Trump proposed Tax Increases highest since Clinton, potentially 1968

[axiomata]

If Trump's 5% tariff on Mexican goods takes effect later this month, the president's trade policies would constitute a bigger tax hike than Bill Clinton’s in 1993.

By the numbers: Tariffs already in place against Mexico will increase revenues by $69 billion, the Tax Foundation estimates — or about 0.32% of GDP. Add in the threatened 5% tax on Mexican imports, and that rises to about 0.40% of GDP.

That’s more than Clinton’s tax bill in 1993, which brought in revenues of about 0.36% of GDP after the first year, and just shy of George H.W. Bush’s increase in 1990, which amounted to 0.41% of GDP after year 1.

What to watch: If Trump follows through on his threats — 25% on all Chinese and Mexican imports — those revenues would amount to 1.45% of GDP. You’d have to go back to the 1968 tax hike for a bigger revenue measure, per data compiled by the Treasury Department.

https://www.axios.com/trump-mexico-t...2ded98260.html

[Swordsmyth]

How much does the invasion cost us? Much more.
How much has NAFTA cost us? Much more.
How much will the USMCA cost us? Much more.

[RonZeplin]

potentially 1968

LBJ Great Society rerun?



Hell no, we won't go to your Iran war.

[Swordsmyth]

LBJ Great Society rerun?



Hell no, we won't go to your Iran war.

Look who is opposing Trump's efforts to stop the invasion.



I knew you didn't really care about illegals.

[RonZeplin]

Look who is opposing Trump's efforts to stop the invasion.



I knew you didn't really care about illegals.

Trump and his neocon cabal are all for invasions, Venezuela, Iran, Syria etc, and the USA. We've heard the fake Reconquista Republican propaganda from Bush, McCain, Romney & Trump about crackdowns on illegal alien invader, but their Sanctuary Nation USA catch & release policy continues.

Reports from the border say... Lots of Trump booties appearing there.



Border crossing booties. These are tied on over the illegal alien invaders shoes to obscure their tracks.

[Warrior_of_Freedom]

here just take my money all of it

[specsaregood]

If I don't buy any goods from Mexico or China, how much more do I pay in taxes?

[enhanced_deficit]

How much will the USMCA cost us? Much more.

Do you know MAGA is putting pressure on Dems to fast track USMCA approval and MAGA son-in-law won top Mexican Aztec award for favorably negotiating NAFTA 2.0?

Do you think it won't be approved?

[Swordsmyth]

Do you know MAGA is putting pressure on Dems to fast track USMCA approval and MAGA son-in-law won top Mexican Aztec award for favorably negotiating NAFTA 2.0?

Do you think it won't be approved?

It won't be approved and Trump wants to blame the left for its failure and the subsequent death of NAFTA.

[TheCount]

How much has NAFTA cost us? Much more.
How much will the USMCA cost us? Much more.

"These groceries are costing me a lot of money. Imagine how rich I'd be if I stopped eating."

[PAF]

How much does the invasion cost us? Much more.
How much has NAFTA cost us? Much more.
How much will the USMCA cost us? Much more.

All of these efforts will LEAD to USMCA passage. You still cannot put the pieces of the puzzle together. I have explained this over and over.

[Swordsmyth]

All of these efforts will LEAD to USMCA passage. You still cannot put the pieces of the puzzle together. I have explained this over and over.

No, this is a huge impediment to the passage of the USMCA.

[nobody's_hero]

here just take my money all of it

Just save it. That's what I do.

*Ducks to avoid being hit by flying vegetables*

[specsaregood]

"These groceries are costing me a lot of money. Imagine how rich I'd be if I stopped eating."

Then I guess now is a good time to implement a temporary tariff like this; it being the prime growing season in the U.S. It should have the least impact on consumers since domestic sources are abundant. Better get to your local farmers market.

[oyarde]

If I don't buy any goods from Mexico or China, how much more do I pay in taxes?

Looks like I am exempt except some Dos Equis draft maybe .

[oyarde]

Just save it. That's what I do.

*Ducks to avoid being hit by flying vegetables*

It makes me feel miserly to save it so I buy guns , ammo , land and gold .

[TheCount]

Then I guess now is a good time to implement a temporary tariff like this; it being the prime growing season in the U.S. It should have the least impact on consumers since domestic sources are abundant. Better get to your local farmers market.

Why would you go to a farmer's market? Trade makes you poor.

[Swordsmyth]

Trade makes you poor.

It sure does if you don't produce anything and spend more than you make.

[specsaregood]

It sure does if you don't produce anything and spend more than you make.

It is ever surprising how this is such a difficult concept for people to accept.

