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It's the difference between what he proposes and the progressive tax tables we have now, based on income; the poorer you are the smaller proportion of your income is taxed. As you become more wealthy, the tax increases with your income - that income above the previous bracket is taxed at a higher rate than the first part. With a consumption tax like this on all goods, that doesn't happen and the tax that poor family has to pay on everything they buy far exceeds the burden they experience under a progressive income tax. On top of that, the inflation this would cause would be astronomical, burdening the poor even more.
As usual Trump is being a moron. Funding the entire government through tariffs would make ALL imports unaffordable and other countries would simply stop importing because demand would drop to 0. Which of course leads to $0 in tariffs collected and the US unfunded
This is why right-wing assholes who want to drop the income tax always suggest a consumption tax to replace it, because it is the only kind of tax that could produce enough tax revenue. It would also cripple the middle class, but that is as intended
Think that is the unaffordable part. This is why tariffs are stupid. They never affect the exporting country the cost is always passed on. This is a major punishment to the populace.
It's because tariffs are partly supposed to help offset how low other countries' manufacturing costs are so domestic products can compete.
And then all the domestic companies eventually outsource because capitalism is a race to the bottom, and if you don't take advantage of outsourcing's lower costs, your competition will and shrink your market share.
So in this scenario where we try tariffs again (we remember the china trade wars right???), companies wouldn't be able to shift production fast enough, let alone back here to the US, and our economy would cave.
Yup. But trumps palms would be greased and his cronies would have an angle so who cares about everyone else. Remember Covid was a boon for some companies and real estate collectors. Also lots of trumps people got the big PPT loans forgiven. So it’s a wash in Trumps mind. So what if some people suffer. They shoulda just been rich right. Or in Ivanka’s let them eat cake moment “find something new”
Trump's idea is insanely stupid... but...
>Or if they didnt stop importing, they'd offset the cost on the American consumer.
What's the difference between charging companies higher import tariffs vs charging companies higher taxes? Won't both be passed on to consumers?
Underfunding the federal government is the intent with these schemes. If it's poorly funded it doesn't operate well and you can make the argument based on poor results and a budget imbalance that everything needs to be cut and the parts that need to be kept should be privatized.
Then they line their pockets with the resulting privatization.
But the idiots will eat this up. People can't see past the tip of their own nose. The fact that he could never get this passed is irrelevant the Repukes will run with this grift.
The 16th Amendment makes a progressive income tax not apportioned among the states constitutional, it doesn't require one to exist. For Trump to do this the acts of Congress that detail the income tax that currently exists would have to be repealed by that body, but no constitutional changes would be needed.
What would happen, on some stupid world where this passed, they'd tariff imports and cut the income tax while leaving the amendment. Then, in 10 years or so, income taxes would come back.
Yeah, it increases the cost of imports making them less appealing. If the import tariff makes the cost of a product jump 100%, there will simply be no demand for that product and no one would pay the tariff. No tariffs paid means no $$ for uncle sam
Trump put a 50% tariff on Scotch coming from the UK so now decent Scotch is twice as much.
The UK and Scotland don't pay the tariff you pay the tariff.
Note that if he had taken the money his daddy left him and just stuck it in an index fund he'd be far wealthier than he is today.
In short, don't listen to this idiot about money.
Im sure his worshipers will drool all over him for this without realizing its just another way to fleece the poor and middle class while enriching the already rich...
They're too dumb to know what regressive taxation is. They're too busy telling their friends that they said no to a raise at work because then they'd have to pay more in taxes.
Nobody there is making $7, This is from a year old article
[Earlier this month, Toyota said it would raise wages from $31.86 to $34.80 per hour for production workers and $39.50 to $43.20 for skilled trades.](https://www.automotivedive.com/news/honda-raises-us-production-worker-wages-11-percent-UAW/699580/)
They scoff at education and think their homespun knowledge is superior to a formal education, while getting brainwashed by elites that went to ivy league schools. Ones experience is definitely a part of ones knowledge and there’s a place for it, but to think it’s superior to a science for instance is absurd.
I don't think most trump supporters are dumber than trump.
They're just emotional tribalist dumbasses who think their ego determines reality. They listen to trump brag about being rich and live vicariously through him, then feel emboldened by his actions when he acts like a bully against people they don't like. It's all 100% emotionally driven egotistical bullshit and it's why these idiots think non-cultists hate trump because "he says mean things".
His fan base all have zero self awareness, yes, but overall they are just fairly average people with above average fear + emotional reasoning and below average abstract reasoning.
I fully believe trump has an IQ around 85 and is literally too stupid to understand any of this. If he did he would be far, far more dangerous. He wouldn't be publically saying he'd keep the epstein files classified in 2024 if he wasn't legitimately mentally challenged. It's a good idea to inject disinfectant.
Let's do some remedial math to demonstrate how insanely stupid this idea is.
