Trump's Tax Plan

[ScreamingEagle]

If we raise tariffs on Chinese goods, the Chinese will retaliate by raising tariffs on American goods imported into their country.

The top US export to China is electronic equipment, which is used to manufacture items that will be re-imported to the US for sale. If China were to slap tariffs on those, they would hurt themselves more than us, because it would risk their employment market. If the tariffs are too much for American manufacturers and they redirect their efforts to other countries, Chinese unemployment would skyrocket.

The #2 export from the US to China is crops. If they were to put tariffs on food, the people would end up getting rather upset before long when their grocery bills start going up. Behind those two you have chemicals; transportation equipment; and scrap, which is processes to provide raw materials for their own domestic manufacturing.

In short, China's American imports are necessities, whereas the US's imports of Chinese goods are by and large luxury items. Any attempt by China to tax American imports will be more likely to hurt their own economy than it will ours. Due to our substantial trade deficit, any adverse effects of Chinese tariffs would be overshadowed by the positive effects of American tariffs. In a worst case scenario, any harm experienced by American based companies due to Chinese tariffs could be partially offset by a tax subsidy for the total of Chinese tariffs paid for by the American tariffs with plenty to spare. The net result would still be greater tax revenues while still discouraging American production and products over Chinese production and products.

great points....it seems to me that we need to stop selling our manufacturing equipment and open back up our plants here plus improve our technology base.....which would produce jobs and more taxes for government spending (which should be reduced)

Trump's plan to soak the rich seems more like a gambit to attract votes......the rich are either going to pass down the increased taxes to the ultimate consumer anyway or else move to other countries to make their money (as they are doing)...

 

[SAYIT]

GM doesn't export to China.

GM inks $900M deal to export vehicles, parts to China

As a result of recent talks between President Obama and Chinese President Hu, General Motors and its China-based joint venuter, Shanghai General Motors, have signed a two-year agreement to export $900 worth of GM goods to China.

The deal will see the exportation of $500 million worth of Buick, Cadillac and Chevrolet vehicles, as well as another $400 million worth of vehicle components.

Our trade deficit with China is over $300bil/yr. A tit-4-tat tariff war is one China can't win.

Everyone loses in a tariff war. Do you think it will matter to a voting American laborer who lost his job to high Chinese tariffs that the US is "winning" the tariff war?

GM is a net exporter of cars from China. The parts we export to them are intended to ease the logjam currently limiting production there, enabling the Chinese to build more GM autos, some of which will land in the US.

Our current trade imbalance makes it difficult for China to play tariff with the US.
They have far more products which would be affected.

 

[g5000]

In short, China's American imports are necessities, whereas the US's imports of Chinese goods are by and large luxury items.

Not so. About half of our imports from China are electronic equipment, machines, engines, and pumps. Hardly luxury items.

We also import a lot of medical and technical equipment from China.

We also get a lot of our clothing from there. Another necessity. If the price of clothing went up for the average person, they would not be happy about that.


No one wins in a tariff war.

 

[Ravi]

In short, China's American imports are necessities, whereas the US's imports of Chinese goods are by and large luxury items.

Not so. About half of our imports from China are electronic equipment, machines, engines, and pumps. Hardly luxury items.

We also import a lot of medical and technical equipment from China.

We also get a lot of our clothing from there. Another necessity. If the price of clothing went up for the average person, they would not be happy about that.


No one wins in a tariff war.

He's not just talking about China. He's also talking about Japan and Mexico. Basically he's saying he's going to raise prices on anything we import. And guess who will pay for that?

 

[Eaglewings]

Ummmmm where did I say anywhere that I believed him?

Right here:

You said that there is nothing for the middle class so I corrected you with what he said, which next time I will just let you walk around with your made up information.

You really are a stupid twat.

~

 

[Procrustes Stretched]

Trump promised that all of this could happen without increasing the national debt because he expects the economy to improve.

No candidate ever assumes anything but a rosy economy if they are in charge.

Really?

 

[ScreamingEagle]

In 2014, the US bought US$2.410 trillion worth of imported products. That total is up by 22.5% since 2010.

Top 10 U.S. imports from the world are....

