US Income Tax Revenue: $2.2 trillion
US Imports: $3.8 trillion
This would be a $1 trillion annual handout to the top 1%, paid for by massive inflation in consumer goods, something like 55%-60%.
Breaking the economy to give the richest even more, that's the Republican way.
It would be worse than that — if french wine goes up by say 60% in price, people are going to stop buying french wine, making imports go down. Meaning more money needs to be raised.
Also, countries would retaliate, killing U.S. exports.
I had a similar thought, but about cars. There are relatively few cars that are made in the US - many are assembled here, but parts are imported. A tariff on all those parts will mean the cost of cars skyrockets. Which means fewer people will buy new cars.
And that's also not to say that people won't raise the prices of American made goods either — if you can sell raspberries at $8/pint if they're imported and there's no other choices, you probably can up the price of U.S. grown raspberries too.
As a stats guy, I’m mildly interested in watching an entire country learn what an endogenous response is. Collapsing the economy to do it I’m less jazzed about.
100%. Especially since so many companies have *already* demonstrated their pricing strategy to be "whatever we can get away with" when inflation took off post pandemic.
If you follow the cascading consequences of high tariffs, one major implication is there would be massive onshore production increases. Beyond hosing the simplistic government funding plan, that would also require lots more people making this stuff.
I wish he would campaign on zero income taxes for hedge fund dickheads and billionaires in exchange for making everything everyone buy’s dramatically more expensive and killing a bunch of jobs in the process.
Trump proposes middle and lower class tax increases that will cause inflation at 50-60% per year. It’s the message that the Dems need to hammer along with abortion from now to November.
The MAGAts will say, the Dems are slandering trump, & will not believe a word! And when it hits them where it hurts, they will still blame the Dems for it. We simply can’t get through to them!
Thank you for summing it up
In Germany, we have EXACTLY the same:finance minister (we were warned against him by Nobel Prize economists) and oppo MAGA(CDU)leader :
They'd rather penalise soc. benefits users and save 100 million EUR than use #MillionaireTax and get 25 BN EUR.
Stupid&vile to no end.
Wait, I think you mean, "Breaking the economy to give the richest even more AND to blame inflation on Biden to get Trump elected and secure more exploitation." There. Fixed it for you.
poor people think taxes are holding them back. Their logic loop is
- one day being rich-er from not having to pay taxes.
-can't fight the wealthy corporations they one day hope to be
They see that scheme & think- no taxes is good. They don't see the collapse of infrastructure, schools, ...life.
Am I the only person who remembers we had a whole TRADE WAR WITH CHINA during his administration?
I was reading a "no, things weren't great under Trump" articles and it didn't come up. I guess it got lost in the deluge of awful all those years.
And for that they are ready to sacrifice everything; they will gladly bear the burden of the consequences, as long as they can “own the libs”! (Whatever that means)
Dump doesn't know the first thing about economics, tariffs or tax policy.
But he senses this would be good for oligarchs' taxes & net income so ... nevermind whether it would massively disrupt the economy, have unpredictable but clearly negative consequences and hurt most Americans, which it would.
while the economy goes down in flames under a Republican president for the third time in my adult life, it WOULD be sorta amusing to watch all the screeching about inflation magically disappear on 1/20/25
Trump has reportedly floated the idea of replacing income taxes with tariffs. I’ll have to write this up in detail, but my first-pass estimate is that this would require an *average* tariff rate of 133 percent.
