- cross-posted to:
- progressivepolitics@lemmy.world
- cross-posted to:
- progressivepolitics@lemmy.world
Summary
Donald Trump is poised to impose massive import tariffs on goods from Canada, Mexico, and China, effectively raising taxes on U.S. households by an estimated $3,000 annually.
Unlike past tax increases that targeted the wealthy, these tariffs disproportionately impact low- and middle-income workers.
While Trump claims the measures address immigration and fentanyl concerns, experts argue they serve as a revenue source to offset tax cuts for the rich.
Critics contend that Trump’s tariffs lack a clear industrial strategy and primarily burden American consumers.
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Finally someone says what it is.
TARRIFFS ARE A SALES TAX.
TARRIFFS ARE A SALES TAX.
TARRIFFS ARE A SALES TAX.And every consumer hates a sales tax.
Remember, if you see someone stealing food, no you didn’t.
I kept saying this, and I’m glad others are realizing it.
He steamrolled tariffs because it’s a tax on the working class. He will never raise taxes for the ruling class.
Is taxing his own corporation to generate revenue also a tax on his citizens?
Edit) What I mean is, are domestic taxes less harmful than tariffs, should domestic corporate taxes also be as low as possible?
I think you’re confusing Trump’s ill-informed theory with actually theory and practice.
If foreign goods are taxed, those companies will not simply absorb the hit to their profits. They will instead increase their prices, which hurts the consumer.
You may be thinking, “then won’t consumers buy other products?” If so, you need to think a step further. Are there other products that are just as cheap? Will other companies simply raise their prices to match and take advantage of the extra profit? Are there even locally made alternatives to the product, and, if so, are they cheaper than even the tariff price?
In practice, tariffs are only effective if there are local competitors within the same price bracket, and your populace can absorb the difference in price without much pain.
https://www.usimportdata.com/blogs/top-10-us-Imports-data-by-country-product-hs-code-database Electronics, vehicles, fuels, medicines, and plastics are among our top imports. Home built vehicles are usually expensive. For example, when you think cheap, you think of a Toyota Corolla or a Honda Civic something. We know fuel is important. Medicines are not an optional cost. Plastics are part of everything. Our economy relies a lot on imports. The US shifted away from manufacturing and towards a service economy a long time ago. We don’t have a many home-built goods as we used to.
Tariffs will hurt the average citizen by corporations increasing their prices to absorb the profit losses imposed by the tariffs. There are often no comparable local alternatives, and many of these goods are not optional. Americans will pay this price. In effect, this makes it a tax on normal citizens
Personally, I like the idea of restoring local manufacturing, and I think tariffs can play a role in this… but to do so without harming citizens requires subsidizing local industry to provide cheaper homemade alternatives along with a more gradual adjustment. We would also need to reduce the cost of living in order to make lower wages livable such that the labor cost of local manufacturing is lower. But we all know that’s not happening - we desperately need wages to go up right now to make the cost of living bearable. Slapping double-digit tariffs on goods suddenly is a great way to destabilize an economy. So uh… fuck Trump.
Oh wow. One might just think you’re a taint-licking moron, and they’d be right.
No need to be hostile, I just hear many people pushing for taxing corporations, and it popped into my head. Why is taxing foreign companies evil but taxing domestic companies good, or are all taxes passed to consumers in the end?
It’s not hostile it’s tough love. You’re talking bullshit and they’re trying to warn others of your idiocy.
If I (someone who makes around $30,000 a year) owes anything CLOSE to 2 grand in federal taxes theyre gonna have to send the IRS after me to collect. 🤷 Sorry dumpy donnie.
Don’t worry he’s getting rid of half of the irs so there won’t be anyone to enforce tax laws.
You won’t see $2k more in Federal Income Tax, you’ll pay higher prices on store shelves (because of the tariffs the Federal government collected from the importer of the goods, which ultimately get passed on to you the consumer)
I call it “trickle down getting-fucked”
If only this could have been seen coming … there were really just no warning signs … I’m tired.
Why did biden do this
Thanks, Obam-na
Unpopular opinion but I’m not seeing many people put any blame on Biden for dropping out after the very first debate. The whole “too old” argument was extremely weak and, unfortunately, a large chunk of men in the United States will never vote for a woman. No matter how strong her stance is, what qualifications, or anything, they are staunchly against a woman in power.
It’s unfortunate but dropping out and nominating the VP that nobody really knew for doing anything during the 4 years of Biden wasn’t the best option, especially because people felt like they didn’t vote for her, and the aforementioned sexism that still exists. If they put Walz up, or even Beto, they would have been better options IMO.
Edit: Not seeing much discussion, just downvotes. If Lemmy is to be better than Reddit I recommend not downvoting only because you disagree.
Yeah, Biden could have done differently.
You know what would be better? If ~23% of the populous weren’t hateful ignorant cultists intent on installing christofascism to their own obvious detriment. To hell with bitching about what democrats do wrong (most things if we’re being honest). The blame lies with every republican that voted for mango Mussolini and we shouldn’t let them forget it.
and having MSM and social constantly pushing right wing propaganda in thier faces.
