Trump proposes trillions in new taxes
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It's another big beautiful wall, and this time the rest of the world will pay.
@Doctor-Phibes said in Trump proposes trillions in new taxes:
It's another big beautiful wall, and this time the rest of the world will pay.
Nope. Consumers.
And producers. Since retaliatory tariffs are certain.
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https://reason.com/2023/08/22/trump-floats-tariff-plan-that-will-make-everything-more-expensive/
On Tuesday, The Washington Post reported that the same topic was discussed Monday night at a Trump campaign strategy meeting in Bedminster, New Jersey. According to the Post, the plan being discussed would include a "'universal baseline tariff' on virtually all imports to the United States" and figures to be a major plank in Trump's 2024 presidential campaign.
For starters, kudos to Trump for correctly describing his plan as a tax. Because that's exactly what this would be: a tax hike on American businesses and consumers who purchase products from abroad. Currently, the average U.S. tariff is about 3 percent—though they vary widely depending on what item is being imported and from where.
That's the only detail worth praising, however.
As Trump should have learned after hiking tariffs on steel, aluminum, and loads of goods imported from China during his term in office, import taxes do little more than hike costs for American consumers and businesses. A recent report by the International Trade Commission concluded that Americans "bore nearly the full cost of these tariffs because import prices increased at the same rate as the tariffs." Economists Mary Amiti, Stephen J. Redding, and David Weinstein have calculated that the tariffs directly reduced Americans' income by a cumulative $1.4 billion per month.
Those costs are still adding up, since the Biden administration has largely left Trump's tariffs in place—despite Biden's (accurate) assessment on the campaign trail in 2019 that "any beginning econ student at Iowa or Iowa State could tell you the American people are paying his tariffs." Meanwhile, Congress has not done anything to limit or rescind executive power over trade policy in the wake of Trump's abuse of those powers.
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This is 10% on all products and all countries.
Probably with a provision for Trump to waive it for some countries that
have spent enough money on Trump properties and/or have given Jared sufficient billionsare considered strategic.@jon-nyc said in Trump proposes trillions in new taxes:
This is 10% on all products and all countries.
Probably with a provision for Trump to waive it for some countries that
have spent enough money on Trump properties and/or have given Jared sufficient billionsare considered strategic.I don't think Trump believes in the Biden Crime Family economic policy.
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Is it foolish?
Not entirely. There are two instances where I think tariffs are desirable:
- Predatory trade. When countries do things like dumping product (i.e. Chinese steel) to create or enhance their domestic industries.
- To protect strategic domestic industries (i.e. chip manufacturing).
@Jolly said in Trump proposes trillions in new taxes:
Is it foolish?
Not entirely. There are two instances where I think tariffs are desirable:
- Predatory trade. When countries do things like dumping product (i.e. Chinese steel) to create or enhance their domestic industries.
- To protect strategic domestic industries (i.e. chip manufacturing).
I don’t believe anyone disputes your first point. The second however could be and is debatable when certain allies and trade treaty parties are either involved or could be adversely affected.
Given Trump’s dubious track record on trade issues, I cannot accept that his understanding of trade and tariffs extends beyond that of a retail store clerk or fast food and beverage server.
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@Jolly said in Trump proposes trillions in new taxes:
Is it foolish?
Not entirely. There are two instances where I think tariffs are desirable:
- Predatory trade. When countries do things like dumping product (i.e. Chinese steel) to create or enhance their domestic industries.
- To protect strategic domestic industries (i.e. chip manufacturing).
I don’t believe anyone disputes your first point. The second however could be and is debatable when certain allies and trade treaty parties are either involved or could be adversely affected.
Given Trump’s dubious track record on trade issues, I cannot accept that his understanding of trade and tariffs extends beyond that of a retail store clerk or fast food and beverage server.
@Renauda said in Trump proposes trillions in new taxes:
Given Trump’s dubious track record on trade issues, I cannot accept that his understanding of trade and tariffs extends beyond that of a retail store clerk or fast food and beverage server.
President Trump is very reactive rather than proactive and does not have a very long term vision or understaniding of the consequences of most his decisions.
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Ok, boy and girls, which American president has a trade policy you like?
“Cry havoc and let slip the DOGE of war!”
Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton
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BTW, do we exclude furriners from that last question?
“Cry havoc and let slip the DOGE of war!”
Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton
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@Jolly said in Trump proposes trillions in new taxes:
Ok, boy and girls, which American president has a trade policy you like?
Reagan and G H W Bush appeared to understand good trade policies, despite their respective Congresses having some difficulties.
How’s that, Skeezix?
Elbows up!
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@Jolly said in Trump proposes trillions in new taxes:
BTW, do we exclude furriners from that last question?
How about you just exclude people who pay less US income tax than Trump?
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@Jolly said in Trump proposes trillions in new taxes:
BTW, do we exclude furriners from that last question?
How about you just exclude people who pay less US income tax than Trump?
This post is deleted! -
@Jolly said in Trump proposes trillions in new taxes:
Ok, boy and girls, which American president has a trade policy you like?
Reagan and G H W Bush appeared to understand good trade policies, despite their respective Congresses having some difficulties.
How’s that, Skeezix?
@Renauda said in Trump proposes trillions in new taxes:
@Jolly said in Trump proposes trillions in new taxes:
Ok, boy and girls, which American president has a trade policy you like?
Reagan and G H W Bush appeared to understand good trade policies, despite their respective Congresses having some difficulties.
How’s that, Skeezix?
At least you answered, which was better than the rest.
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When the GOP frontrunner proposed implementing a 10 percent tariff on foreign imports into the country, arguing that the policy "would really make a lot of money," the WSJ editorial board pushed back, suggesting that "Americans should be prepared to pay more for all kinds of goods" under the proposal."
"This is worth taking literally and seriously because Mr. Trump meant what he said about tariffs when he ran for President in 2016," the editorial board said, citing a Tax Foundation analysis that found tariffs cost Americans $80 billion and 166,000 full-time-equivalent jobs during his presidency.
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@Jolly said in Trump proposes trillions in new taxes:
Consider the source.
The Tax Foundation or the Wall Street Journal Editorial Board?
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Quick reminder, employment numbers were incredibly high prior to COVID and wages were excellent at a much lower CPI. Simple fact is more people had more money in their pockets and that money bought more stuff 4 years ago during those tariffs…
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Tariffs financed this country for over 100 years. I don't think we had any problems with prosperity or economic growth.
“Cry havoc and let slip the DOGE of war!”
Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton
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@Jolly The link was from Salon, but the quote I printed was from the Wall Street Journal editorial.
From the Tax Foundation
@taiwan_girl said in Trump proposes trillions in new taxes:
@Jolly The link was from Salon, but the quote I printed was from the Wall Street Journal editorial.
From the Tax Foundation
And again, we had one of the strongest economies in our nation’s history heading into COVID.
