41–50 of 184 posts
Earlier quoted context omitted.
Trump wants to get rid of income taxes for those earning under $150k. He most likely intends to pull out the financial pillar of income tax, and replace it with tariffs. He is likely waiting for the price crunch to blow up so he can step in an give everyone the "gift" of no income tax.
Income taxes are progressive while tariffs are regressive, so those under $150k are likely to be worse off.
I've honestly never understood the point of the tariffs. 1. They're massively unpopular and likely to cause electoral losses in '26 and '28 which will immediately undo them 2. Consumers know the tariffs will likely cause a recession, and will likely be undone in 4y. Pretty much every major spending purchase that can be delayed, will. 3. Companies know 4y is not enough time to invest in new supply chains or new manufa…
I've honestly never understood the point of the tariffs. 1. They're massively unpopular and likely to cause electoral losses in '26 and '28 which will immediately undo them 2. Consumers know the tariffs will likely cause a recession, and will likely be undone in 4y. Pretty much every major spending purchase that can be delayed, will. 3. Companies know 4y is not enough time to invest in new supply chains or new manufa…
Trump wants to get rid of income taxes for those earning under $150k. He most likely intends to pull out the financial pillar of income tax, and replace it with tariffs. He is likely waiting for the price crunch to blow up so he can step in an give everyone the "gift" of no income tax.
Trump has openly talked about his plan to replace income tax with tariffs for years. Not just for "earnings under $150k" -- that was some post-facto inventions by Howard "Used Car Salesman" Lutnick on some news program appearance after tariffs were proving spectacularly unpopular -- but Trump has constantly ruminated on the grand old days of the 1890s, at least when he isn't talking about that ol' timey word "groceries" or showerheads, light bulbs and coal. And every economist save a few nuts like Pete Navarro (or his associate Ron Vara) have soundly announced that it's an incredibly stupid plan.
Here in reality, thus far the only tax break offered up has been an extension on tax reductions for the super rich. No tax free tips, overtime, etc. Only the super rich have benefitted.
Further, it economically makes zero sense and Trump has repeatedly argued completely contrary "wins" from his tariffs: both that all of the manufacturing and other production will return to the US (ignore that the US has effectively full employment, and such would be massively inflationary without a dire reduction in US quality of life), yet somehow he's going to make trillions from tariffs, which would require such an egregious tariff rate that there would be no imports at all and thus no tariff income. Federal spending would have to drop by almost 80% for tariff funding of the government to be remotely rational, and that means demolishing the military and social security.
>so he can step in an give everyone the "gift" of no income tax
Yeah, that isn't at all how Trump operates. Much like DOGE and their hilarious "$5000 cheques for all the savings" that will never, ever happen -- and quite the contrary the government financial position is more dire than ever -- Trump makes all of his promises up front. Like his tips and overtime tax claims, both of which are never going to happen. Or his amazing healthcare plan that's coming in two weeks. Or how about that line of countries offering everything and their 90 deals in 90 days. This guy is the definition of overpromising and underdelivering.
There is zero scenario where tariffs even cover the current deficit. And as Trump demolishes the credibility of the USD and US TBills (people don't realize that US banks have been increasingly forced to buy these as the global market as dissolved), it's going to get drastically worse.
I've honestly never understood the point of the tariffs. 1. They're massively unpopular and likely to cause electoral losses in '26 and '28 which will immediately undo them 2. Consumers know the tariffs will likely cause a recession, and will likely be undone in 4y. Pretty much every major spending purchase that can be delayed, will. 3. Companies know 4y is not enough time to invest in new supply chains or new manufa…
Nor, seemingly, does the U.S. president. It’s the same rhetoric we’ve heard from him since the mid 1980’s onward. “We’re being ripped off,” “We’re being laughed at,” “We need to fix the trade deficit…tariffs…” A case of arrested development. Going back to his earliest projects as a nominal real estate developer, the same inability or unwillingness to capitalize on the expertise of others to the detriment of most of his endeavours. Except for image-making. There he excels. This time, the project he is inevitably destroying is the global economy. And there’s no Fred C. Trump to bail us out.
Earlier quoted context omitted.
People keep acting like there is some plan or higher thought process. Sometimes, people are just morons. Look at how Bessent had to sneak in and try and get the tariffs paused: https://www.wsj.com/politics/policy/trump-tariff-pause-navar... There's no coordinated strategy there.
Apparently the guy is playing 3d chess. But they didn't say he's not very good at it.
I've honestly never understood the point of the tariffs. 1. They're massively unpopular and likely to cause electoral losses in '26 and '28 which will immediately undo them 2. Consumers know the tariffs will likely cause a recession, and will likely be undone in 4y. Pretty much every major spending purchase that can be delayed, will. 3. Companies know 4y is not enough time to invest in new supply chains or new manufa…
Sounds like a win for the climate, as a nice side effect.
I've honestly never understood the point of the tariffs. 1. They're massively unpopular and likely to cause electoral losses in '26 and '28 which will immediately undo them 2. Consumers know the tariffs will likely cause a recession, and will likely be undone in 4y. Pretty much every major spending purchase that can be delayed, will. 3. Companies know 4y is not enough time to invest in new supply chains or new manufa…
They are being implemented by people that think that "evolution is just a theory", "global warming is a hoax", "vaccines cause autism and are dangerous", etc.
Free trade is a core belief of Economics as a science, from Adam Smith's "Wealth of Nations" until the Nobel Prize of Economics in 2024. And discarding inconvenient science is a standard among Republicans (viz their attack on universities).
They're just morons.
- Exemptions for electronics
- Unemployment at 4%, no labor to work in factories
- Raw inputs now 10%+ more expensive, meaning worse international competitiveness
- Policy uncertainty deterring investment
Earlier quoted context omitted.
Trump wants to get rid of income taxes for those earning under $150k. He most likely intends to pull out the financial pillar of income tax, and replace it with tariffs. He is likely waiting for the price crunch to blow up so he can step in an give everyone the "gift" of no income tax.
Income taxes are progressive while tariffs are regressive, so those under $150k are likely to be worse off.
I've honestly never understood the point of the tariffs. 1. They're massively unpopular and likely to cause electoral losses in '26 and '28 which will immediately undo them 2. Consumers know the tariffs will likely cause a recession, and will likely be undone in 4y. Pretty much every major spending purchase that can be delayed, will. 3. Companies know 4y is not enough time to invest in new supply chains or new manufa…
Sounds like a win for the climate, as a nice side effect.