Hoytvectrix
5 year old buck +
I respectfully disagree completely about the tariffs. Economists almost unanimously think across the board tariffs are a bad idea, and that says something because they rarely agree so consistently on anything.I believe Trump will impose 10 or 15% tariffs through another avenue/code ? I personally like the tariffs but I think they should be less than 20%
The revenue it brings in, balances the budget somewhat . Yes it’s a tax, & everyone pays it. Including corporations who were avoiding taxes !
The biggest problem with our tax system is that less than 50% of Americans pay any taxes . This is a way to collect from everyone.
I realize it can hurt the lower class in some ways, however, they benefit greatly by others paying taxes, yet are not always appreciative of that . In reference to a recent article … from Duluth, MN, a person on the system can collect up to $45k (including free housing, food, utilities, healthcare, childcare, etc..)
This is a small revenue generator, & I actually think Wall Street wants most of the tariffs to stick .
(Not to forget to mention the benefits of buying and building in the USA)
I don't think it is so clear that "Wall St" likes them. You can find the days when Trump announced new tariffs by looking at dips in the market plotted over time. Regardless, the economists are the ones studying the impacts of tariffs for a living and their opinion should matter more, in my opinion.
The 50% of Americans not paying taxes is a tired straw-man talking point. Yes, many do not pay federal income tax, but they generally pay state income taxes, and more importantly taxes on everything else that are not income like sales tax and property taxes. Tariffs are effectively a regressive tax, and will disproportionately affect poorer people more as the tariffs cause prices to increase and these people will be spending a higher percentage of their income on taxes.
I am a fan of simplifying all forms of taxes whenever possible. I think having carve outs and exemptions only creates opportunities to be exploited (at best) or they further lead to corruption. Targeted tariffs can make sense, but it should be congress deciding when and how to enact them.