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Trump Considers Replacing Income Tax with Tariffs
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Bradskii
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So a guy who earns a million a year pays no tax but hey, he has to pay extra for the basics? Just like the guy on minimum wage? Have I got that right? When people are already complaining about the cost of living?
I hope he tries real hard to push this. He'll lose in a landslide.
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Richard T
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Let's do the math for 2023. Imports I looked up are 3.83 trillion dollars. U.S. International Trade in Goods and Services, December and Annual 2023 | U.S. Bureau of Economic Analysis (BEA)
Individual income taxes were 2.2 trillion in 2023
The tariff rate would need to be 57.4% if imports stayed the same. (Includes all goods and services too.)
What would occur: USA trade would decline making the tax base shrink or the tariff raised over time. Inflation will go through the roof. There would be some job gains, but many lost because the other nations will raise tariffs too. In the end Trump would have created a disaster.
Fortunately, this would never pass. I do hope Trump raises tariffs on enemy nations. An phased in embargo would be even better. The EU needs to follow the plan too. When things get extremely strict, economic sanctions really can work. Those who buy Russian oil (like India) or resell oil (Turkey) should be pressured or receive no foreign aid.
China could receive a tariff based on how many times they cross U.N recognized borders illegally with their planes or ships, or cause an incident of harassment. That's the kind of trade policy the USA needs. Currently, U.N recognized islands of the Philippines is under a threat of a new Chinese trespass law. Wanna bet that some poor Filipino fishing vessel will go into that space? Penalties are a fines and up to a 60 day detention. Biden is asleep.
www.bea.gov
Revenues in Fiscal Year 2023: An Infographic | Congressional Budget Office,
If you love Chinese trade read this just out hours ago. Boeing and Airbus planes constructed with 'fake' Chinese titanium
Individual income taxes were 2.2 trillion in 2023
The tariff rate would need to be 57.4% if imports stayed the same. (Includes all goods and services too.)
What would occur: USA trade would decline making the tax base shrink or the tariff raised over time. Inflation will go through the roof. There would be some job gains, but many lost because the other nations will raise tariffs too. In the end Trump would have created a disaster.
Fortunately, this would never pass. I do hope Trump raises tariffs on enemy nations. An phased in embargo would be even better. The EU needs to follow the plan too. When things get extremely strict, economic sanctions really can work. Those who buy Russian oil (like India) or resell oil (Turkey) should be pressured or receive no foreign aid.
China could receive a tariff based on how many times they cross U.N recognized borders illegally with their planes or ships, or cause an incident of harassment. That's the kind of trade policy the USA needs. Currently, U.N recognized islands of the Philippines is under a threat of a new Chinese trespass law. Wanna bet that some poor Filipino fishing vessel will go into that space? Penalties are a fines and up to a 60 day detention. Biden is asleep.
U.S. International Trade in Goods and Services, December and Annual 2023 | U.S. Bureau of Economic Analysis (BEA)
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $62.2 billion in December, up $0.3 billion from $61.9 billion in November, revised.
If you love Chinese trade read this just out hours ago. Boeing and Airbus planes constructed with 'fake' Chinese titanium
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essentialsaltes
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Trump's reported tariff proposal would cause chaos and be a gift to the rich
Adam Hersh, a senior economist with Economic Policy Institute Action, likened the tariff idea “to dropping a nuclear bomb on a hurricane.” It makes no sense and it would be incredibly destructive.
STOP GIVING HIM IDEAS!
As Hersh explained, to make up for the roughly $4.2 trillion in revenue generated through income taxes, the across-the-board tariffs would have to be somewhere around 120% or 130% on incoming goods. In other words, consumers would effectively have to pay an additional sales tax of up to 130% on any imported item. And that’s assuming that demand for imports remains constant. In reality, demand for imported goods would decline, meaning tariffs would need to be even higher to offset the elimination of the income tax.
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