This basically eliminates almost all taxes on the rich, burdens middle and lower class with higher prices, and blows up budget deficit.
So much for FiScAL ReSPonSibiLiTY
See this is the kind of thing that makes zero actual sense but his supporters pretend to believe he can accomplish it or worse they actually believe him.
Tarrifs on imports?
So basically jacking up prices on all the things made overseas that are cheapest to buy in the US. That affects everyone, especially the poorer people that tend to shop places where that cheap imported stuff is sold because it’s a bigger percentage of their income. It’s gonna affect the middle class the most because they’re probably the biggest consumers. The rich DGAF because well, they’re rich.
Quickest way to put even more people below the poverty line.
things made overseas that are cheapest to buy in the US
Things that are made overseas because American business owners outsourced the manufacturing jobs to the countries with the cheapest labour (and also the least worker protections)?
It’s becoming a problem for Americans because labor leverage abroad (particularly in China and India) have been improving as labor demand eclipses supply.
African and Latin American states (particularly Mexico, Brazil, Nigeria, and South Africa) were supposed to be the next places to extract labor, but they keep going Woke, with socialist state governments making demands on exports that Western states don’t want to surrender.
Imperials are running out of countries to exploit.
You’re kinda making the imperials sound good there, if every time they move into a country they start running out of poor people a generation later
If you neglect what they destroy on their way in, perhaps.
That affects everyone, especially the poorer people
That’s a consequence of outsourcing as much as anything. Tariffs don’t have to mean making retail goods unaffordable for the bulk of the population. When you have domestic industry with room to grow, insourcing your demand can simply mean building out more capital and consuming more labor at home.
But insourcing also means boosting wages and incentivizing immigration, things conservatives hate.
So Trump’s pitch ultimately amounts to giving domestic producers with no intention of boosting production an opportunity to price gouge their clients with the blessing of the state.
Your assumption that things become unaffordable is incorrect, they just cost more.
Prove that wages get boosted. That flies in the face of corporate methodology to cheapen wages and benefits along with product quality in the service of quarterly reports and profits.
Price gouging is already happening. It doesn’t require trump’s ok to allow it.
Prove that wages get boosted.
Wages rise when demand for labor exceeds supply. That’s Econ 101.
That flies in the face of corporate methodology to cheapen wages and benefits along with product quality in the service of quarterly reports and profits.
Wages are kept low by artificially stunting labor demand. That happens either by under-investing in new capital or cartelizing the hiring process.
Price gouging is already happening.
Gouging involves monopolizing supply of commodities. If we increase the supply of capital and the number of hiring firms, that monopolization becomes more difficult.
But if we simply freeze out imports with trade laws, the existing firms can monopolize domestic supply more easily.
While I mostly agree with you, econ101 is a pretty poor argument; early econ courses (like intro to micro and macro) are notoriously not grounded in reality.
econ101 is a pretty poor argument;
You can argue about the goals of economic policy, but that’s very different from arguing the effects.
What is the response to rising labor demand? Do you
- Independently raise wages to the bid price?
Or
- Form a cartel to fix wages below the clearing floor?
The former is the “natural” response you learn about in 101, assuming a naive approach to the problem. The latter is what you learn works best in 201, when your goal is profit maximization.
“The invisible hand of the free market will save us all!”
It’s very real hands of very real people
None of your replies have any basis other than broad opinion. It’s devoid of manufacturing ability, profiteering, or the corporate price gouging we already experience.
You just wave a magic wand and suddenly the US can defray the manufacturing deficit and will suddenly throw money at the workforce. Must be a nice imaginary world you live in.
broad opinion
K
This is absolutely going to get him votes. If he does it, is another thing entirely.
There are between 8 to 10 million Americans that don’t live in the US. Every penny they make is taxed to Uncle Sam even if they don’t step foot in the country their entire life.
It is universally hated. And the only other country stupid enough to do this is Eritrea.
You know how you get 8 million votes? Drop income tax. That doesn’t even count all the red state domestic Americans who also don’t want taxes (but don’t understand tarrifs and therefore local pricing).
