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Indeed. 
0
Posted on 10/26/24 at 1:29 pm to NC_Tigah
Tariffs don't work. we learned this before the great depression.
When you charge a tariff on imports to make up for tax income (lets say $2 trillion for easier napkin math) you increase the cost of those goods being imported, which increases the price, therefore demand goes down. So then with less sales, you have to increase the tariffs to bring in that same $2 trillion. that increases the price of the goods again, resulting in demand going down once again, which results in having to increase the tariff.
it's a negative cycle.
When you charge a tariff on imports to make up for tax income (lets say $2 trillion for easier napkin math) you increase the cost of those goods being imported, which increases the price, therefore demand goes down. So then with less sales, you have to increase the tariffs to bring in that same $2 trillion. that increases the price of the goods again, resulting in demand going down once again, which results in having to increase the tariff.
it's a negative cycle.
Posted on 10/26/24 at 1:33 pm to Taxing Authority
quote:But that is how GDP and tax revenue is calculated.
Theres the problem. But you cannot use nominal GDP to compare over time, nor with other currencies. This it’s unusable as a measure of wealth over time.
Posted on 10/26/24 at 1:36 pm to Corinthians420
quote:Not if income concomitantly increases
When you charge a tariff on imports to make up for tax income (lets say $2 trillion for easier napkin math) you increase the cost of those goods being imported, which increases the price, therefore demand goes down.
Posted on 10/26/24 at 1:42 pm to Darth_Vader
quote:
You could eliminate probably 90-95% of the federal government and the average American wouldn’t even notice
At last count, around 1 in every 3 Americans participated in some government program in the last year. Along with that, ~20% get Social Security, 18% get Medicare and 12% get welfare.
Add to this that the federal government employs somewhere over 2 million people and I think the blowback would be greater than you believe. The federal government has done a good job at getting people addicted to largess from their coffers.
Posted on 10/26/24 at 3:31 pm to NC_Tigah
quote:One correction, and let’s not forget that tax brackets are indexed to inflation.
But that is how [one measure of] GDP and tax revenue is calculated.
If all we all we care about is nominal “growth”, we could simply print infinite money, and the government and (nominal) GDP could grow without limits. Debasing the currency would make imports more expensive to boot. Win-win. We could all be billionaires just like they are in Zimbabwe.
This post was edited on 10/26/24 at 3:33 pm
Posted on 10/26/24 at 4:32 pm to Taxing Authority
quote:Yes, U.S. federal income tax brackets are indexed to inflation. The IRS adjusts tax brackets annually based on the inflation rate, which helps ensure that taxpayers do not experience "bracket creep"—where they are pushed into higher tax brackets simply due to inflation rather than an increase in real income. The IRS uses the Consumer Price Index for All Urban Consumers (CPI-U) to determine these adjustments, typically releasing updated tax brackets for the upcoming year each fall.
One correction, and let’s not forget that tax brackets are indexed to inflation.
None of which pertains to the discussion at hand.
Posted on 10/29/24 at 8:02 am to TBoy
In 7 days the process begins. Not sure I'd refer to the U.S. as an "island", but you're beginning to understand what's best.
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