Mike Pence might want to keep in mind the John Bolten example. But being that he's from Indiana, this is concerning to him I'm sure. Perhaps John Deere's stock price is starting to show the affect of tariffs.
Tariffs Catch-All
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Mike Pence might want to keep in mind the John Bolten example. But being that he's from Indiana, this is concerning to him I'm sure. Perhaps John Deere's stock price is starting to show the affect of tariffs.
I wouldn't mind seeing that study. For years, I have argued against the argument about double taxation of Corporate income. Doesn't hold because if its a good investment (think Warren Buffet) then they never sell. Meanwhile, the wealthy are getting the compound affect of much lower tax rates their corporate ownership brings. If its a bad investment and they sell, then why does anyone care that they made a bad investment. Plus, if bad investment then not much to tax anyway.
When you factor in the lower tax rates on Capital Gains, then the rich operate under a separate system. The only folks who pay higher tax rates that are meant for the wealthy are lottery winners.
You got a link to Bill Clinton saying that? I can't find it. And actually, I believe it was Reagan who first raised long term Capital Gains rate to 28% in 1987. And the way he did it was to eliminate the rate. Therefore, you paid the same rate on Long term Capital Gains as ordinary income. The rate for practical purposes was at 28% for ten years.
Odd, that ten years was an incredible time for the economy and the budget shortfall.
ZenMode
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You may be right. Maybe it was Reagan that raised it and Clinton lowered it.
heelslegup
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Anyone who thynks these ttifs are going to last for 10 years, even 5 or 6 is living in the illusory Trump matrix. The middle and working classes konw this is a scam to avoid taxes on wealthy and large cors. Tbe M&W will get rid of the tafiffs and replace with higher taxes on wealthy individuals and large corps. There is an inequality revolt brewing: recent Gallip Poll shows two more popular Americans are the Pope and Bernie SAnders. The rich and large corps have only themselves to blame for what will come. Should have stuck with econonomic sanity of Dems like Clinton, Obaba, Biden and their staff like Roger Altman.
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1moretimeagain
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For, say, a 10% ownership stake in the company, the White House might be able to find a tariff exemption for them.
Thank you! But this is just shameful.
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Agreed. I can't find it @ZenMode.
heelslegup
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There is a reason most of the world gave uo using high tariffs 90 years ago: The Great Depression.
Take a looks at the countries with the highest tariff rates in say 2023 or 24. Generally IIRC, small island countries and very poor landlocked African amd cemtral Asian countries who have no choice.
The world still blames the US for the 2007-08 world economic downturn and will righly blame the US again when the economic fetticome hits the fan in late 2026 and 2027. The US will be (at least temporarily) shunned for the chaos these tafiffs will create worldwide.
Take a looks at the countries with the highest tariff rates in say 2023 or 24. Generally IIRC, small island countries and very poor landlocked African amd cemtral Asian countries who have no choice.
The world still blames the US for the 2007-08 world economic downturn and will righly blame the US again when the economic fetticome hits the fan in late 2026 and 2027. The US will be (at least temporarily) shunned for the chaos these tafiffs will create worldwide.
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Yes, those fucking poor people need to pay their fair share. They have been mooching at the public teat for far too long.
heelslegup
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Trump has gotten himself into a mess re China, who has a much stronger trade war hand than the US. China can play thre-four cards: agrioculture, airplanes, Treasuries and most importanly rare earth elements. US really pnly has semicondctors and China can now hold out for top-of-the-line aI chips from NVDA, given they are now using the rare earth weapon, thanks to Trump and his advisors being way too overconfident and ignorant of the US-China strengths and weaknesses early in this trade war,
heelslegup
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We will see hpw this plays out, but potentially the biggest mistake long-term of all this Trump tariff stuff will be in the damage to US-India relations. R and D administrations have spent 30 years cultivatng India as a key partner in Asia. At the moment, that is in shambles and Indis has started exploring better ties with China,.
RE tariffs, those people who say Trimp is an economic populist have it wrong. Trump is a PINO (populiist in name only) Add a "t" at the end for Trump and you have PINOT. No matter the rhetoric, his econ policies are geared to helping the rich/large corps and solidifying the emerging plutpcracy or modern-day version of an isolationist fiefdom
RE tariffs, those people who say Trimp is an economic populist have it wrong. Trump is a PINO (populiist in name only) Add a "t" at the end for Trump and you have PINOT. No matter the rhetoric, his econ policies are geared to helping the rich/large corps and solidifying the emerging plutpcracy or modern-day version of an isolationist fiefdom
ZenMode
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It's not just a matter of paying a fair share. At its current size, I don't believe we can address the debt just by taxing the rich. There will have to be tax increases on a majority of Americans.
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I was responding to how you stated it. "On the backs of the rich" is far different than what you are saying here.
You have to remember that debt and this country, contributed to creating an environment where the rich people can get as rich as they are. They didn't do it in a vacuum.
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Nor with equal recognition under the law.
Yep. I looked at this data around Trump's liberation date. It seemed every major economy had very low tariffs and the bad economies had high tariffs. There was one glaring exception.........India. So I looked into it. After their independence in 1947, they were very anti colonialism and not to mention a little bit socialist so they thought high tariffs were the ticket. By the early 1990's they saw their error and have been reducing tariffs ever since.
superrific
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When India had tariffs it was extremely poor and had a bad economy. In the 1950s and 60s there was a movement in Latin America and other parts of the decolonizing world to strive for "import substitution" -- i.e. stop buying stuff from abroad (i.e. the colonialists) and make everything in house. It went very badly. Study after study showed that the import substitution scheme wasn't working; and worse, countries like South Korea and Japan and even Thailand were prospering with export-oriented economies.
That's when India began tearing down the old economic system colloquially (and disparagingly) known as the "License Raj." Thing to remember about India: it is one of the more corrupt countries in the world and the most corrupt, I think, of all major economies.
I'm not sure that the tariffs are causative of "good" economies or "bad economies." They are not good for any economy, but remember how tariff levels have seen set: through massive multilateral negotiations under GATT and then the WTO. All the GATT signatories (almost everyone) would get together and negotiate "concessions" -- i.e. tariff lowering -- from everyone. That was one reason that most-favored-nation status was a core part of GATT (there are others): it would be impossible to do that negotiating if every country had to negotiate every tariff for every product.
But anyway, the tiny little countries had nothing really to offer or gain. The US doesn't and never will export anything but a trivial amount to Fiji, and Fiji has no domestic industry to speak of. So who cares what Fiji's tariffs are?
Thanks. I agree and didn't mean to imply that tariffs were the primary cause of a bad economy. They are not good for an economy and when high tariffs are present, might be more indicative of other things the country is getting wrong.