Would Trump's proposed tariffs instead of income tax ever become LAW? (Poll)

[kyzr]

Always the "showman", always dominating the news cycle, Trump once again comes up with a new and controversial idea, to replace the income tax with higher tariffs.

I don't see how the math works:
Income taxes bring in $2,200b a year currently, more if the Trump tax cuts are let expire.
Tariffs currently bring in $88b a year, but not everything imported pays a tariff

Looking at the total of US imports, lets say $4,000b a year.

• U.S. imports for 2022 was $3,966.17B, a 16.37% increase from 2021.
• U.S. imports for 2021 was $3,408.28B, a 22.75% increase from 2020.
• U.S. imports for 2020 was $2,776.50B, a 10.92% decline from 2019.
• U.S. imports for 2019 was $3,116.95B, a 0.45% decline from 2018.

So to raise ~$3T a year in revenue a 75% to 100% tariff would need to be imposed on all items. Would that make them too expensive to purchase??
Plus would that level of tariff start "trade wars" with everyone, hurting exports?

Trump's idea to replace income taxes with tariffs is a "sure way" to hurt the poor and help the rich

Experts warn that an “all tariff policy” would only benefit the wealthiest Americans

news.yahoo.com

Trump's idea to replace income taxes with tariffs is a "sure way" to hurt the poor and help the rich​

Indeed, tariffs are understood to hike consumer prices because companies pass on the cost of the tariffs they pay. Tariffs currently account for $88.3 billion of the $4.4 trillion in revenues the U.S. government reported in fiscal year 2023. Income taxes brought in about $2.2 trillion, the Treasury Department reported. To bring tariff revenues even close to income tax levels would require a dramatic spike in import taxes, much higher than Trump’s proposed 10%.

So I tend to agree with the link that replacing the Income Tax with Tariffs is a bad idea. It seems to be a billionaire's attempt to lower his income tax by punishing the poor and middle class. This idea makes me squishy in my support for Trump, I hope the House and Senate would NOT support this goofy idea.
.

 

[Oddball]

It could be, though I seriously doubt that it will be.

 

[XponentialChaos]

It’s a stupid idea that Trump hasn’t really thought out and won’t be taken seriously.

Like his shark/battery speech, he’s just rambling incoherently again.

 

[Mac-7]

So I tend to agree with the link that replacing the Income Tax with Tariffs is a bad idea.

IF trump made that an official policy (assuming that he even said it) it would be a bad idea and have very little support

But its probably just another lib lie

 

[Mac-7]

Like his shark/battery speech, he’s just rambling incoherently again.

Yes, trump was rambling and being an entertainer on the campaign stump instead of giving an official speech such as the state of the union

So dont take it too seriously

 

[XponentialChaos]

Yes, trump was rambling and being an entertainer on the campaign stump instead of giving an official speech such as the state of the union

So dont take it too seriously

The Republican nominee rambling about sharks and batteries is very serious. He's clearly losing it.

 

[progressive hunter]

Always the "showman", always dominating the news cycle, Trump once again comes up with a new and controversial idea, to replace the income tax with higher tariffs.

I don't see how the math works:
Income taxes bring in $2,200b a year currently, more if the Trump tax cuts are let expire.
Tariffs currently bring in $88b a year, but not everything imported pays a tariff

Looking at the total of US imports, lets say $4,000b a year.

• U.S. imports for 2022 was $3,966.17B, a 16.37% increase from 2021.
• U.S. imports for 2021 was $3,408.28B, a 22.75% increase from 2020.
• U.S. imports for 2020 was $2,776.50B, a 10.92% decline from 2019.
• U.S. imports for 2019 was $3,116.95B, a 0.45% decline from 2018.

So to raise ~$3T a year in revenue a 75% to 100% tariff would need to be imposed on all items. Would that make them too expensive to purchase??
Plus would that level of tariff start "trade wars" with everyone, hurting exports?

Trump's idea to replace income taxes with tariffs is a "sure way" to hurt the poor and help the rich

Experts warn that an “all tariff policy” would only benefit the wealthiest Americans

news.yahoo.com

Trump's idea to replace income taxes with tariffs is a "sure way" to hurt the poor and help the rich​

Indeed, tariffs are understood to hike consumer prices because companies pass on the cost of the tariffs they pay. Tariffs currently account for $88.3 billion of the $4.4 trillion in revenues the U.S. government reported in fiscal year 2023. Income taxes brought in about $2.2 trillion, the Treasury Department reported. To bring tariff revenues even close to income tax levels would require a dramatic spike in import taxes, much higher than Trump’s proposed 10%.

So I tend to agree with the link that replacing the Income Tax with Tariffs is a bad idea. It seems to be a billionaire's attempt to lower his income tax by punishing the poor and middle class. This idea makes me squishy in my support for Trump, I hope the House and Senate would NOT support this goofy idea.
.

heres a novel fucking idea,,

how about the government cut spending??

and it doesnt hurt the poor, it hurts the freeloaders that live off of other peoples hard work,,

keeping more of our own money helps everyone except the government,,,,

 

[Mac-7]

The Republican nominee rambling about sharks and batteries is very serious. He's clearly losing it.

