Trump's Tariffs Cost Taxpayers More Than Largest Tax Increase in 26 Years

[JuliefromOhio]

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.

Smart people know they don't know everything.
Stupid people think they know everything.

 

[Winston]

Interesting premise.. so an organism without a brain is not alive?

By this standard there are several dead people on the supreme court

 

[Winston]

what you don't understand, along with most 3 syllable words, is Walmart would already be doing business with other countries for cheap goods IF THEY WANTED TO OR WERE ABLE TO...DUH....geez, what a brilliant statement- Walmart could just go get a huge portion of the merchandise they sell made in China or made with some Chinese parts from somebody else- IF THEY COULD DO IT NOW, AT A LOWER PRICE, THEY WOULD NOW...nobody wants to do so much business with China, it is just they produce so much of the world's cheap stuff and parts for other countries cheap stuff. duh. it is kinda like after WW2 and we were the only country making any cars, or anything at all, due to Europe and Russia and Japan being devastated by the war while we were never attacked on the mainland.

What you do not understand is that Walmart already does do business with china and imports trillions of dollars of cheap goods

You are really a moron

 

[sensible don]

This story is pure speculation, it is nothing but estimates and predictions. No facts. Remember, that 25% tariff is just a threat, it hasn't been imposed.
China has been ripping us off and stealing American jobs and consumers money for years. Trump is fixing that.
I've said it a dozen times: Democrats are economic morons.

Once again Soccer Mom you have Fox facts not real facts - spin away

https://www.apnews.com/2de967fddcb643ff8f317cf355ad173a
Click to copyhttps://apnews.com/2de967fddcb643ff8f317cf355ad173a

AP Explains: New China tariffs likely to hit US consumers
By CHRISTOPHER RUGABERMay 10, 2019

WASHINGTON (AP) — With the Trump administration more than doubling tariffs on billions of dollars of Chinese imports, will Americans soon see higher prices on store shelves?

Yes, but it may take a few weeks. U.S. import taxes on $200 billion of Chinese goods jumped to 25% on Friday, from 10%, as President Trump followed through on his threat to hike duties after he accused Chinese negotiators of backtracking on previous concessions they had made in ongoing trade talks .

The tariff hikes will impact thousands of items , including consumer goods like furniture, luggage, seafood and handbags. Businesses will pay more for chemicals, telecom equipment, and plastics. And car companies will pay more for auto parts, potentially raising new car prices.

 

[sensible don]

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.

Soccer Mom ignores facts and makes up her/ him/ it's own set of facts - remember the distribution center spinfest...

 

[PhilFish]

a human, most definitely. even trump voters.

How is it growing then?

 

[Winston]

How is it growing then?

Phil you are trying to import logical thinking to an illogical mind

You can not win

 

[kaz]

Stupid people think they know everything.

You mean things like what motivates their political opponents and it's mostly racism?

 

[PhilFish]

what you don't understand, along with most 3 syllable words, is Walmart would already be doing business with other countries for cheap goods IF THEY WANTED TO OR WERE ABLE TO...DUH....geez, what a brilliant statement- Walmart could just go get a huge portion of the merchandise they sell made in China or made with some Chinese parts from somebody else- IF THEY COULD DO IT NOW, AT A LOWER PRICE, THEY WOULD NOW...nobody wants to do so much business with China, it is just they produce so much of the world's cheap stuff and parts for other countries cheap stuff. duh. it is kinda like after WW2 and we were the only country making any cars, or anything at all, due to Europe and Russia and Japan being devastated by the war while we were never attacked on the mainland.

Odd. Walmart has many suppliers
https://www.investopedia.com/articles/insights/050116/walmart-stock-analyzing-5-key-suppliers-wmt.asp

 

[llovejim]

How is it growing then?

plants grow and they are not alive in the sense of a human being....are you trying to be stupid? your arms grow during your life, your hair grows all the time, are they alive? the arms and hair grow even though they are not alive is that they are being fed as part of a living thing, the human being which is only alive because its brain is functioning...the embryo, then the fetus, grow because it is part of a living human being- the mother, not because they are alive. if the mother dies, they no longer grow. get it?

 

[kaz]

plants grow and they are not alive in the sense of a human being....are you trying to be stupid? your arms grow during your life, your hair grows all the time, are they alive?

Plants, yes. Arms, yes. Hair, no

 

[PhilFish]

plants grow and they are not alive in the sense of a human being....are you trying to be stupid? your arms grow during your life, your hair grows all the time, are they alive?

I'm not, no. You are, sadly.

 

[llovejim]

Odd. Walmart has many suppliers
https://www.investopedia.com/articles/insights/050116/walmart-stock-analyzing-5-key-suppliers-wmt.asp

did i say they did not? thanks for the input, though.

 

[Winston]

plants grow and they are not alive in the sense of a human being....are you trying to be stupid? your arms grow during your life, your hair grows all the time, are they alive? the arms and hair grows even though they are not alive is that they are being fed as part of a living thing, the human being which is only alive because its brain is functioning...the embryo, then the fetus, grow because it is part of a living human being- the mother, not because they are alive. if the mother dies, they no longer grow. get it?

Hair does not grow. Hair is a defensive shell extruded by the body for defense, it is the product of growth. Why are u comparing hair to an entire individual

 

[llovejim]

Plants, yes. Arms, yes. Hair, no

you may be alive in the sense of a plant, and trump voters and trump, but most humans can think, can feel pain, have some level of consciousness..that is what being alive means...not just existing and growing like a plant...duh.

 

[llovejim]

Hair does not grow. Hair is a defensive shell extruded by the body for defense, it is the product of growth. Why are u comparing hair to an entire individual

hair does not grow? hilarious.

 

[Winston]

hair does not grow? hilarious.

Hair is dead tissue, only the follicle that produces the dead tissue is alive.

How are you so dumb that you do not know this?

 

[llovejim]

I'm not, no. You are, sadly.

wow, you really refuted my post!! what a master debater...believing a fetus is alive, has consciousness, can be killed, because it grows. just amazing. why do you think a human being is alive without a brain? do you think if the fetus senses the mother is about to die and it will cease to function, that it tries to escape? you know, like something with conscious thought and a brain would do?

 

[llovejim]

Hair is dead tissue, only the follicle that produces the dead tissue is alive.

How are you so dumb that you do not know this?

that is stupid even for you. just quit while you are behind.

 

[afella]

There are zero 25% tariffs. That is merely a threat at this point. What the Democrats never mention is that WalMart is perfectly free to, and able to, purchase the widget from a country that isn't imposing tariffs on goods we export to them, like China is doing to us. That means more American manufacturing jobs, right here. So why aren't the Democrats in favor of more jobs? Several reasons: if Americans have good jobs, they don't need Democrats. The Democrats need immigrants in low paying jobs for their voter base. Democrats are economic morons. They do not know how to create widespread prosperity.

How long will it take for those manufacturing jobs to be up and running?

A person would have to: buy or refit a property to produce the good. Purchase equipment, which would be in high demand as others would be attempting to do the same thing. Hire a workforce, and then weed out the ones that will not work out. train the workforce. Work out the kinks in their system and product designs. Finally put the product on the market.

During that time other businesses could close that supply parts to overseas manufacturers. People who have saved money for years will be draining their cash to keep purchasing products. People who were already on the edge could fall into the abyss of long term debt or short term debt, pushing off plans for their retirement etc.

The price is very high in terms of the human toll, and possibly the economic toll once people start spending less than they already do.