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Started By
Message
re: April tariff revenue topped $17 billion
Posted on 5/2/25 at 5:42 pm to Powerman
Posted on 5/2/25 at 5:42 pm to Powerman
quote:
Not to mention it's not enough to move the needle at all on income taxes
Per ChatGPT:
quote:
President Donald Trump's proposal to exempt all tip income from federal income and payroll taxes could significantly impact federal revenue. The Committee for a Responsible Federal Budget (CRFB) estimates that, without considering behavioral changes, this policy would reduce federal revenues by approximately **\$150 billion to \$250 billion** over the next decade (Fiscal Years 2026–2035) .([CRFB][1])
However, the actual fiscal impact could be even higher. If the policy leads to an increase in reported tip income—due to workers and employers reclassifying wages as tips to take advantage of the tax exemption—the revenue loss could rise substantially. For instance, a 10% increase in reported tips could elevate the revenue loss to between **\$165 billion and \$275 billion**, while a 100% increase could push the loss to between **\$300 billion and \$500 billion** over the same period .([Newsweek][2], [CRFB][1])
This proposal has sparked debate among policymakers and experts. While some argue it would provide relief to low-income workers, others caution that it could disproportionately benefit higher-income individuals and lead to unintended economic consequences. Additionally, the potential for increased tax avoidance through reclassification of income raises concerns about the policy's effectiveness and fairness.([NY1][3])
In summary, exempting tip income from federal taxes could cost the U.S. government between **\$150 billion and \$250 billion** over the next decade, with the possibility of higher losses if behavioral changes lead to increased reporting of tip income.([CRFB][1])
[1]: LINK "Donald Trump’s Proposal to Exempt Tip Income from Federal Taxes-2024-06-16"
[2]: LINK "No Tax on Tips: Embraced by Trump and Harris, Questioned by Tax Experts - Newsweek"
[3]: LINK "Experts: Removing taxes on tips would be difficult to enact"
So, worse case scenario $500B over 10 years would be $50B per year, so tariffs would cover it in 3 months.
No tax on OT is calculated around $1.7trillion over 10 years, so $170billion per year. 10 months of tariffs would cover that.
So now we need to make up 17 billion since there are only 12 months, not 13. I would hope that the extra spending money of these 2 policies would generate enough extra tax base to cover it.
1
Posted on 5/2/25 at 5:42 pm to ChatGPT of LA
quote:
Please show us your math
Income Tax Revenue (2023):
Individual income taxes: ~$2.2 trillion
Corporate income taxes: ~$460 billion
Total income tax revenue: ~$2.66 trillion
Tariff Revenue (2023):
Collected by U.S. Customs and Border Protection: ~$80 billion
Even if tariffs were significantly increased, the gap is massive. tariffs account for less than 3% of the income tax revenue.
Posted on 5/2/25 at 5:46 pm to Penrod
quote:
You are going to embarrass yourself if you mean to argue that tariffs can replace income tax.
Personally, I feel it won't completely take away income tax. I think tariffs can cover the no tax on tips, OT, SS, and that would be great for seniors and the low/middle class. Best case scenario, as was mentioned recently, no income tax for people making less than $200k.
Posted on 5/2/25 at 5:51 pm to stout
“It’s not significant enough to end income taxes, so we should let foreign nations keep bending us over.”
Leftist fuhktards
Leftist fuhktards
Posted on 5/2/25 at 5:57 pm to CubsFanBudMan
quote:
This proposal has sparked debate among policymakers and experts. While some argue it would provide relief to low-income workers, others caution that it could disproportionately benefit higher-income individuals and lead to unintended economic consequences.
So everyone wins?!? … I’ll take it!
This post was edited on 5/2/25 at 5:58 pm
Posted on 5/2/25 at 5:59 pm to ChatGPT of LA
quote:
Please show us your math
You asked for it. Don’t blame me for this arse whipping.