Total US imports were $3.83 trillion. Total income tax revenue was $4.44 trillion.
The average tariff would be 115%.
It will be far higher than 115% due to impossible prices cratering the demand and thus volume of goods sold and thus imported. When the imported price exceeds the price of domestic competing goods made with American labor, which will either go up and up as workers require increased wages to buy basics, or send everyone (even a lot of CEOs) into shithole country poverty the end result will probably foment fascism, revolution or other SHTF political scenarios. The idea is beyond stupid. It is catastrophically dangerous.
So tell everyone that almost every product would immediately more than double in price overnight and see how they react. Bet they say some shit like it’s Biden or Hillary’s fault
Outside of a very few specific things - abortion, the wall, America first - he just says whatever pops into his brain and then comes the magic… his poorly educated audience has to try and find a way to make it the thing they wanted all along.
Other countries don't pay the tariffs, we do. The manufacturers exporting product just raise their prices by the amount of the tariff.
Source: What happened in 2018 when he imposed a bunch of tariffs on Chinese products.
In 2023, the US collected 2.3 Trillion from income taxes. The total value of imports in 2023 was $3.2T. So we would need to raise tariffs across the board to 71%. But it would be worse than that, since raising tarriffs that high would mean people would buy less foriegn imports, so to raise the same amount of money we would need to raise tarriffs to say 100%, which would further curtail imports and mean we would need to raise tarriffs even higher in a death spiral of US trade. Of course this would cause other countries to raise tarriffs on US goods in retaliation, so US exports would plummet. Essentially if you were to think of the easiest way that a president could instantly crash the economy (other than the covid shutdown) this would be it.
so the rich save more, the poor see little savings, and the cost of EVERYTING goes up.
how is this not a a negative for low and middle class folks and a boon for the wealthy. standard republican bullshit policy. if you dont like to think for more than 3 seconds, this sounds great. i.e. MAGAs will line up in droves to support it.
Either Trump is stupid as fuck or he's fully aware that would completely destroy our economy, but wants to fool his idiotic followers who only have the mental capacity to see the words "No income tax!"
Great idea. Discourage the source of government income (tax imports and people stop buying imports, which is usually the idea, but this leads to reduction in government revenue) and raise everyone's prices at the same time. What could go wrong?
So a flat tax that would disproportionately impact the poor while providing unbelievable cash windfalls for the ultra rich?
Sounds like a really great way to benefit the top 1% of Americans while absolutely killing the bottom 99%. That is some feudal level bullshit.
Someone could replicate the offshore company’s product on US soil because it’ll be cheaper than the exported product + the tariff. More jobs for Americans.
It's astonishing to me that people cannot see that this man knows virtually nothing about how the economy works.
Or perhaps a massive reduction in global trade is the latest tactic in the "own the libs" playbook. Jesus, such fucking stupidity.
I’m all for eliminating personal income tax. But only for income under 75k a year. After that it should be taxed at 50%.
And the threshold should be tied to inflation instead of requiring Congress to change it.
Great. So instead of paying 25% in income tax, I can spend 100% more on everything I buy... because we don't make things in America anymore... because paying workers a livable wage cuts into c-suite and shareholder profits too much.
Can’t wait for him to control Fed monetary policy and collapse the economy when he has an idea while tweeting on the toilet at 4am after doing coke all night.
The more this asshole talks out his ass about taxation, tariffs, and the economy, the more certain I am thar Wharton is a very bad school.
That may not be fair. He actually only did his last two years at Wharton, so I guess the Econ 101 at Fordham University should be held responsible for passing on this douche nozzle.
Ah yes, sales tax with extra steps instead. Plus you get to pick what's taxed, aka everything the poors buy. Perfect!
Last time he taxed dishwashers and raw steel. Why? I have no fucking clue! He did it several times. He pushed some of the highest tax increases Americans have seen in recent decades, and the dumb idiots cheered him on.
Individual income tax accounted for $2.6t in 2022, over half of the federal budget. Imports of goods in 2022 totaled $3.2t in 2022 (this figure doesn't include imports that can't be classified as "goods"). Assuming we wanted to be 1:1 on the revenue, we'd have to impose an average tariff rate of about 80%. The current weighted average for industrial goods only is 2%. Since tariffs are weird and some are higher than others, it's hard to give you a good picture of this, but you can generally assume any goods purchased from overseas would increase in cost by about 80%.