If he campaigns on this, versus just saying it one time, he will absolutely 100% win.
Every penny they make is taxed to Uncle Sam
There is no where near a 100% income tax rate LMFAO. Obviously nonsense claims do not make a good argument.
If he campaigns on this,
MAKE INFLATION GREAT AGAIN
It’s somewhat accurate to say “every penny they make is taxABLE to Uncle Sam” which is different from saying 100% tax rate. Americans living outside the US still need to file a tax return and report all their income, and pay tax on it to the US, even if it is from a foreign source. That said they could claim the foreign tax credit if they paid tax to a foreign regime on that income already, or the foreign income exclusion under some circumstances which would reduce their taxable income to the US.
It’s somewhat accurate to say “every penny they make is taxABLE to Uncle Sam”
It’s completely meaningless but hyperbolic to say that because that’s the way taxes work in every country. No country randomly ignores random amounts of income from taxation. Also, there is the concept of tax exempt income and the fact that pennies and dollar fractions are completely ignored on tax forms.
Calm down professor. The US is one of the only countries in the world to tax worldwide income, even if they are a nonresident of the US. That is NOT how it works in every country.
Here’s a pretty good article about it from the WSJ if you want to educate yourself on the subject: https://www.wsj.com/articles/BL-WB-34630
The US is one of the only countries in the world to tax worldwide income, even if they are a nonresident of the US.
We all know that and this is not what is being discussed genius.
That is NOT how it works in every country.
Taking into considering “every penny” of your income IS how it works in every country.
You’re a very unpleasant person.
You’re a huge dumbasshole.
This freak lost a fucking Casino. The place where people just give you their money. A CASINO!!! He is an idiot and the worst “business man”. Con man looking for a new con.
Idiot is an understatement.
Income tax is such a bitch to deal with. I used to support the idea of replacing it with GST/VAT because then I’d not have to deal with it. But then someone pointed out that disproportionately benefits the rich (who mostly just hold wealth rather than spend it) and disadvantages the poor (who cannot avoid paying for things).
So fuck it. Make it all income tax and get rid of the others! :P
(In before this is also a bad idea somehow)
It’s the most practical tax idea I’ve heard in forty years, tbh.
Eat the rich. Tax the motherfuckers.
Oh yes! /c/eattherich@kbin.social
Look at this graph, when you know, then you know. Fuck all this distraction from the actual problem, orange man is a distraction.
https://en.wikipedia.org/wiki/Corporate_tax_in_the_United_States
He’s not a distraction if he gets re-elected.
That’s probably why he won’t win again. It would be amazing to have a convicted felon as president, he’d go from being a distraction to being the thing that causes serious unrest.
I said he wouldn’t win in 2016. I was wrong.
Okay so I’ll say he will win in 2024 so then I’ll be wrong as well. It would be crazy if he won as a convicted felon, after being impeached twice, after losing in 2020 by a landslide.
He did not lose in 2020 by a landslide. That’s just not true.
Biden won the election with 306 electoral votes and 51.3% of the national popular vote, compared to Trump’s 232 electoral votes and 46.9% of the popular vote.
https://en.wikipedia.org/wiki/2020_United_States_elections
So suggesting he has no chance of winning when he came that close four years ago and he’s likely not lost a huge number of fans is a little premature.
It was only like 43000 votes across several swing states. Not by much at all.
Convicted Felon and Sex Offender Treason Trump did however lose the popular vote in a landslide and the electoral vote in a landslide.
Numbers are even worse when you consider swing states. AZ, GA, and PA swung Biden’s away by a net 40,000 votes. Razor thin margins, for any Dem candidate.
People fixate on the popular vote, but California going Blue by an extra million votes doesn’t change anything
So he’s planning to make the poor pay the taxes for the rich.
Always has been
Horrible idea from a horrible orange blob.
I think he might be trying to destroy America
And he will do it.
He has to figure out this thing with a boat, a shark, and a battery…
But once he works that one out, China will be paying our taxes.
Great idea but it’s bullshit that this could ever be implemented.
