Smart people know they don't know everything.says the clown who thinks a fetus without a brain is alive. read the facts from economic experts...why do you think a trump voter knows anything, much less anything about economics, much less even a fraction as much as real experts whose data that article is based on? WHY FREAKING COMMENT IF YOU HAVE NOT READ HOW REAL EXPERTS DETERMINED THIS, ESPECIALLY WHEN ALL YOU SAY IS "NO, IT ISN'T!!" like a third grader. no facts, no rebuttal, just plain ignorance. as usual-
have someone you trust read this to you then take a couple of days trying to explain it to you-
The nonpartisan Tax Foundation estimates all the tariffs enacted by the president, including the latest increase from 10% to 25% on $200 billion on Chinese goods, will raise $72 billion in revenue, equal to 0.34% of U.S. gross domestic product. Revenue raised in the first year of the 1993 budget and reconciliation act equaled 0.36% of GDP.
"It's certainly not the largest tax increase in history but it does rank among some of the bigger tax proposals over the last 20 years that have raised revenues,'' said Kyle Pomerleau, chief economist with the Tax Foundation.
Key differences
Of course, there are key differences between a tax cut and tariffs.
Trump says Chinese companies pay the tariffs, but most economists see them being borne by U.S. businesses and consumers. That is, they are essentially a tax increase.
Kent Smetters of the Penn-Wharton Budget Model and a former Treasury official during the Bush administration, estimates that the tariff increase will cost the median U.S. household with earnings of $61,000 about $500 to $550 a year. It's the equivalent, he said, of raising the Social Security retirement tax by 1 percentage point to 11.6%.
Such a large revenue measure, according to Pomerleau, if it were a tax, would have been subject to considerable economic analysis from the Congressional Budget Office or the Joint Committee on Taxation for the potential effects on growth, inflation and jobs. No such analysis has been offered or is believed to have been conducted by the administration regarding the current tariffs.
And the revenue measure is by far the largest enacted without congressional approval. Congress, in a series of laws, has ceded to the president vast powers to levy tariffs.
Stupid people think they know everything.