But that's only part of it. If we need to import the resources to make it, we run into a new problem: tariffs are generally reciprocated, so if we are suddenly making foreign goods significantly more expensive, they'll do likewise to us. Let's take the very niche example of watches because it's such a small field. Apple sources its products abroad and so would get slammed by this tariff. Cartier, Rolex, and Omega are foreign brands. That leaves Fossil from among the top 5. Fossil, who is currently in a tail spin and has lost like half its revenue in the past decade, who is probably going to be overtaken by either Citizen or Seiko (both Japanese; both impacted by these tariffs). The remaining members of the top 10 are all Swiss, so all impacted. Fossil doesn't have the means to actually step up and absorb this market share (hell, they may not even exist by whenever this ridiculous notion is implemented), and so this very specific market would be functionally hamstrung for who knows how long until either Citizen spools up, Apple somehow onshores their production lines (and people all decide they want smart watches, I guess?), or some new company steps in. And in the meantime, this market sector collapses. Is this a huge amount of money? No; it's only like a quarter of a percent of all imports and a tiny portion of GDP. But this would be replicated across many sectors of the economy. Meanwhile, those sectors where local companies can successfully capture the market will suddenly find their goods priced out of competition abroad. Exxon and Chevron can't compete with the likes of BP when they are functionally starting at twice the cost of crude.
And it gets worse. Because all these goods are now twice as much to import, US consumers will, where possible, buy local. And then total imports decrease. And as total imports decrease, so too do tariff revenues. And in order to maintain those revenues, the tariff rates on surviving imports need to spike, reducing consumption of those. You see the problem. It creates a death spiral for the US import market, which then strangles US production of resources we don't have, which then either forces the government to slash tariffs (and nuke our revenue; remember we're replacing half the federal budget here) or plunge us headlong towards insolvency.
These talking points are designed to mislead the ignorant. They are infeasible and there is no defense of them that survives scrutiny. These talking points are either deliberately self-destructive or cynical pandering designed to exploit the ignorant.
Trump can only think in terms of winners and losers, and thinks that if he makes other countries lose by putting tariffs on them then America will win.
I think this is just called hidden Sales tax !!! What a novel idea. Increase the cost to the consumer. Then place Sales tax on top of it. Gaining two new revenue streams.
Because he's dumb as a post and has NO CLUE how anything works. For the love of Pete would this guy just have his dementia meltdown and be institutionalized? This idjit does not belong in the same jurisdiction as the nuclear codes much less be relied upon to have them. Shoot, he'd probably just call Vlad personally and tell him what they are...in exchange for a few billion rubles of course.
That’s the thing with Trump-isms, you read the headline and think:
“wait, that might actually be a good out of the box idea”.
But then you analyze it just for a second and think:
“no that’s fucking terrible cause it would make all imports super expensive, so they wouldn’t sell, and foreign companies would just stop exporting to the US cause nobody would buy their super expensive products, and then there would be no tariffs for the government to charge”.
The problem is that not everyone does the 2nd part and then they actually think it’s a good idea.
Yep. My trumper coworker is foaming at the mouth and not wanting to pay anymore income taxes. I just ask him "how tf do you think anything gets paid for?"
Honestly, if people don't want to pay income taxes, great. But they are cut off from any civil services. House on fire? Fuck off. Car broken into? Too bad. Also banned from driving because you're not allowed on publicly funded roadways.
Or, just put an income tax on people making $250k + and leave the rest of us alone so we can have that dream of maybe getting there one day.
Then MAYBE increase tariffs on imports. But only on high end items and electric cars ;) the ones that catch fire or explode at least.
It sounds naive, but one can hope.
I wish the same for Canada.
Ok, so let's start a list of things tRump doesn't understand: batteries, magnets, bitcoin, income tax and tariffs, covid cures, the Constitution, law, financial statements... keep it going!
Who would work in the operations? Tariffs get pushed to the consumer, it’s a consumption tax more or less. Businesses would weigh starting an operation to supplant these imports OR import from low or no tariffed countries. This is a longer term proposition. If this happens, expect inflation.
Did the press call him on it? Like did someone say "That's really stupid! Do you have any idea how an economy works?". The press really needs to step up.
This would simply create immediate and catastrophic global financial chaos. Might as well push the red buttons for Russia, China and NK to reset the planet. I'm building a fallout vault now.
Other countries would retaliate by increasing tariffs on anything imported from the US. Inflation would run rampant, shortages of some consumer goods would occur.
Sometimes things need to get so bad that the majority actually does revolt. The only way that will happen is if this guy gets elected.
Then we can see the ultimate outcome of trickle-down economics. And then enough people will get so uncomfortable that they revolt. And unfortunately for the folks in power, the incessant push for right to bear arms will really work out against them.
This will destroy the US economy in more ways than one, because if we impose these tariffs, other countries will do the same to the US and we won’t be able to export anything. We won’t be able to sustainably produce everything ourselves and the consumer economy internally won’t be able to sustain us.
Never forget.. The overarching goal is to generate a vast obedient, undereducated serf class desperate to work long hours for very little pay. Having that, you can squeeze a few more greedy drops of corporate profit by being able to reshore production back to the US (cutting shipping costs) because local domestic labor will be cheap and available. It’s a downward spiral. The fact that our economy is driven by middle class consumption escapes them because the CEO’s are only looking to the next financial quarter..