[TheCount]

Yes, if only we could be one of those rich countries with a trade surplus like Nigeria and Venezuela.




Instead, we're a poor country that doesn't produce anything. Sad.

[Swordsmyth]

Yes, if only we could be one of those rich countries with a trade surplus like Nigeria and Venezuela.




Instead, we're a poor country that doesn't produce anything. Sad.

We will trade places with them eventually if we don't do something.

[r3volution 3.0]

If Trump's 5% tariff on Mexican goods takes effect later this month, the president's trade policies would constitute a bigger tax hike than Bill Clinton’s in 1993.

By the numbers: Tariffs already in place against Mexico will increase revenues by $69 billion, the Tax Foundation estimates — or about 0.32% of GDP. Add in the threatened 5% tax on Mexican imports, and that rises to about 0.40% of GDP.

That’s more than Clinton’s tax bill in 1993, which brought in revenues of about 0.36% of GDP after the first year, and just shy of George H.W. Bush’s increase in 1990, which amounted to 0.41% of GDP after year 1.

What to watch: If Trump follows through on his threats — 25% on all Chinese and Mexican imports — those revenues would amount to 1.45% of GDP. You’d have to go back to the 1968 tax hike for a bigger revenue measure, per data compiled by the Treasury Department.

https://www.axios.com/trump-mexico-t...2ded98260.html

Read my lips, ...I'm going to tax the $#@! out of you.

If I don't buy any goods from Mexico or China, how much more do I pay in taxes?

You pay the difference between the price you pay and the price you would pay absent the tariff, i.e. the tariff.

That's the whole point, to raise the price of cheap imports till they equal the price of expensive domestic goods.

You're paying the tax whether you buy foreign or domestic.

[specsaregood]

You're paying the tax whether you buy foreign or domestic.

Incorrect, nice try at obfuscation though.

[phill4paul]

Voluntary taxes are the best.

[r3volution 3.0]

Incorrect, nice try at obfuscation though.

...if by "obfuscation," you mean "accurate statement of reality consistent with basic economic principles and logic," that's right.

Chink inc sells widgets for $5.

Murica inc sells widgets for $10.

Trumpenfuhurer calls a national widget emergency and implements a 100% tax on Chinese widgets.

Now, Chink inc charges $10, same as Murica inc (which is the point of the tariff).

You went from having the option to buy widgets for $5, to having to pay $10.

It makes no difference which company you buy from.

[Krugminator2]

It is disgraceful that anyone here would support these taxes. This is a bridge too far. I hope Trump losses badly if these go into effect.

This is Bernie Sanders/UAW stuff. Tariff Man apparently wants to be Herbert Hoover Great Depression Man.

[Swordsmyth]

It is disgraceful that anyone here would support these taxes. This is a bridge too far. I hope Trump losses badly if these go into effect.

This is Bernie Sanders/UAW stuff. Tariff Man apparently wants to be Herbert Hoover Great Depression Man.

It is disgraceful that anybody here opposes Trump's efforts to stop the invasion and fight back in the trade wars, America was only a few years away from becoming a communist province of the NAU and then the globalist empire.

[TheCount]

...if by "obfuscation," you mean "accurate statement of reality consistent with basic economic principles and logic," that's right.

Chink inc sells widgets for $5.

Murica inc sells widgets for $10.

Trumpenfuhurer calls a national widget emergency and implements a 100% tax on Chinese widgets.

Now, Chink inc charges $10, same as Murica inc (which is the point of the tariff).

You went from having the option to buy widgets for $5, to having to pay $10.

It makes no difference which company you buy from.

This is an oversimplification; the price would only stay $10 if Murica inc has an infinite supply at $10.


What will actually happen is that price will go up because supply has been artificially reduced and demand is unaffected. Likely, quality will go down because the government has eliminated competition. See also: American auto manufacturers in the 80s.

[r3volution 3.0]

This is an oversimplification; the price would only stay $10 if Murica inc has an infinite supply at $10.


What will actually happen is that price will go up because supply has been artificially reduced and demand is unaffected. Likely, quality will go down because the government has eliminated competition. See also: American auto manufacturers in the 80s.

Apart from the immediate, negative effects for consumers, indeed, there are longer term consequences to subsidizing inefficient producers.

[Danke]

It is disgraceful that anyone here would support these taxes. This is a bridge too far. I hope Trump losses badly if these go into effect.

This is Bernie Sanders/UAW stuff. Tariff Man apparently wants to be Herbert Hoover Great Depression Man.

Do you believe in no government? If not, how should it be funded?

I'll take tariffs over anti-privacy, invasive and behavioral controlling income taxes any day, because I think there will always be "governments."