Trump still hasn't figured out tariffs are a tax on consumers — Announces blanket tariffs on Mexico, Canada and China

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I will never underestimate the venality of today's GOP, but even accounting for that, I can't imagine Congress getting anywhere close to repealing the income tax. Trump could, and likely will, jack tariffs way up, and I don't think he needs congressional approval to do that. But the tariffs will be on top of income and other taxes, not in place of them. Which means, as the Dems have been saying for years now, the tariffs will be a massive tax increase on Americans, and will send inflation through the roof.
 
lightbluenc said:
Like, its the easiest thing in the world. You can read literally any of the top responses Google gives you when you type in tariffs.
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I discovered a while back on Twitter that the MAGAs don’t believe Google. I mean they literally will tell you that.
 
Srsly, just IMAGINE the magnitude of apoplexy which would erupt from the right if Joe Biden had said "I wish I had obedient generals like Hitler" or something to that effect. But Trump? "Ahhh...much ado about nothing!" "Chill out - it's what he does!" "TDS!!" Mmmmkay, GFY :rolleyes:
 
korgguy1971 said:
Srsly, just IMAGINE the magnitude of apoplexy which would erupt from the right if Joe Biden had said "I wish I had obedient generals like Hitler" or something to that effect. But Trump? "Ahhh...much ado about nothing!" "Chill out - it's what he does!" "TDS!!" Mmmmkay, GFY :rolleyes:
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Yeah, the multi-volume anthology of "Can You Imagine if [ ] Did What Trump Did???" is about to need a new building.
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“
Former President Donald J. Trump on Friday blasted the CHIPS and Science Act, a bipartisan law aimed at reducing America’s reliance on Asia for semiconductors by providing billions in subsidies to encourage companies to manufacture more chips in the United States.

“That chip deal is so bad,” Mr. Trump said during a nearly three-hour episode of “The Joe Rogan Experience.” “We put up billions of dollars for rich companies.”

Mr. Trump argued that the federal government could have imposed a series of tariffs to make chip manufacturers spend more of their own money to build plants in the United States. He also argued that the law would not make the “good companies” invest in the United States.

“You didn’t have to put up 10 cents,” Mr. Trump said. “You tariff it so high that they will come and build their chip companies for nothing.” …”

www.nytimes.com

Trump Attacks Bipartisan Semiconductor Law on Joe Rogan Podcast

Former President Donald J. Trump’s comments came during a nearly three-hour episode of “The Joe Rogan Experience.”
www.nytimes.com www.nytimes.com

St Patricks Day Star GIF by Lucky Charms
 
If he gets elected and actually tries to implement these insane tariffs then our economy is going to crash, and very likely it'll be worse than the Great Recession that started in late 2008. Apparently he's never heard of the Hawley-Smoot Tariff. And for all his talk about what a paradise the 1890s were, there was actually a severe economic depression for much of the decade (following the Panic of 1893) and there were several violent labor strikes in the decade that were crushed by a combination of hired corporate thugs, scabs, and the government supporting the corporations and Gilded Age tycoons over the workers. It was hardly the worker's paradise the Trump claims it was.
 
nycfan said:
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The underlying central problem - in addition to people thinking that MAGA is somehow playing by the same rules that we are - is that his supporters just don't care. In many cases, his defiance of reality is actually what they like about him. You could have a simple chart irrefutably proving that they actually are losing out by the whole Trump tariff thing, and they still wouldn't give a shit. And this is extremely difficult to combat. It is a cult in every respect.

As I have said a million times, this is an electorate problem far more than it is a candidate problem.
 
evrheel said:
Started and worked at an opto contract manufacturer; we added the Tariff on top of the imported part price and passed it on to the our US customers
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Yep, there’s a multiplier effect because you make margin on the tariff.
 
Searching for studies on the feasibility of converting from income taxes to tariffs, I found this government produced article from July 2024. I thought it might be worth adding to this thread. Apologies if already referenced and I missed it.

As I figured, analysis points toward a cluster fuck of chain reactions that would disproportionately harm lower income households.

www.whitehouse.gov

Tariffs as a Major Revenue Source: Implications for Distribution and Growth | CEA | The White House

In the early days of our nation, tariffs, or taxes on imported goods, were a primary source of government revenue. Over time, however, as the nation’s economy and businesses matured, it became clear that it was both fairer for American households and better for businesses, many of whom...
www.whitehouse.gov www.whitehouse.gov

Several excerpts:

“It is mathematically unlikely that a broad tariff could ever replace the revenue raised by the individual income tax. For example, given the value of goods imports during FY2023 ($3.12 trillion), an across-the-board 70 percent tariff would be required to replace the equivalent revenue raised by the individual income tax”

“an across-the-board tariff is likely to spark retaliatory tariffs that reduce U.S. exports and subsequently induce transfers of collected duties to impacted U.S. businesses”

“ the increase in imported input prices adversely impacts the efficiency of domestic production. Indeed, the evidence shows that large-scale tariffs result in significant declines in domestic output and productivity, higher unemployment, more inequality and real exchange rate appreciation implying a loss of international competitiveness”

“Because lower-income households spend a larger share of their income on consumption of these goods, they will be disproportionately burdened by a broad tariff.”
 
www.nytimes.com

U.S. Farmers Brace for New Trump Trade Wars Amid Tariff Threats

Despite their concerns, some farm operators still support the former president and prefer his overall economic plan.
www.nytimes.com www.nytimes.com

U.S. Farmers Brace for New Trump Trade Wars Amid Tariff Threats​

Despite their concerns, some farm operators still support the former president and prefer his overall economic plan.

"...As president, Mr. Trump imposed tariffs in 2018 and 2019 on $300 billion of Chinese imports, a punishment he wielded in order to get China to negotiate a trade deal with the United States. His action triggered a trade war between Washington and Beijing, with China slapping retaliatory tariffs on American products. It also shifted more of its soybean purchases to Brazil and Argentina, hurting U.S. soybean farmers who had long relied on the Chinese market.

When Mr. Trump finally announced a limited trade deal in 2019, American farmers were frazzled and subsisting on subsidies that the Trump administration had handed out to keep them afloat.

Now it could happen all over again.

... Mr. Trump remains popular in rural America, and voters such as Mr. Bowman say they are weighing a variety of factors as they consider whom to vote for.

...American agricultural groups, bracing for the worst, have been warning against the kinds of tariffs that Mr. Trump envisions.

China is the biggest market for U.S. soybean exports and a major buyer of corn. A study published this month, commissioned by the American Soybean Association and the National Corn Growers Association, found that a new trade war with China could cause U.S. soybean and corn exports to China to drop once again.

If China retaliated with a 60 percent tariff on U.S. corn, soybeans and soybean products, American soybean and corn growers could lose as much as $7.3 billion in combined annual production value. ...

The trade war with China, which lasted from 2018 to 2019, resulted in billions of dollars of lost revenue for American farmers. To help offset the losses, Mr. Trump handed out $23 billion in subsidies from a fund that the Department of Agriculture created to stabilize the farm sector. But that attempt to mitigate the damage was not viewed as a total success. Large farm operations and farmers in the south benefited the most, fueling concerns about fairness and leaving some farmers feeling cheated.

A second trade war could once again require Mr. Trump to compensate farmers — a reality that could complicate his stated plan to use tariff revenue to replace tax revenue. ..."
 
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