After promising to eliminate taxes on tips, Social Security benefits and overtime pay, former President Donald Trump is taking aim at the largest levy of them all — the federal income tax.
A lot of comments here suggest people didn’t read the article. It’s pretty clear he intends to increase tarifs, and that would substitute income tax. Hey even MAGAS as demented as trump still gotta fund that war machine somehow.
As for how effective it could be? Well it’s at least interesting, as it will effectively be a 75% consumption tax on manufactured goods as a replacement. This would probably reduce consumption (great), crash manufacturing (bad), and boost white collar sectors (especially finance).
Basically this will negatively impact blue collars, and benefit white collars and the rich. Oh look, the big con continues.
And the silver lining - any negative consequences will be blamed on liberals/Democrats/THE JOOS, oops, I mean “the globalists”. What am I saying, they’ve been doing that for at least 40+ years…if you didn’t feel the glory of the golden showers of Ronnie’s trickle down economics, well, it’s because THEY took it, or THEY subverted Ronnie’s holy and virtuous plans.
A lot of comments here suggest people didn’t read the article. It’s pretty clear he intends to increase tarifs, and that would substitute income tax. Hey even MAGAS as demented as trump still gotta fund that war machine somehow.
As for how effective it could be? Well it’s at least interesting, as it will effectively be a 75% consumption tax on manufactured goods as a replacement. This would probably reduce consumption (great), crash manufacturing (bad), and boost white collar sectors (especially finance).
Basically this will negatively impact blue collars, and benefit white collars and the rich. Oh look, the big con continues.
You spell “food” funny.
And the silver lining - any negative consequences will be blamed on liberals/Democrats/
THE JOOS, oops, I mean “the globalists”. What am I saying, they’ve been doing that for at least 40+ years…if you didn’t feel the glory of the golden showers of Ronnie’s trickle down economics, well, it’s because THEY took it, or THEY subverted Ronnie’s holy and virtuous plans.Tariffs are a pass-through cost. This would invariably hurt the US economy.
Fucking rubes.
I’d expect a sudden inflation, with suddenly expanded after tax income chasing the same or reduced goods due to less imports.