake and is draining the Petroleum Reserve to keep gasoline prices at the pump low

Nonsense. Inflation was a global phenomenon that happened around the world after COVID lock down eased. Pretty much everywhere. Pretty much at the same time. Biden didn't 'cause' it, though he and other world leaders are working to fix it using one of the most effective tools we have for managing inflation: fed fund rate interest increases.

Reagan did the exact same thing in 81 when we were dealing with high inflation, though with less care than Biden has. Reagan's increases were so draconian (peaking at over 13%) that they pushed the US economy into recession. But....when it came back out in 83, our inflation rates were back under control.

Biden has managed to bring inflation down without putting us into recession with much more moderate increases (5.5% at last count). Instead, growing the economy while maintaining low unemployment. And has brought our inflation rate today to LOWER than it was it when our economy emerged from the recession caused by Reagan's fed fund rate increases (3.3% for Biden compared to 3.8% for Reagan).

Trump has called for massive CUTS to the fed fund rate.....which is the very tool we're using to mitigate and reduce inflation. Meaning that if Trump is elected, we're likely to see increases in inflation. Not decreases.