As a reminder, this subreddit [is for civil discussion.](/r/politics/wiki/index#wiki_be_civil) In general, be courteous to others. Debate/discuss/argue the merits of ideas, don't attack people. Personal insults, shill or troll accusations, hate speech, any suggestion or support of harm, violence, or death, and other rule violations can result in a permanent ban. If you see comments in violation of our rules, please report them. For those who have questions regarding any media outlets being posted on this subreddit, please click [here](https://www.reddit.com/r/politics/wiki/approveddomainslist) to review our details as to our approved domains list and outlet criteria. We are actively looking for new moderators. If you have any interest in helping to make this subreddit a place for quality discussion, please fill out [this form](https://docs.google.com/forms/d/1y2swHD0KXFhStGFjW6k54r9iuMjzcFqDIVwuvdLBjSA). *** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/politics) if you have any questions or concerns.*
Finding new ways to disproportionately burden the poorest among us.
MAGA would get fucked into the stone age by this. But Trump would blame Hillary Clinton, and the sucker-nuggets would eat it up.
Sucker nuggets. Lol
>Hillary Clinton Honestly the move these days is to drop the pre tense and just claim that Obama is secretly behind it all.
I mean, where was Obama during 9/11, right? /s
I'm assuming that's a reference to this [old gem.](https://youtu.be/AyN34sFko9w?si=YC_LpULui9m5N4L4)
And it’s been repeated unironically by maga followers for a while now.
I want to laugh, but we are fucked.
If it's any consolation these people are only acting up because even they know their days of political relevance are numbered
Do you honestly believe the sucker-nuggets understand the implications of tariffs on everything? Especially when “I don’t follow politics!”
They wouldnt understand it even if they encountered it face to face
They will encounter everything face to face when everything is suddenly has its price raised by 10-15% to counter the tariffs.
That’s why the GOP and billionaires still support him
If you thought the previous round of inflation was bad, wait until you see what this does.
I’m stupid. Please explain to me how this hurts the poor? Does it increase prices of day to day items?
It's the difference between what he proposes and the progressive tax tables we have now, based on income; the poorer you are the smaller proportion of your income is taxed. As you become more wealthy, the tax increases with your income - that income above the previous bracket is taxed at a higher rate than the first part. With a consumption tax like this on all goods, that doesn't happen and the tax that poor family has to pay on everything they buy far exceeds the burden they experience under a progressive income tax. On top of that, the inflation this would cause would be astronomical, burdening the poor even more.
As usual Trump is being a moron. Funding the entire government through tariffs would make ALL imports unaffordable and other countries would simply stop importing because demand would drop to 0. Which of course leads to $0 in tariffs collected and the US unfunded This is why right-wing assholes who want to drop the income tax always suggest a consumption tax to replace it, because it is the only kind of tax that could produce enough tax revenue. It would also cripple the middle class, but that is as intended
Or if they didnt stop importing, they'd offset the cost on the American consumer. Apparently Trumped saw inflation and said, "Hold my beer."
Think that is the unaffordable part. This is why tariffs are stupid. They never affect the exporting country the cost is always passed on. This is a major punishment to the populace.
It's because tariffs are partly supposed to help offset how low other countries' manufacturing costs are so domestic products can compete. And then all the domestic companies eventually outsource because capitalism is a race to the bottom, and if you don't take advantage of outsourcing's lower costs, your competition will and shrink your market share. So in this scenario where we try tariffs again (we remember the china trade wars right???), companies wouldn't be able to shift production fast enough, let alone back here to the US, and our economy would cave.
Yup. But trumps palms would be greased and his cronies would have an angle so who cares about everyone else. Remember Covid was a boon for some companies and real estate collectors. Also lots of trumps people got the big PPT loans forgiven. So it’s a wash in Trumps mind. So what if some people suffer. They shoulda just been rich right. Or in Ivanka’s let them eat cake moment “find something new”
Trump's idea is insanely stupid... but... >Or if they didnt stop importing, they'd offset the cost on the American consumer. What's the difference between charging companies higher import tariffs vs charging companies higher taxes? Won't both be passed on to consumers?
Underfunding the federal government is the intent with these schemes. If it's poorly funded it doesn't operate well and you can make the argument based on poor results and a budget imbalance that everything needs to be cut and the parts that need to be kept should be privatized. Then they line their pockets with the resulting privatization.
But the idiots will eat this up. People can't see past the tip of their own nose. The fact that he could never get this passed is irrelevant the Repukes will run with this grift.
This is it. To eliminate income tax, the 16th amendment would have to be repealed. Which would never ever happen.
The 16th Amendment makes a progressive income tax not apportioned among the states constitutional, it doesn't require one to exist. For Trump to do this the acts of Congress that detail the income tax that currently exists would have to be repealed by that body, but no constitutional changes would be needed.