The total imports into the US is $4.2 trillion. As every economist will tell you, if the price of something goes up demand for it will go down. And if it isn’t essential, the price can go so high as to drive demand to zero. The average tariff Trump has proposed is about 15%. It’s about ten on every other country and super high on China. There is no way it will average 15%, but let’s use that anyway. The revenue, at 15% on $4.2 trillion is $630 billion. Our revenue from income tax is currently is about $3 trillion. How are you going to eliminate $3 trillion with $630 billion? And this doesn’t take into consideration the elasticity of demand. So this is the kindest analysis possible for your point of view.
Posted on 5/2/25 at 6:04 pm to Powerman
This is where we move the goalpost. You are so fricking sad and predictable
From tarrifs are bad and won’t work
To tariffs aren’t bringing in enough to eliminate income tax in their first month
you people are the lowest of the low
From tarrifs are bad and won’t work
To tariffs aren’t bringing in enough to eliminate income tax in their first month
you people are the lowest of the low Posted on 5/2/25 at 6:05 pm to DawgCountry
Fact!
Posted on 5/2/25 at 6:10 pm to Powerman
quote:
Not to mention it's not enough to move the needle at all on income taxes
When we eliminate the billions people like,you want to spend on studies about dildo textures preferred by trannys. It will be plenty to cover taxes
Posted on 5/2/25 at 6:22 pm to 4cubbies
quote:
Even if tariffs were significantly increased, the gap is massive. tariffs account for less than 3% of the income tax revenue.
Now redo only comparing tarrifs against individual income tax collected on $150k and under earners.
quote:
Tariff Revenue (2023):
Collected by U.S. Customs and Border Protection: ~$80 billion
All of 2023 was 80 billion, and we've already increased 2025 by over 70 billion?
Hmmmm. Seems your 3% is a joke of math execution for this tear.
Try harder
This post was edited on 5/2/25 at 6:27 pm
Posted on 5/2/25 at 6:26 pm to stout
A whopping 0.25% of our federal budget! We’re saved!
Posted on 5/2/25 at 6:32 pm to Penrod
quote:The better measure is our spend of $6.8 trillion. So tariffs only meet about 10% of our current spending if they are 100% efficient as you note. $630 B won’t even pay the interest on on the debt.
The revenue, at 15% on $4.2 trillion is $630 billion. Our revenue from income tax is currently is about $3 trillion.
Posted on 5/2/25 at 6:33 pm to stout
Keep pounding away Donald!
Posted on 5/2/25 at 6:33 pm to Taxing Authority
Oh look cucking authority is complaining
Shocked
Shocked
Posted on 5/2/25 at 6:33 pm to Taxing Authority
quote:
A whopping 0.25% of our federal budget! We’re saved!
Well then let's just not do it and keep everything exactly as it was before.
Posted on 5/2/25 at 6:34 pm to SDVTiger
quote:Doing simple math isn’t complaining. Feel free to explain how we’re going to replace the income tax with $17 B per month.
Oh look cucking authority is complaining
This post was edited on 5/2/25 at 6:35 pm
Posted on 5/2/25 at 6:36 pm to RohanGonzales
quote:
Well then let's just not do it and keep everything exactly as it was before.
does it matter? Posted on 5/2/25 at 6:36 pm to ChatGPT of LA
quote:
Hmmmm. Seems your 3% is a joke of math execution for this tear.
Show us your math.
Posted on 5/2/25 at 6:40 pm to Twincam
quote:
I wonder what happens to this money. Does it get distributed to the states? Go against the national debt?
Was just wondering the same as I read your post. Hopefully someone with REAL knowledge of the answer speaks up.
Posted on 5/2/25 at 6:53 pm to Twincam
The revenue collected from tariffs by U.S. Customs and Border Protection is deposited into the U.S. Treasury’s general fund. This pool of funds is used to finance the federal government’s daily and long-term operations, including spending on infrastructure, defense, social programs, and more
LINK
In fiscal year 2024, the U.S. government collected approximately $77 billion in tariffs, accounting for about 1.57% of total federal revenue . While tariffs contribute to the Treasury, they represent a small portion of overall federal revenue.
LINK
LINK
In fiscal year 2024, the U.S. government collected approximately $77 billion in tariffs, accounting for about 1.57% of total federal revenue . While tariffs contribute to the Treasury, they represent a small portion of overall federal revenue.
LINK
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