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

[konradv]

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’ll just encourage smuggling, instead income tax cheating. I don’t see how it gets you enough money. That was apparent over a 100 years ago.

#ECONOMICSLESSON

 

[task0778]

Its a stupid liberal lie

Yeah, but Trump wants to raise tariffs too. That's what he did in his 1st presidency. When you raise tariffs on imported stuff, the prices for that stuff goes up for the American consumer. That's just the way it is, and most of the people affected by those higher prices are people that don't pay enough taxes to break even. And you're payingmore for the same effing thing and that is called inflation.

 

[Mac-7]

Yeah, but Trump wants to raise tariffs too. That's what he did in his 1st presidency. When you raise tariffs on imported stuff, the prices for that stuff goes up for the American consumer. That's just the way it is, and most of the people affected by those higher prices are people that don't pay enough taxes to break even. And you're payingmore for the same effing thing and that is called inflation.

Admittedly trump misplayed the tariff issue in his first term

He imposed tariffs across the board that affected our allies when he should have targeted china

There is room for improvement there

 

[Mac-7]

It’ll just encourage smuggling, instead income tax cheating. I don’t see how it gets you enough money. That was apparent over a 100 years ago.

#ECONOMICSLESSON

Replacing the income tax with tariffs is a lib lie

 

[Nuthin' Fancy]

Replacing the income tax with tariffs is a lib lie

Trump floats replacing income tax with tariffs: GOP lawmaker​

New York Post
https://nypost.com › 2024/06/14 › us-news › trump-flo...
Jun 14, 2024 — Former President Donald Trump on Thursday raised the idea of abolishing income taxes and replacing the primary government review source with ...

 

[Mac-7]

Trump floats replacing income tax with tariffs: GOP lawmaker​

View attachment 965790
New York Post
https://nypost.com › 2024/06/14 › us-news › trump-flo...
Jun 14, 2024 — Former President Donald Trump on Thursday raised the idea of abolishing income taxes and replacing the primary government review source with ...

What does the phrase “raised the idea” mean to you?

To me it means something to be discussed

Which is what we should be doing here

But I gave you a thumbs up for at least finding an indirect quote

 

[Nuthin' Fancy]

What does the phrase “raised the idea” mean to you?

To me it means something to be discussed

Which is what we should be doing here

But I gave you a thumbs up for at least finding an indirect quote

What does the word "Proposed' mean to you?

Would Trump's proposed tariffs instead of income tax ever become LAW?​

 

[Mac-7]

What does the word "Proposed' mean to you?

Would Trump's proposed tariffs instead of income tax ever become LAW?​

I have not heard trump make that proposal and neither have you

For the record, as described by 3rd parties to the lib media, its a bad idea

But tariffs on chinese products is a good idea

And whatever money is collected could and should be used to lower taxes

 

[Rumpole]

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.
.

Everyone who isn't familiar with history should google the Smoot-Hawley Act. Trump's suggestion is 10x worse because even that act didn't replace the income tax, though it had a devastating effect on the economy.

 

[Rumpole]

What does the word "Proposed' mean to you?

Would Trump's proposed tariffs instead of income tax ever become LAW?​

What it means to me that the fact that Trump can 'propose' such an ignoramus idea proves he is too stupid to be president. No president in history ever suggested such an idea (not in modernity, we are no longer an agrarian society in the pre-income tax era).

 

[Natural Citizen]

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.
.

They're just words for the masses.

You couldn't do it even if you really wanted to, without collapsing the entire monetary system.

That's the cliff notes version anyway...

 

[kyzr]

Everyone who isn't familiar with history should google the Smoot-Hawley Act. Trump's suggestion is 10x worse because even that act didn't replace the income tax, though it had a devastating effect on the economy.

You're preaching to the choir.
As a Republican I can only hope that if Trump wins that the House or Senate has more sense than Trump regarding 100% tariffs.

 

[kyzr]

They're just words for the masses.
You couldn't do it even if you really wanted to, without collapsing the entire monetary system.
That's the cliff notes version anyway...

Totally agree. Looks like Trump is just blowing smoke for "gimmicks" to get elected, like making "tips" tax free, or Biden's "illegally forgiving student loans".

 

[Nuthin' Fancy]

What it means to me that the fact that Trump can 'propose' such an ignoramus idea proves he is too stupid to be president. No president in history ever suggested such an idea (not in modernity, we are no longer an agrarian society in the pre-income tax era).

Trump's cult, of course, thinks it's a marvelous idea.

 

[task0778]

Just last month, Biden raised tariffs on some Chinese imports to the US that were deemed to conflict with our national security interests, as did Trump before him. But no president has the power to arbitrarily raise tariffs on anything and everything else. And of course, no president has the authority to abolish the income tax either, so this is really just a bunch of political hot air.

There has been and will continue to be a lot of scare BS over what Trump could do if elected this November. The truth is, not a lot unless he can get Congress to go along and the democrats aren't going to do that. There are some differences though, between him and Biden; probably some changes to the policy over our southern border, no more student loan forgiveness on a wide scale, etc. The Left wants to make it all about personality instead of policy, which I think is dumbshit stupid. The president doesn't need to be a good guy, but he does have to implement policies that are in our best interests over the other guy.

 

[The Sage of Main Street]

Doesn't need any activists either, cuz it's a stupid thing to do. Tariffs, quotas, and any other kind of protectionism is what the democrats do to win votes from their union buddies. The gov't picks winners and losers according to who is on their side and most of the time everybody else gets screwed.

Every Sucking Sound Leaves Behind a Vacuum

Outsourcing is economic treason, draining away money and opportunities from the rest of us. Same goes for foreign-owned products made off sweatshop labor.

The tariff should be equal to the difference in labor costs. Eminent domain should confiscate companies that outsource and sell them to patriots.

 

[task0778]

Every Sucking Sound Leaves Behind a Vacuum

Outsourcing is economic treason, draining away money and opportunities from the rest of us. Same goes for foreign-owned products made off sweatshop labor.

The tariff should be equal to the difference in labor costs. Eminent domain should confiscate companies that outsource and sell them to patriots.

You do not seem to realize the serious economic consequences for US consumers of your suggestions. The difference in labor costs is quite substantial and a tariff is going to raise the cost of everything we import, including materials that US producers need to make their stuff. And all that would lead to ridiculously high inflation and economic disaster.

 

[konradv]

Replacing the income tax with tariffs is a lib lie

Hardly!

#PROVEIT

 

[Mac-7]

Hardly!

#PROVEIT

Its just a rumor

You never heard that from trump

 

[konradv]

Its just a rumor

You never heard that from trump

It doesn’t matter anymore. Trump is always saying things no one else said. Turnabout is fair play.

#SNOWFLAKES