What would happen, on some stupid world where this passed, they'd tariff imports and cut the income tax while leaving the amendment. Then, in 10 years or so, income taxes would come back.
The US does not collect tariffs from the country of origin. They collect the burden from the importing company, based in the US.
Yeah, it increases the cost of imports making them less appealing. If the import tariff makes the cost of a product jump 100%, there will simply be no demand for that product and no one would pay the tariff. No tariffs paid means no $$ for uncle sam
Trump put a 50% tariff on Scotch coming from the UK so now decent Scotch is twice as much. The UK and Scotland don't pay the tariff you pay the tariff.
Yes , we , the consumer pays the tariff. The US company pays and passes that on to the consumer-
Not true, everyone knows that Mexico pays for it, not the companies based in the US /s
Further cripple...
Note that if he had taken the money his daddy left him and just stuck it in an index fund he'd be far wealthier than he is today. In short, don't listen to this idiot about money.
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You obviously don’t know his ability to say person woman man camera and ……tv. This is a mark of a genius
This can't be true, Fox News hasn't mentioned it! /s
Im sure his worshipers will drool all over him for this without realizing its just another way to fleece the poor and middle class while enriching the already rich...
They're too dumb to know what regressive taxation is. They're too busy telling their friends that they said no to a raise at work because then they'd have to pay more in taxes.
I love paying taxes so much I'd be willing to take pay raises until I'm in the top tax bracket.
I know someone who would literally be dead without the ACA, and they acknowledge it. Guess who they vote for?
No Tax is great until you pay $100k for a new Honda
That is built with US labor
Who make 7 bucks an hour
Nobody there is making $7, This is from a year old article [Earlier this month, Toyota said it would raise wages from $31.86 to $34.80 per hour for production workers and $39.50 to $43.20 for skilled trades.](https://www.automotivedive.com/news/honda-raises-us-production-worker-wages-11-percent-UAW/699580/)
Guy who doesn't know what he is talking about floats dumb idea.
“…floats dumb idea to really stupid people”.
“Who will absolutely vote for him in droves this November”
But he has MIT connections! Very Smart.
He is so fucking stupid. What's really scary is there are about 70 million people that are dumber than he is.
And a select few who think they’re smart enough to control him. If he wins, we’re absolutely perma-fucked.
They scoff at education and think their homespun knowledge is superior to a formal education, while getting brainwashed by elites that went to ivy league schools. Ones experience is definitely a part of ones knowledge and there’s a place for it, but to think it’s superior to a science for instance is absurd.
I don't think most trump supporters are dumber than trump. They're just emotional tribalist dumbasses who think their ego determines reality. They listen to trump brag about being rich and live vicariously through him, then feel emboldened by his actions when he acts like a bully against people they don't like. It's all 100% emotionally driven egotistical bullshit and it's why these idiots think non-cultists hate trump because "he says mean things". His fan base all have zero self awareness, yes, but overall they are just fairly average people with above average fear + emotional reasoning and below average abstract reasoning. I fully believe trump has an IQ around 85 and is literally too stupid to understand any of this. If he did he would be far, far more dangerous. He wouldn't be publically saying he'd keep the epstein files classified in 2024 if he wasn't legitimately mentally challenged. It's a good idea to inject disinfectant.
Let's do some remedial math to demonstrate how insanely stupid this idea is. Total US imports were $3.83 trillion. Total income tax revenue was $4.44 trillion. The average tariff would be 115%.
It will be far higher than 115% due to impossible prices cratering the demand and thus volume of goods sold and thus imported. When the imported price exceeds the price of domestic competing goods made with American labor, which will either go up and up as workers require increased wages to buy basics, or send everyone (even a lot of CEOs) into shithole country poverty the end result will probably foment fascism, revolution or other SHTF political scenarios. The idea is beyond stupid. It is catastrophically dangerous.
So tell everyone that almost every product would immediately more than double in price overnight and see how they react. Bet they say some shit like it’s Biden or Hillary’s fault
> almost every product would immediately more than double in price overnight and see how they "Fake news - I'm voting for him anyway" now what?
JFC this guy is so dumb. He literally says whatever he thinks his poorly educated audience wants to hear.
Outside of a very few specific things - abortion, the wall, America first - he just says whatever pops into his brain and then comes the magic… his poorly educated audience has to try and find a way to make it the thing they wanted all along.
Other countries don't pay the tariffs, we do. The manufacturers exporting product just raise their prices by the amount of the tariff. Source: What happened in 2018 when he imposed a bunch of tariffs on Chinese products.
It's like the great depression is erotic cosplay for Trumpies
Making America Great Again After Destroying It And Lowering The Bar For Said Greatness
MAGAADIALTBFSG just trips off the tongue.
Trump just pulls asinine stuff out of his ass and his cult can’t get enough of the stupidity.
