Column: Trumponomics? He would impose the equivalent of a huge tax hike

He did it during his first term, and he is promising to do it again, and he does not seem to understand its a price hike to US consumers, and not something foreign countries would pay. We're talking about import tax from just about every country, and up to 60% tax hike on Chinese goods. When a country does this, they exporting countries usually counter with the same, - adding similar import taxes to US exports. So, not only will it hurt the average US consumer, but US corporations as well.

Column: Trumponomics? He would impose the equivalent of a huge tax hike
https://www.msn.com/en-us/money/mar...sn&cvid=07e98cee8efe4f52807c5ff7855df2b8&ei=6
If Donald Trump becomes president again, one of his first moves will take money out of your pocket just as a tax hike would.

Trump boasts that the tariffs he imposed in 2018 and 2019 brought billions of dollars into the Treasury, and promises a similar revenue increase in a second term. “The United States will make an absolute FORTUNE,” his campaign website says.

Here’s the problem: Contrary to what the former president seems to think, tariffs aren’t paid by foreign companies or governments. They’re initially paid by the U.S. companies that import the goods, but those importers almost always pass the cost on to consumers in the form of higher prices.

This time, Trump is proposing a “universal” tariff of 10% on goods from every country in the world. He has also mused about megatariffs of more than 60% that he wants to slap on China in hopes of forcing Beijing to lower its tariffs and treat U.S. companies fairly.

 

This, if true, is absolutely moronic

 

If anybody else did this, it would be universally and rightly criticized, but if Trump does it, MAGA will mindlessly defend it with their collective dying breaths.

 

Actually its the American voter who doesn't understand tariffs, which have been a political controversy throughout US history. The civil war was as much about tariffs as slavery.

Americans think that by imposing a tariff on imports, the US will be "balanced" for the cheaper price through collection of the tariff. that's never happened. They also don't realize the importer is unaffected other than his sell price was forced up. The supplier rarely suffers. During the tariff wars over audio equipment in the 60's and 70's sales actually increased despite the tariffs, Japanese became the preferred branding.

 

I highlighted your wiesel word.

First Trump did bring Billions into the Treasury with tariffs, just like he said.



That spike on the right? That's all Trump's tariffs and just like he said, it poured $BILLIONS into the US treasury. Now you claim American consumers paid those $Billions, but, I looked at my receipts, there is no additional amount labeled tariff, so if we paid it, it would have to be in inflation, but guess what?

After Trump's heaviest tariff activity, in 2018, inflation went DOWN, not UP.



So, you have a theory, and it doesn't match the real world evidence, so now you have a choice, do you keep repeating the evidence debunked theory, or do you adjust your theory to match the evidence?

I highlighted your wiesel word that deliberately rendered your claim untestable, you inserted the world "almost" because you know full well that that there are times tariffs go up and the additional tariffs are not paid by American Consumers, so what happens during those times, which you hedge for, because obviously Americans did not pay those $Billions into the US Treasury that undeniably flowed into the US treasury.

There are only 3 choices -
First, its importers that pay the amounts directly, but, not only was there little to no retail inflation during this remarkable period under Trump, but there was little to no wholesale inflation, either, which only leaves one other choice, the Exporter Nation compressed their profit margins to maintain market share.

Here's another little factoid that blows your entire thesis to smithereens, if Trump's Tariffs were so horrible, obviously Bribed Demented Open Borders Joe and the Democrats immediately ended them at the first opportunity, ... err... right?



Tariffs are higher now under Bribed Demented Open Borders Joe than they ever were under the Trumpster. So according to you, Bribed Demented Open Borders Joe has been subjecting Americans to a horribly regressive tax, right, because higher taxes outrage you, right?

There is not a SINGLE year under Bribed Demented Open Borders Joe, where tariffs were lower than the Highest year under The Trumpster.

 

Yeah, because prices never went up when Briben Biden took office...lol

 

Sure. If you tax the living crap out of people and it helps revenues. Unfortunately his policies still resulted in rapid increased in deficits and debt

 

Trump is already back to his old game, predicting a stock market crash like we've never seen before if Biden gets re-elected. Oh, and didn't you know, the 2024 stock market rally is only because the market is already anticipating a Trump win. When will people wake up to the fact that he made the similar gloom and doom predictions in case of a Biden win in 2020, and none of it came to pass?

The truth of the matter is that captain chaos and Mr. tariffs has ZERO clue about how to run his own businesses without bankrupting them, he certainly has ZERO clue about how to make the American economy great. Actually, he does have a clue. He knows that injecting yuge federal debt into the system, like he did from 2016-2020, helps to keep the economy afloat. Surprise, surprise....

Thus, what we'll get when he gets re-elected: All talk about the deficit will be forgotten, and we'll be back to "tax cuts pay for themselves".

