- cross-posted to:
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- cross-posted to:
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- [email protected]
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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critics are right
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.
Congrats, USA!
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.
At this point I think it’s just market manipulation. They are already going back on some of the tariffs.
Which ones?
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.
Hey man, there’s no need to lump the taint lickers in with this guy.
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.
Is this supposed to make sense? Moron.
Corporate welfare must end. Welfare for billionaires must also end. That’s your tax dollars at work.
Here’s an article showing that individuals, not just corporations, get abundant welfare in the hundreds of millions.
he has such a wierd stance. he such severe lordosis from the lifts and girdle.
I think the off-center weight in his diaper fucks with his center of gravity.
To be fair, COVID-19 was also a factor in 2020
Though the orange goon’s abysmal handling of the situation didn’t help.
Most definitely
If only this could have been seen coming … there were really just no warning signs … I’m tired.
Exactly, I wasn’t so much shocked as I was surprised Harris lost. I mean how can so many people be that dense as to vote for Trump?
What gets me is that there were millions who couldn’t be bothered to vote against Trump.
imho Biden/Harris shouldn’t have had to do anything whatever. People should have just shown up and said ‘no’ to anotehr Trump term.
No democrat should have had to do anything. just a few minutes of any Trump campaign speech should have been enough for him to lose most votes. Have his groupies ever actually listened to him?
Awareness isn’t a big thing for them. They’ve lived through Reaganomics since 1980 and still haven’t noticed that none of the wealth is trickling down.
In 1980, ‘middle class’ was still one job supporting a family of four and $1 million was still a vast fortune. By the time Bush Sr’s term was over, ‘middle class’ was two incomes to run a household and $1 million was what a rich guy paid for a party.
Absolutely, being normal should beat a flaming sociopath. But malignant narcissism and sociopathy have become virtues in USA, as the ultimate symbol of freedom. Because they only think of themselves.
Good thing most Americans can find an extra three grand in their couch cushions. /s
vance already checked
That’s not for them. Vance left a tip for the couch when he finished.
Oh no no no. It’s of course someone else’s fault. Harris not good enough, blah blah blah. Definitely don’t blame people too lazy or uninterested to vote. That’s definitely not their fault and theyre definitely not complicit in everything going on.
No sir, it’s the democrats for Gaza. Or for biden. Or for not being sparkly enough. Or now, for not standing up to trump (when they are in the minority). They are the ones to blame for the situation, not trump or the morons who voted for him for a second term, or stayed at home. No sir, let’s be mad at the democrats.
Plenty of blame to go around
Take the upvote.
“People keep acting like a trump win will be the end of democracy, but thats just hyperbole. He wont end democracy.”
-bad faith trolls
No he will not end democracy as such, it’s in USA he will end it.
That’s what I said to myself when he won to calm myself down.
No they said they were going to. It was very clear that your countrymen decided exactly this.
Why did biden do this
Where is Kamala now? Why doesn’t she do something against this?
Thanks, Obam-na
Hey that’s my line. Up vote.
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.
My point is the people we’re constantly complaining about not voting, some didn’t vote because they didn’t vote for Harris to be the primary candidate. I am not one of them, but I think it’s a valid argument.
What I’m getting right now is knee jerk reactions to me saying Biden shouldn’t have dropped out instead of poopooing on the non voters like everyone else.
No way to know of course, but if polls are to be believed Biden would have done even worse. The debate performance was abysmal.
alot of them never bother voting in the first place, let alone care what biden did or did not do.
I wouldn’t be surprised if these tax hikes are imposed, then Musk/Trump issue checks with their faces that give ‘free money’ to everyone in an attempt to curry favor.
If that happens, I will turn that crap into Euros.
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.
The burden is coming in the price of goods you purchase not in a tax that is due.
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”
And pay $1,540 extr in actual income tax
the irs has been gutted, tehy wont be coming after you anyways.
When the IRS is under-funded, they’re less able to go after the wealthy and are left the poor who won’t be able to fight it.
Don’t worry he’s getting rid of half of the irs so there won’t be anyone to enforce tax laws.
When did sabotaging your own economy become a hallmark of leadership? Asking for 300 million friends.
🐱🐱🐱🐱
He works for Putin. He’s been very successful at following his orders.
Remember, if you see someone stealing food, no you didn’t.
I thought DOGE saved taxpayer money. Since the cost of government spending is lower, taxes should be lowered. This Trump and Elon are scammers if taxes are not lowered.
Only if you make over 360k a year and above.
The doge website is filled with shit like “We saved a million dollars by cutting a program that feeds starving babies” and I just have to laugh. One million isn’t even enough for the average person to retire on, the government is operating at a $1.7 TRILLION deficit PER YEAR.
It saves it for distribution to billionaires.
Wait you mean this guys don’t actually create value?! OMG this whole time!
😂😂😂 Oh boy those MAGA idiots that were complaining about inflation and thought voting for Trump would help them. 🤣🤣🤣
How’s that going for you? 🤡🤡🤡They’d cut off their nose to spite their face. As long as people they don’t like are hurting, they’ll suffer as well. They’ll probably just find a way to blame Biden or Obama again.
They won’t actually find a way. They’ll just make up shit that Trump was actually responsible for.
Trump Set to Whack US Working Class With Historic $2,000 Tax Hike
They updated the article FYI.
I’m not paying taxes for fucking musk to destroy the country.
Yes you are, lol.
You won’t be paying more taxes, directly. Things will just cost a lot more and you’ll blame foreign companies instead of senseless import taxes that you’re paying. It’s a hidden tax
Rest assured I’m only going to blame the fucking rich Nazis for this horseshit… They’re the ones that single-handedly undermined this country for their own benefit, by deceiving people too stupid to understand that up is up and down is down… There is no other country that should want to do business with the US which sucks but it isn’t their fault it’s all this shit stain and his goddamn Nazi enablers doing this.
“Whack”? Seriously? Jfc.