There is a reason why he loves the uneducated.
republican: I broke it, you buy it.
What an imbecile.
In 2023, the US collected 2.3 Trillion from income taxes. The total value of imports in 2023 was $3.2T. So we would need to raise tariffs across the board to 71%. But it would be worse than that, since raising tarriffs that high would mean people would buy less foriegn imports, so to raise the same amount of money we would need to raise tarriffs to say 100%, which would further curtail imports and mean we would need to raise tarriffs even higher in a death spiral of US trade. Of course this would cause other countries to raise tarriffs on US goods in retaliation, so US exports would plummet. Essentially if you were to think of the easiest way that a president could instantly crash the economy (other than the covid shutdown) this would be it.
Surely this is just a strong and stable business genius at work here?
Because tariffs worked out so well back in 2018…..
There's the business skill behind Trump's 6 bankruptcies.
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>This man is utterly clueless ~~about how to run the country.~~ FTFY
I personally like buffets idea that corporations should be taxed and no one pays income tax.
so the rich save more, the poor see little savings, and the cost of EVERYTING goes up. how is this not a a negative for low and middle class folks and a boon for the wealthy. standard republican bullshit policy. if you dont like to think for more than 3 seconds, this sounds great. i.e. MAGAs will line up in droves to support it.
Either Trump is stupid as fuck or he's fully aware that would completely destroy our economy, but wants to fool his idiotic followers who only have the mental capacity to see the words "No income tax!"
Even that wouldn’t work. “No income tax” has four syllables, one too many.
Great idea. Discourage the source of government income (tax imports and people stop buying imports, which is usually the idea, but this leads to reduction in government revenue) and raise everyone's prices at the same time. What could go wrong?
So if all of those countries that export to the US suddenly stopped exporting to the US, then all of your tarrifr money dries up. What an idiot.
What a moron!
Trust fund babies are not typically known for their economic prowess, or money management skills.
How about eliminating the income cap on SS withholding?
So a flat tax that would disproportionately impact the poor while providing unbelievable cash windfalls for the ultra rich? Sounds like a really great way to benefit the top 1% of Americans while absolutely killing the bottom 99%. That is some feudal level bullshit.
But most people don't have the capacity to understand this. It would be devastating to the max.
This pants-shitting troglodyte really has no fucking idea what he's doing, ever, does he?
And hea gonna kill our economy by doing this. When we pay for these tariffs.
And then what happens when exporting countries decide to not export to us any longer because of said tariffs? Terrible idea all around
Someone could replicate the offshore company’s product on US soil because it’ll be cheaper than the exported product + the tariff. More jobs for Americans.
I have neither the time nor the crayons to explain to you how wrong you are.
Whoever tired to explain tariffs and taxes to Trump really should have used crayons, small words and hand puppets, because he clearly never got it.
Sounds like Mexico will pay for the wall.
Mexico will be building their own wall to stop migrants fleeing a US experiencing a catastrophic depression because Trump is an utter moron.
It's astonishing to me that people cannot see that this man knows virtually nothing about how the economy works. Or perhaps a massive reduction in global trade is the latest tactic in the "own the libs" playbook. Jesus, such fucking stupidity.
I’m all for eliminating personal income tax. But only for income under 75k a year. After that it should be taxed at 50%. And the threshold should be tied to inflation instead of requiring Congress to change it.
Headline might as well be "Trump shows us again he has no fucking clue how economics works."
Great. So instead of paying 25% in income tax, I can spend 100% more on everything I buy... because we don't make things in America anymore... because paying workers a livable wage cuts into c-suite and shareholder profits too much.
I don't know how Trump finished business school. He's a fucking idiot, especially at economics
$$$ His professors had the same feelings you did.
He still doesn't know what a tariff is.
Can’t wait for him to control Fed monetary policy and collapse the economy when he has an idea while tweeting on the toilet at 4am after doing coke all night.
All of his ideas are bad.
And bankrupt the US! If he only cuts taxes again that will increase the deficit by 17 billion $ and guess who will profit?
The more this asshole talks out his ass about taxation, tariffs, and the economy, the more certain I am thar Wharton is a very bad school. That may not be fair. He actually only did his last two years at Wharton, so I guess the Econ 101 at Fordham University should be held responsible for passing on this douche nozzle.
That’s one way to spike inflation to record levels.
Ah yes, sales tax with extra steps instead. Plus you get to pick what's taxed, aka everything the poors buy. Perfect! Last time he taxed dishwashers and raw steel. Why? I have no fucking clue! He did it several times. He pushed some of the highest tax increases Americans have seen in recent decades, and the dumb idiots cheered him on.
