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re: Was replacing income tax with Tarrifs a lie?
Posted on 4/6/25 at 4:11 pm to Cryin Kelly
Posted on 4/6/25 at 4:11 pm to Cryin Kelly
Mark Kelly , welcome and gfy.
0
Posted on 4/6/25 at 4:37 pm to Cryin Kelly
Reading through this and seeing you call someone unintelligent is quite comical. You do not understand what’s going on and that’s ok but don’t act like you do and are smarter than everyone else.
Let’s break it down. Trump’s tariff strategy operates on a few interconnected ideas:
1. **Increased Tariff Revenue**: By imposing tariffs on imported goods, the government collects taxes directly from foreign companies. If these tariffs are high enough and applied broadly, they could generate significant revenue to replace income tax.
2. **Boosting Domestic Economy**: Tariffs make imported goods more expensive, encouraging consumers to buy domestically produced products. This could lead to growth in local industries, creating jobs and increasing corporate profits. The government could then collect revenue through corporate taxes and sales taxes instead of income tax.
3. **Negotiated Trade Deals**: If tariffs are used as leverage to negotiate trade deals where other countries agree to buy more U.S. goods, it could further stimulate the economy. A stronger economy means more taxable transactions (like sales and property taxes), reducing the need for income tax.
4. **Diversified Tax Base**: With tariffs and other taxes (like excise taxes, sales taxes, or value-added taxes) taking on a larger role, the government could shift away from relying on income tax as its primary revenue source.
Some tariffs will stay causing extra revenue for the government and some will go away creating more jobs due to negotiating deals for that country to buy our goods instead of another countries, thus creating more corporate tax revenue.
You get it now?
Let’s break it down. Trump’s tariff strategy operates on a few interconnected ideas:
1. **Increased Tariff Revenue**: By imposing tariffs on imported goods, the government collects taxes directly from foreign companies. If these tariffs are high enough and applied broadly, they could generate significant revenue to replace income tax.
2. **Boosting Domestic Economy**: Tariffs make imported goods more expensive, encouraging consumers to buy domestically produced products. This could lead to growth in local industries, creating jobs and increasing corporate profits. The government could then collect revenue through corporate taxes and sales taxes instead of income tax.
3. **Negotiated Trade Deals**: If tariffs are used as leverage to negotiate trade deals where other countries agree to buy more U.S. goods, it could further stimulate the economy. A stronger economy means more taxable transactions (like sales and property taxes), reducing the need for income tax.
4. **Diversified Tax Base**: With tariffs and other taxes (like excise taxes, sales taxes, or value-added taxes) taking on a larger role, the government could shift away from relying on income tax as its primary revenue source.
Some tariffs will stay causing extra revenue for the government and some will go away creating more jobs due to negotiating deals for that country to buy our goods instead of another countries, thus creating more corporate tax revenue.
You get it now?
Posted on 4/6/25 at 5:37 pm to imjustafatkid
quote:
Yes, morons are overreacting.
As always. Yet everyone questioning these tariffs isn’t necessarily a moron.
That specifically is why I posted the comments by Thomas Sowell above. What makes Thomas Sowell such an insightful commentator is not Sowell’s grasp of economics but Sowell’s grasp of human nature.
Posted on 4/6/25 at 5:47 pm to Toomer Deplorable
quote:
That specifically is why I posted the comments by Thomas Sowell above. What makes Thomas Sowell such an insightful commentator is not Sowell’s grasp of economics but Sowell’s grasp of human nature.
But he's smart. He specifically qualified his statements to be about long term tariffs. Most people are panicking at the word "tariff."
Posted on 4/6/25 at 7:31 pm to imjustafatkid
quote:
But he's smart. He specifically qualified his statements to be about long term tariffs.
Very smart. And Sowell’s comment indeed touches upon a key component of Trump’s populist worldview: pragmatism.
Trump is both an economic nationalist and an economic pragmatist. As a nationalist, Trump believes the industrial capability of a nation is not simply a matter of economic policy but is at it’s core a matter of national security. And as a pragmatist, Trump is not a dogmatic ideologue and is willing to negotiate on points of contention when it comes to matters of international trade.
Trump’s industrial policy thus reflects aspects of both these considerations, nationalism and pragmatism. Trump believes tariffs should be used to protect America’s industrial base, yet Trump is also willing to use tariffs as a negotiating tool to leverage better deals with trading partners.
Yet such policies necessarily entail the risk of market instability, trade wars, job losses and higher prices. And it is not moronic to note these risks.
quote:
Most people are panicking at the word "tariff."
And many are simply panicking at the word “Trump.”
Whatever your opinion on Trump’s tariffs, Trump’s brand of economic nationalism is not some gross departure from some longstanding economic policy of “free” trade in this nation.
Our economy already involves huge levels of government intervention by an entrenched bureaucratic elite in Washington D.C. and Washington’s chosen technocratic elite on Wall Street.
This post was edited on 4/6/25 at 8:45 pm
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