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re: No income taxes. What would that look like?
Posted on 10/26/24 at 12:20 pm to NC_Tigah
Posted on 10/26/24 at 12:20 pm to NC_Tigah
quote:If we can overnight increase our GDP by 20%, why do t we?
Of course we could.
quote:This is trading one pile of money for another pile of money. That’s not an increase in productivity.
Along w/ the tariff hypothetical, simply assume a hypothetical one-time concomitant inflation jump of 20% coinciding with the same amount of available consumer spending money d/t zero IC tax.
2
Posted on 10/26/24 at 12:23 pm to Taxing Authority
quote:Except, certainly in the case of China, countries reliant on exports to the US would attempt to partially or fully subsidize tariffed goods to maintain their own economy.
No different than any other tax really.
It works six ways to Sunday as long as our economy is in trade deficit, and right now that is running nearly $1 trillion/yr.
This post was edited on 10/26/24 at 12:24 pm
Posted on 10/26/24 at 12:26 pm to Taxing Authority
quote:GDP would jump concomitantly. $1 widgets would sell for $1.20. GDP would reflect that. But the additional consideration would be a re-shoring of US industry/jobs.
This is trading one pile of money for another pile of money.
This post was edited on 10/26/24 at 12:27 pm
Posted on 10/26/24 at 12:27 pm to NC_Tigah
quote:
certainly in the case of China, countries reliant on exports to the US would attempt to partially or fully subsidize tariffed goods to maintain their own economy.
Tariffs will make the prices of all goods go up, so why would China subsidize their exports even more?
Posted on 10/26/24 at 12:28 pm to Taxing Authority
quote:Because folks don't have the funds d/t IT
If we can overnight increase our GDP by 20%, why do t we?
This post was edited on 10/26/24 at 12:33 pm
Posted on 10/26/24 at 12:31 pm to BCreed1
quote:
Wow. I think we found some things we can agree o
So what are things we disagree on?
Posted on 10/26/24 at 12:32 pm to SlowFlowPro
quote:Because, absent subsidy, goods made in the USA which are currently more expensive, would be more relatively affordable. Chinese market share would shrink.
Tariffs will make the prices of all goods go up, so why would China subsidize their exports even more?
Posted on 10/26/24 at 12:35 pm to NC_Tigah
quote:
absent subsidy, goods made in the USA which are currently more expensive, would be more relatively affordable
Why? That sounds like an assumption that really doesn't have any basis. Prices on everything are going to go up, because that's the point of tariffs. It will make foreign goods cost more so our higher price goods can compete in the market. Literally the point of tariffs
Posted on 10/26/24 at 12:39 pm to NC_Tigah
quote:
It would look really bad for CPAs and the IRS
They all hate their jobs anyway
Posted on 10/26/24 at 12:40 pm to SlowFlowPro
quote:You're under the impression we'd tariff domestic goods?
Prices on everything are going to go up
Posted on 10/26/24 at 12:43 pm to NC_Tigah
I would assume the cost for raw goods for those manufacturers get hit by tarrifs this driving their cost up unless literally everything is going to be made here including raw materials somehow.....
Posted on 10/26/24 at 12:44 pm to SlowFlowPro
quote:
That sounds like an assumption
Literally all your posts are assumptions. Just frick off already fatass
Posted on 10/26/24 at 12:49 pm to Taxing Authority
Sorry if I trust professional economists who helped author the plan instead of some stranger on the internet.
Here's the FairTax site. Go nuts.
Here's the FairTax site. Go nuts.
Posted on 10/26/24 at 12:51 pm to NC_Tigah
quote:Except China’s currency floats. They just print more worthless money to “pay” the tariff.
Except, certainly in the case of China, countries reliant on exports to the US would attempt to partially or fully subsidize tariffed goods to maintain their own economy.
quote:It works if the counter party pays the tax in real US dollars, or you have the capacity to import goods that are competitive on an open market. Thats not what China would do though. And we aren’t anywhere near an export cpu try—and would never be unless we abandoned the strong dollar principle. If we did that—our debt would doom us to collapse.
It works six ways to Sunday as long as our economy is in trade deficit, and right now that is running nearly $1 trillion/yr
I’d be STRONGLY in fabvor of tariffs if:
-we had excess industrial capacity to export
-government was less than 5% GDP
-US labor was near competitively priced (instead of several multiples higher)
-we had little to no federal debt.
We literally meet none of those criteria.
This post was edited on 10/26/24 at 12:55 pm
Posted on 10/26/24 at 12:56 pm to oklahogjr
quote:That would be an incorrect assumption. The trade deficit in preponderance reflects manufacturing cost differential, not raw materials. However, if raw materials were not available domestically, they'd not be tariffed. Otherwise the domestic-shift premice would hold.
I would assume the cost for raw goods for those manufacturers get hit by tarrifs this driving their cost up
This post was edited on 10/26/24 at 12:57 pm
Posted on 10/26/24 at 12:56 pm to NC_Tigah
quote:If that were the case, why it just enact price controls and skip giving the government more money?
GDP would jump concomitantly. $1 widgets would sell for $1.20. GDP would reflect that.
Price is not productivity.
Posted on 10/26/24 at 1:00 pm to NC_Tigah
quote:Nope. They would, by definition, be more expensive. Otherwise we’d be competitive without the tariff.
Because, absent subsidy, goods made in the USA which are currently more expensive, would be more relatively affordable.
In the end tariffs operate no different than price controls (at best)
quote:And everything would be more expensive.
Chinese market share would shrink.
Posted on 10/26/24 at 1:01 pm to Taxing Authority
quote:Productivity is not the sole component of GDP. However, productivity would increase as international industry returned to the US.
Price is not productivity.
Posted on 10/26/24 at 1:01 pm to SlowFlowPro
quote:Its fun watching them argue that tariffs “work” because they won’t work.
Prices on everything are going to go up, because that's the point of tariffs. It will make foreign goods cost more so our higher price goods can compete in the market. Literally the point of tariffs
Posted on 10/26/24 at 1:02 pm to Taxing Authority
quote:Not relative to tariffed imports.
They would, by definition, be more expensive.
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