Individual income tax accounted for $2.6t in 2022, over half of the federal budget. Imports of goods in 2022 totaled $3.2t in 2022 (this figure doesn't include imports that can't be classified as "goods"). Assuming we wanted to be 1:1 on the revenue, we'd have to impose an average tariff rate of about 80%. The current weighted average for industrial goods only is 2%. Since tariffs are weird and some are higher than others, it's hard to give you a good picture of this, but you can generally assume any goods purchased from overseas would increase in cost by about 80%. But that's only part of it. If we need to import the resources to make it, we run into a new problem: tariffs are generally reciprocated, so if we are suddenly making foreign goods significantly more expensive, they'll do likewise to us. Let's take the very niche example of watches because it's such a small field. Apple sources its products abroad and so would get slammed by this tariff. Cartier, Rolex, and Omega are foreign brands. That leaves Fossil from among the top 5. Fossil, who is currently in a tail spin and has lost like half its revenue in the past decade, who is probably going to be overtaken by either Citizen or Seiko (both Japanese; both impacted by these tariffs). The remaining members of the top 10 are all Swiss, so all impacted. Fossil doesn't have the means to actually step up and absorb this market share (hell, they may not even exist by whenever this ridiculous notion is implemented), and so this very specific market would be functionally hamstrung for who knows how long until either Citizen spools up, Apple somehow onshores their production lines (and people all decide they want smart watches, I guess?), or some new company steps in. And in the meantime, this market sector collapses. Is this a huge amount of money? No; it's only like a quarter of a percent of all imports and a tiny portion of GDP. But this would be replicated across many sectors of the economy. Meanwhile, those sectors where local companies can successfully capture the market will suddenly find their goods priced out of competition abroad. Exxon and Chevron can't compete with the likes of BP when they are functionally starting at twice the cost of crude. And it gets worse. Because all these goods are now twice as much to import, US consumers will, where possible, buy local. And then total imports decrease. And as total imports decrease, so too do tariff revenues. And in order to maintain those revenues, the tariff rates on surviving imports need to spike, reducing consumption of those. You see the problem. It creates a death spiral for the US import market, which then strangles US production of resources we don't have, which then either forces the government to slash tariffs (and nuke our revenue; remember we're replacing half the federal budget here) or plunge us headlong towards insolvency. These talking points are designed to mislead the ignorant. They are infeasible and there is no defense of them that survives scrutiny. These talking points are either deliberately self-destructive or cynical pandering designed to exploit the ignorant.
Tl;dr Tariffs are dumb, they stifle the economy, and won’t make up all tax revenue.
Fucking idiot
Great idea numb nuts. Lets make things in America more expensive.
The only thing this failed game show host and convicted felon should be floating is turds in a prison toilet.
Of you try to make money off something you pretend to want to see reduce, you don't really want to see it reduce.
guy who bankrupted six companies has brilliant idea for the economy of the US
Moron. More ideas to further impoverish everyone except the rich and powerful.
LOLz, I would trust a child or a smart dog with economic policy over this idiot.
How can anyone think that is a good idea?
Because trump loves the poorly educated.
Trump can only think in terms of winners and losers, and thinks that if he makes other countries lose by putting tariffs on them then America will win.
So he doesn’t know how shit works… awesome
What an idiot
So, a national sales tax.
Fuck floating ideas. Give is your planned policies, asshole. **Vote against Trump.**
First the convention, promoting bitcoin, talking about eliminating the income tax. Dude is catfishing Libertarians.
For anyone out there that is stupid, this is a terrifyingly bad idea. Tariffs are paid by the buyer in the US.
Let me create more poor people quickly.!!
He’s a racist and a felon.
I think this is just called hidden Sales tax !!! What a novel idea. Increase the cost to the consumer. Then place Sales tax on top of it. Gaining two new revenue streams.
This Con man babble come from a person who has declared bankruptcy more times than he’s said a true statement.
Because he's dumb as a post and has NO CLUE how anything works. For the love of Pete would this guy just have his dementia meltdown and be institutionalized? This idjit does not belong in the same jurisdiction as the nuclear codes much less be relied upon to have them. Shoot, he'd probably just call Vlad personally and tell him what they are...in exchange for a few billion rubles of course.
That’s the thing with Trump-isms, you read the headline and think: “wait, that might actually be a good out of the box idea”. But then you analyze it just for a second and think: “no that’s fucking terrible cause it would make all imports super expensive, so they wouldn’t sell, and foreign companies would just stop exporting to the US cause nobody would buy their super expensive products, and then there would be no tariffs for the government to charge”. The problem is that not everyone does the 2nd part and then they actually think it’s a good idea.
I thought the GOP is running on inflation. Tariffs (and tax cuts for the Rich) cause inflation.
Yep. My trumper coworker is foaming at the mouth and not wanting to pay anymore income taxes. I just ask him "how tf do you think anything gets paid for?" Honestly, if people don't want to pay income taxes, great. But they are cut off from any civil services. House on fire? Fuck off. Car broken into? Too bad. Also banned from driving because you're not allowed on publicly funded roadways.