 

The video I posted yesterday in my thread perfectly illustrates exactly that. Respondents, Trump supporters, were asked to react to something they were told Biden said, then the questioner corrected herself by telling the respondent Trump said it. You can guess the rest. Biden sucked, Trump was fine......for saying the very same thing.

 

Like clockwork!
And, as stated earlier, tariffs are ultimately paid by the end user.

 

That's how he rolls. He blames others for all the bad things, and takes credit for all the good things, even things which happen a year before he presumably takes office. He burned $6 trillion in 2020, but he blames inflation 100% on the bill which was passed in Feb 2021, - a spending bill which he said he would have doubled. You couldn't make it up if you tried, and his followers are happy to repeat everything he says.

 

Real disposable after tax income increased by 15% under the Trumpster.



Under Bribed Joe, folks are making no more today, than they were when Bribed Demented Open Borders Joe "won" a rigged election.



We'll take the 15% gains over the song and dance of "Bidenomics."

 

There's a reason MSN suffers from low ratings: The don't know their a** from a hole in the ground when it comes to economics.

 

Taxation works within the confines of the existing monetary supply, and it sure beats the hell out of just printing money out of thin air.

 

The Stock Market started to roar when Trump became the odds on favorite. The Markets like Trump, Workers like Trump, everyone loves the prosperity, and the way he doesn't start new wars, it would be nice if he would shut the hell up a bit more, but, if ignoring some tweets is the price of peace and prosperity, what the hell, count me in!

 

Record inflation, sky-high prices, rampant crime, but hey, no mean Tweets, right?

 

Record inflation, sky-high prices, war, rampant crime, but hey, no mean Tweets, right?

 

Um......they don't write articles, they provide a platform for other publishers.

Donald Trump thinks 3.4% is a record, but it only shows how clueless he is. And some people take it for gospel.......

Dude.......Listen to yourself.

 

It's still essentially a voluntary tax though. While it may be true that there are some 'essential' goods that we can only import (I can't think of any, but surely some must exist, probably depends on what is actually 'essential'), increasing import tariffs will serve to incentivize moving production of those goods back home, where Americans can get paid to make them.

Given the choice between pay higher income taxes or having to pay more for TVs and sneakers, I'll happily take the latter, especially if it means it becomes viable again to make TVs and sneakers here in America.

 

I'm pro free markets, so I don't like the government forcing the issue.

 

Me too. But I don't see trade taxes as any worse for a free market than income taxes. Given the choice between pay higher income taxes or having to pay more for TVs and sneakers, I'll happily take the latter, especially if it means it becomes viable again to make TVs and sneakers here in America.

The biggest problem with this method is that it won't likely make a lot of difference if it only lasts four years. This method of taxation would be best if we always did it. Just doing it while Trump is in office is prolly not gonna be great. But hopefully the next admin and the one after and the one after will be willing to look at the long game. But ya, I know, thats not something our govt is historically good at...

 

That was ONE quarter's estimate. Biden's full term so far is near 17%

Right back attacha

 

Tariffs on imports make them competitive with American made products. That means American jobs, American companies, American self-sufficiency- and less of our talent and technology passed to other countries so they can make us dependent on them.

Look in your closet, at the labels on everything. Shirts, ties, coats, slacks, shoes. Chances are that in the average closet, 90% of those labels say China, Vietnam , Pakistan or other foreign nation.
America does have around 100 brands or so of "made in America" clothing, but you probably wouldn't recognize any of them. Niche brands, not mainstream stuff.
All your electronics are made in China or equivalent. Some are assembled in Mexico- from parts made in Asia. Your American cars have a lot of parts sourced in Asia. There's a card of art pens on my desk- made in Viet Nam. A new PC speaker- made in China. A new AT&T phone.... and in micro-letters on the box, Made In China. We even import the drywall we use to build new houses from China. None of the people making those jobs are Americans. They aren't paying American income taxes- but they are profiting by taking American jobs. American workers don't want to compete with foreign workers, but they will buy foreign goods because the cost is more competitive.

We all like low prices, but we also need jobs, and as a nation- we need independence and self-sufficiency. The purpose of tariffs is to balance the cost of import and home goods. To make it possible for American companies to compete with foreign companies for American dollars. The increase paid in tariffs at least goes to the US treasury, not to China.

When Trump said "America First", he's saying, we take care of ourselves, first. Take care of our nation, our people- our abilities, our industry, our independence.
It's human nature to be sensitive to what we want now, and ignore the long-term effects of our decisions. But what we decide today, shapes tomorrow- and tomorow is always coming soon.

The world is now a global economy, like it or not. It would be nice if there were an easier way to compete and keep the country strong. Lots of complaints... but few suggestions of better ideas

 

I love when people that don't understand math talk to us about economics.

Maybe we could get AOC and her economics degree to explain it to us.

 

LOL. Meanwhile, Democrats want to have a huge tax hike. By the way, inflation caused by democrat policies IS a tax hike.