1. Oil (14.8% of total imports)
2. Machines, engines, pumps
3. Electronic equipment
4. Vehicles
5. Medical, technical equipment
6. Pharmaceuticals
7. Gems, precious metals
8. Furniture, lighting
9. Organic chemicals
10. Plastics

China's exports to America amounted to
$486.3 billion or 20.2% of its overall imports.

1. Electronic equipment: $129.8 billion
2. Machines, engines, pumps: $108.1 billion
3. Furniture, lighting, signs: $28 billion
4. Toys, games: $23.7 billion
5. Footwear: $17.8 billion
6. Knit or crochet clothing: $16.7 billion
7. Clothing (not knit or crochet): $14.9 billion
8. Plastics: $14.9 billion
9. Vehicles: $12.2 billion
10. Medical, technical equipment: $10.6 billion

Mexico's exports to America amounted to
$297 billion or 12.3% of its overall imports.

1. Vehicles: $68.3 billion
2. Electronic equipment: $58.4 billion
3. Machines, engines, pumps: $45.2 billion
4. Oil: $30.7 billion
5. Medical, technical equipment: $11.6 billion
6. Furniture, lighting, signs: $9.8 billion
7. Gems, precious metals, coins: $5.7 billion
8. Vegetables: $5.4 billion
9. Fruits, nuts: $4.7 billion
10. Plastics: $4.7 billion

Top US Imports

 

[Arizona Willie]

If the 1%'ers get 80% of the nations income they should pay 80% of the taxes.

Each income level should pay the same percentage in taxes( as a group ... not individuals ) that they get of the nations income.

If a group gets 80% of the income they pay 80% of the taxes it takes to run the country.
If a group gets 10% of the income they pay 10% of the taxes it takes to run the country.

The wealthy receive far more FROM society therefore they owe more TO society.

What could be more fair than that?

 

[Procrustes Stretched]

Trump's tax plan also eliminates the estate tax.

Trump's tax plan is a stolen and slightly altered copy of JEB's tax plan

Donald Trump Steals Jeb Bush’s Tax Plan, Makes It Classier, More Luxurious
By Jordan Weissmann

 

[SwimExpert]

Ummmmm where did I say anywhere that I believed him?

Right here:

You said that there is nothing for the middle class so I corrected you with what he said, which next time I will just let you walk around with your made up information.

You really are a stupid twat.

~

That pretty much sums up your intellect on this matter.

 

[SwimExpert]

In short, China's American imports are necessities, whereas the US's imports of Chinese goods are by and large luxury items.

Not so. About half of our imports from China are electronic equipment, machines, engines, and pumps. Hardly luxury items.

We also import a lot of medical and technical equipment from China.

We also get a lot of our clothing from there. Another necessity. If the price of clothing went up for the average person, they would not be happy about that.


No one wins in a tariff war.

No, your Iphone 6 is not a luxury item. The only "necessities" that we import from China are things that could just as well be manufactured right here in the United States.

 

[SwimExpert]

What's more, GM exports from China to the US.

Now...put two and two together.

 

[SwimExpert]

Those people paid into SS and Medicare their entire lives to pay for other's benefits. Now it is their turn.

Ah, see, this is where you are mistaken. First of all, nobody "pays in" to SS or Medicare any differently than the same way you and I "pay in" to military spending, etc. It's all just taxation which is spent on something.

Second, the Boomers are the ones who minimized SS taxes, expanded benefits to have more for themselves, while demanding that it be eliminated for those who will come afterwards. The Boomers had the absolute best of the American economy, and they pissed their money away for their own creature comforts. Now, they continually suppress the American economy, particularly the wages of the modern day younger generational workers, while hoarding an inflated cut of the pie for themselves and spreading their trickle down rhetoric. They took from their parents, they kept for their selves, and they are leaving the mess for us to clean up.

Fuck them, and the horses they ride in on.

 

[Ame®icano]

Trumps tax plan is worth trying.

Beside, it puts IRS on suicide watch.

 

[g5000]

Trumps tax plan is worth trying.

Beside, it puts IRS on suicide watch.

No it doesn't. If it has any effect on the IRS, it actually makes their job easier.