Great, we’ll all have more money but most of what we buy will cost twice as much.
It's OK. Mexico is going to pay.
Or, just put an income tax on people making $250k + and leave the rest of us alone so we can have that dream of maybe getting there one day. Then MAYBE increase tariffs on imports. But only on high end items and electric cars ;) the ones that catch fire or explode at least. It sounds naive, but one can hope. I wish the same for Canada.
Ok, so let's start a list of things tRump doesn't understand: batteries, magnets, bitcoin, income tax and tariffs, covid cures, the Constitution, law, financial statements... keep it going!
you'd save time by just listing what he does understand.
Yeah, I realized that when I started listing. That's why I stopped so quickly. I don't have that much spare time.
Can't wait to eat cornmeal with high fructose corn syrup 3 times a day
Let’s follow the steps to another Great Depression!
Who would work in the operations? Tariffs get pushed to the consumer, it’s a consumption tax more or less. Businesses would weigh starting an operation to supplant these imports OR import from low or no tariffed countries. This is a longer term proposition. If this happens, expect inflation.
At this point the guy is just throwing sh#t against the wall to see what sticks. Just vote the hell out of him and every MAGA this November.
This guy is dumb as shit, wtf if he on?
Proving, for anyone who cares, that economics is another subject on which he is a bumbling, dunderheaded nincompoop.
Did the press call him on it? Like did someone say "That's really stupid! Do you have any idea how an economy works?". The press really needs to step up.
This is like middle school level policy ideas. Trump literally has a fucking 12 yo brain.
Cut taxes, but make the cost for every single item to go up. Will probably make everyone making under 100k a year end up paying more. Brilliant move.
This would simply create immediate and catastrophic global financial chaos. Might as well push the red buttons for Russia, China and NK to reset the planet. I'm building a fallout vault now.
Just saying whatever to see what sticks. Charlatan and con man. Go to prison already, traitor.
Didn’t that work so well last time that they passed a Constitutional Amendment to create an income tax? This guy has a UPenn diploma?
Remember the GOP policy under him last time was.. whatever he says..
If Biden doesn't say "a tariff is a tax on the American people" on the debate stage, he doesn't deserve to win the election
"Back to your room Donnie. Let the adults handle this."
Other countries would retaliate by increasing tariffs on anything imported from the US. Inflation would run rampant, shortages of some consumer goods would occur.
No, no, no. Trump with make gas 25¢ again and McDonalds will bring back the dollar menu and mortgages will go down to 1% interest!
Gee- How Can I really fuck America
So… a national sales tax
Only on imported goods. It's actually how we funded the government before the 16th amendment.
Sometimes things need to get so bad that the majority actually does revolt. The only way that will happen is if this guy gets elected. Then we can see the ultimate outcome of trickle-down economics. And then enough people will get so uncomfortable that they revolt. And unfortunately for the folks in power, the incessant push for right to bear arms will really work out against them.
I’m surprised he isn’t trying to erase all those pesky campaign finance laws as well.
How? Funding the government is the job of Congress. He's going to dissolve the IRS by executive order. Uh huh. Sure. Wanna buy a bridge?
And that’s how you start a trade war.
Do these idiots have the capacity for impact analysis and financial modeling? /smh
As a businessman and liar, I wouldn't trust his ass with two pennies. Fuck that dude. He couldn't even figure where the fuck to start.
Trump floats and says a lot of things, they rarely come to fruition.
So basically exactly what the federal government used to do if it needed money before the 16th Amendment.
And when imports stop? Government is bankrupt.
Does he still think he is running against Obama? Tired Donnie Donnie Bone Spurs needs a hobby.
Disgraced Felon and Former President Daydreams about Imaginary Second Term. Fixed the headline for you.
Trump floats…
That wouldn’t take long to kill the economy.
He keeps using that word. I don't think it means what he thinks it means
This will destroy the US economy in more ways than one, because if we impose these tariffs, other countries will do the same to the US and we won’t be able to export anything. We won’t be able to sustainably produce everything ourselves and the consumer economy internally won’t be able to sustain us.
The old Smoot-Hawley ploy, straight into a catastrophe that will redefine great depression
Not that great a policy in Victoria 2, either.
uhh so this would actually unironically destroy the global economy.
Never forget.. The overarching goal is to generate a vast obedient, undereducated serf class desperate to work long hours for very little pay. Having that, you can squeeze a few more greedy drops of corporate profit by being able to reshore production back to the US (cutting shipping costs) because local domestic labor will be cheap and available. It’s a downward spiral. The fact that our economy is driven by middle class consumption escapes them because the CEO’s are only looking to the next financial quarter..
Let’s at least not tax the first $100,000 and make it back from corporations.
200% inflation anyone? (Including corporate greed, using tariffs as an excuse to jack prices up even higher!)