Its not serious

I wish trump didnt talk so much because he does get himself into trouble sometimes with trump haters like you

But when he’s sitting in the command chair making decisions he usually does a good job

And they are his decisions, not something whispered in his ear by handlers because he’s too senile to think for himself like biden is

 

[XponentialChaos]

Its not serious

I wish trump didnt talk so much because he does get himself into trouble sometimes with trump haters like you

But when he’s sitting in the command chair making decisions he usually does a good job

And they are his decisions, not something whispered in his ear by handlers because he’s too senile to think for himself like biden is

No, he's clearly losing it. Now he's talking about eliminating income tax and replacing it with tariffs? Wtf?

Does that sound like a good idea to you or is he just joking again?

 

[CrusaderFrank]

Eliminate the IRS, have the States fund the Beast in proportion to their EV

 

[Crepitus]

Always the "showman", always dominating the news cycle, Trump once again comes up with a new and controversial idea, to replace the income tax with higher tariffs.

I don't see how the math works:
Income taxes bring in $2,200b a year currently, more if the Trump tax cuts are let expire.
Tariffs currently bring in $88b a year, but not everything imported pays a tariff

Looking at the total of US imports, lets say $4,000b a year.

• U.S. imports for 2022 was $3,966.17B, a 16.37% increase from 2021.
• U.S. imports for 2021 was $3,408.28B, a 22.75% increase from 2020.
• U.S. imports for 2020 was $2,776.50B, a 10.92% decline from 2019.
• U.S. imports for 2019 was $3,116.95B, a 0.45% decline from 2018.

So to raise ~$3T a year in revenue a 75% to 100% tariff would need to be imposed on all items. Would that make them too expensive to purchase??
Plus would that level of tariff start "trade wars" with everyone, hurting exports?

Trump's idea to replace income taxes with tariffs is a "sure way" to hurt the poor and help the rich

Experts warn that an “all tariff policy” would only benefit the wealthiest Americans

news.yahoo.com

Trump's idea to replace income taxes with tariffs is a "sure way" to hurt the poor and help the rich​

Indeed, tariffs are understood to hike consumer prices because companies pass on the cost of the tariffs they pay. Tariffs currently account for $88.3 billion of the $4.4 trillion in revenues the U.S. government reported in fiscal year 2023. Income taxes brought in about $2.2 trillion, the Treasury Department reported. To bring tariff revenues even close to income tax levels would require a dramatic spike in import taxes, much higher than Trump’s proposed 10%.

So I tend to agree with the link that replacing the Income Tax with Tariffs is a bad idea. It seems to be a billionaire's attempt to lower his income tax by punishing the poor and middle class. This idea makes me squishy in my support for Trump, I hope the House and Senate would NOT support this goofy idea.
.

It's an insane idea that will never happen.

 

[Mac-7]

No, he's clearly losing it. Now he's talking about eliminating income tax and replacing it with tariffs? Wtf?

Does that sound like a good idea to you or is he just joking again?

Sez who?

Show us the video

If trump does want to do that we can debate it

But I have not heard him say anything

 

[XponentialChaos]

Sez who?

Show us the video

If trump does want to do that we can debate it

But I have not heard him say anything

It was stated in a closed-door meeting with Republican lawmakers.

White House says Trump’s tariffs will destroy manufacturing, exacerbate inflation

The White House said GOP support for "MAGAnomics" and former President Donald Trump's tariffs plan would raise prices for families and worsen inflation.

www.foxnews.com

 

[Mac-7]

It was stated in a closed-door meeting with Republican lawmakers.

So no evidence, just a rumor

 

[XponentialChaos]

So no evidence, just a rumor

Reported by Fox News and all other major news outlets, but you go ahead and bury your head in the sand and pretend it didn’t happen.

Assuming it’s true (because it is), would you admit that it’s a stupid idea by Trump or are you going to argue that he’s just joking again?

 

[Mac-7]

Reported by Fox News and all other major news outlets,

All repeating the same rumor

I dont deny that trump wants to raise tariffs on chinese imports

So do I

But beyond that we dont know what trump said, if anything

 

[XponentialChaos]

All repeating the same rumor

I dont deny that trump wants to raise tariffs on chinese imports

So do I

But beyond that we dont know what trump said, if anything

Assuming it’s true (because it is), would you admit that it’s a stupid idea by Trump or are you going to argue that he’s just joking again?

 

[Mac-7]

Assuming it’s true (because it is), would you admit that it’s a stupid idea by Trump or are you going to argue that he’s just joking again?

You are repeating yourself

Show me the video of what trump said and I will comment on it

 

[XponentialChaos]

You are repeating yourself

Show me the video of what trump said and I will comment on it

You’re dodging. I just told you that it was in a closed-door meeting, making it impossible to provide video. Would you like me to repeat that again for you?

 

[Mac-7]

You’re dodging. I just told you that it was in a closed-door meeting, making it impossible to provide video. Would you like me to repeat that again for you?

I’m not dodging

You have not presented anything to comment on except hearsay