 

[BluesLegend]

Trump knows as I do we are in such a deep hole our only hope now is to grow our way out of it hence his tax plan goes all in on growth and jobs. We are well beyond the point where we can just increase taxes on the few at the top and resolve our financial problems.

Trump also knows that virtually every action government takes is anti-growth, that's why our problems have mushroomed. Thousands of new government regulations each year, tax and fee increases at the national, state, and local level. Politicians are concerned with getting re-elected not solving the problems.

 

[Arizona Willie]

[

Yes. And I hope it's extremely cold and that she dies quickly. That way, the cold will keep her from smelling up the place before she's found.

She's not my granny. Why should I pay for her Social Security and her own irresponsibility, and have nothing for my own retirement when I am old?

========

Why should you pay?

Because you're an asshole.

Enjoy paying for MY Social Security with each one of your paychecks.

Thank you very much.

 

[DigitalDrifter]

Singles making under $25k would be exempt.
Couples earning under $50k exempt.

Earth to Trump, THERE'S ALREADY A SIGNIFICANT PERCENTAGE OF AMERICANS WHO ARE EXEMPT !!!!

 

[NYcarbineer]

Memo to Trumpbots:

Trump's tax plan includes tax increases. Virtually every Republican in Congress has sworn a blood oath to never raise taxes.

His plan is a political fantasy, unless you people think as president he'd put together a Democrat/RINO coalition to make it a reality,

and that would be another fantasy.

 

[NYcarbineer]

Trump Plan Cuts Taxes for Millions

Under the Trump plan, no federal income tax would be levied against individuals earning less than $25,000 and married couples earning less than $50,000. The Trump campaign estimates that would reduce taxes to zero for 31 million households that currently pay at least some income tax. The highest individual income-tax rate would be 25%, compared with the current 39.6% rate.

To pay for the proposed tax benefits, the Trump plan would eliminate or reduce deductions and loopholes to high-income taxpayers, and would curb some deductions and other breaks for middle-class taxpayers by capping the level of individual deductions, a politically dicey proposition.

I hate it when specifics are not given. What deductions and "loopholes" would be eliminated? This is the most important thing to know about any tax plan in order to determine the total effect on taxpayers and revenues.

Mr. Trump also would end the “carried interest” tax break, which allows many investment-fund managers to pay lower taxes on much of their compensation.

Eliminating the carried interest tax break will probably only bring in an extra two billion dollars a year.

A significant revenue gain would come from a one-time tax on overseas profits that could encourage U.S. multinational corporations to return an estimated $2.1 trillion in cash now sitting offshore, largely to avoid U.S. taxes. His proposal would impose a mandatory 10% tax on all of that money

A one-time gain.

Mr. Trump also would impose an immediate tax on overseas earnings of American corporations; currently, such tax payments can be deferred.

All told, the campaign says the plan would be revenue neutral—neither raising nor lowering federal revenues—by the third year and then begin adding revenue.

On the individual side, Mr. Trump would consolidate the current seven rates to four, of 0%, 10%, 20% and 25%. Those changes alone would exempt all married couples making $50,000 or less from the income tax, as well as singles making $25,000 or less.

The 10% bracket would apply to incomes from $50,000 to $100,000 for a married couple; the current 10% bracket has a ceiling of $18,450. The new 25% top bracket would apply to married couples’ incomes in excess of $300,000, which currently are subject to rates as high as 39.6%. Mr. Trump also would cut the top capital gains rate to 20%, from the current 23.8%. And he would eliminate the alternative minimum tax.

Discuss.

This is going to cost big.

How does he plan to pay for it?

Asking how things will be paid for is an interesting question. We are 18 trillion in debt but Hillary nor Sanders have even mentioned how they will pay that down let alone how they can afford their programs they wish to force on the people.

Likewise Republicans are in the same boat. I could argue Rand Paul of all candidates is different in that he provided a plan to get to paying down the deficit but that would derail this otherwise surprisingly good thread.

My point is, do you as a voter honestly care how a candidate will pay for their deficit spending? No matter the side or what caused the deficit spending?

The deficit Bush handed Obama is down by about 700 billion.