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Message
Dissecting Trump's economic plan 2024.. eliminate income taxes
Posted on 5/7/23 at 1:27 pm
Posted on 5/7/23 at 1:27 pm
In the middle of a debate in another thread, I wanted to see if Trump's plan has changed. Some things have and some have not.
So let's dive in.
Part 1:
Obviously, the devil is in the details.
The plan appears to be a large scale shift.
Basically, this looks to be a plan that will make the USA an environment for companies to move here in some capacity.
It also looks to change the burden from USA citizens via taxes.
My questions. I would like to know the rate of the baseline tariff. Will that be enough for our budget? How much would that reduce the business taxes? How much will the Income Tax go down?
LINK
The Smoot-Hawley Tariffs did not cause the Great Depression.
So let's dive in.
Part 1:
quote:
UNIVERSAL BASELINE TARIFFS: President Trump has announced a plan to replace the Biden system of punishing domestic producers and rewarding outsourcers with a new system that rewards domestic production while taxing foreign companies.
Obviously, the devil is in the details.
quote:
As tariffs on foreign countries go up, taxes on American workers, families, and businesses can come down.
The plan appears to be a large scale shift.
quote:
President Trump’s trade policy is firmly rooted in American history. America used to impose tariffs on over 95% of all imports, and for decades the federal government took in over 80% of its revenue by taxing foreign producers through tariffs—not by taxing American workers and businesses.
Basically, this looks to be a plan that will make the USA an environment for companies to move here in some capacity.
It also looks to change the burden from USA citizens via taxes.
My questions. I would like to know the rate of the baseline tariff. Will that be enough for our budget? How much would that reduce the business taxes? How much will the Income Tax go down?
LINK
The Smoot-Hawley Tariffs did not cause the Great Depression.
This post was edited on 5/7/23 at 2:17 pm
20
Posted on 5/7/23 at 1:30 pm to ProSoundAdam
quote:
As tariffs on foreign countries go up, taxes on American workers, families, and businesses can come down.
The Desantis idiots think tariffs are taxing them daily
Posted on 5/7/23 at 1:42 pm to ProSoundAdam
Beats what we got. Let's try that. Rather pay based on my consumption rate than my pay rate.
Posted on 5/7/23 at 1:43 pm to ProSoundAdam
quote:
eliminate income taxes
WILL NEVER HAPPEN
Posted on 5/7/23 at 1:48 pm to ProSoundAdam
Hoover tariffs were a huge contributor to the Great Depression. We ran a trade surplus as people starved.
Posted on 5/7/23 at 2:00 pm to Herooftheday
quote:
Beats what we got. Let's try that. Rather pay based on my consumption rate than my pay rate.
I think a consumption tax is fair.
Posted on 5/7/23 at 2:02 pm to I B Freeman
Interesting that you pick 1 era in the vastness of our nation's history.
Moreso, it's interesting that you think a depression was not happening without it.
Moreso, it's interesting that you think a depression was not happening without it.
Posted on 5/7/23 at 2:11 pm to ProSoundAdam
The COMMITTEE of 300 is going to be pissed. They need free trade to put Americans out of work!!
This post was edited on 5/7/23 at 2:12 pm
Posted on 5/7/23 at 2:15 pm to ProSoundAdam
quote:
Basically, this looks to be a plan that neither chamber of Congress will give a minute of consideration or debate. It wouldn't even see the floor.
Fixed it for ya!
Posted on 5/7/23 at 2:18 pm to TigerFanatic99
Congress has no say in tariffs.
Posted on 5/7/23 at 2:55 pm to ProSoundAdam
quote:
The Smoot-Hawley Tariffs did not cause the Great Depression.
Nope. The fundamental cause of the Great Depression in the United States was a decline in spending.
There were recessions leading up to it. The market had quadrupled in 8 years time.
Federal Reserve had raised interest rates in hopes of slowing the rapid rise in stock prices. These higher interest rates depressed interest-sensitive spending in areas such as construction and automobile purchases, which in turn reduced production.
By the fall of 1929, U.S. stock prices had reached levels that could not be justified by reasonable anticipations of future earnings. As a result, when a variety of minor events led to gradual price declines in October 1929, investors lost confidence and the stock market bubble burst.
The stock market crash reduced American aggregate demand substantially. Consumer purchases of durable goods and business investment fell sharply after the crash.
The decline in the money supply depressed spending.
Posted on 5/7/23 at 3:19 pm to ProSoundAdam
quote:
President Trump’s trade policy is firmly rooted in American history. America used to impose tariffs on over 95% of all imports, and for decades the federal government took in over 80% of its revenue by taxing foreign producers through tariffs—not by taxing American workers and businesses.
Tariffs have a track record. They have been studied and analyzed over and over and over again.
How many right leaning economists believe that tariffs are good policy? Probably zero. How many left leaning? Not many.
But here we have Trump and Trumpkins who think they know better. Folly.
BTW, I believe Trump wants to get rid of payroll taxes, not income taxes. For Trump's tax plan to work you would need to get rid of the 16th amendment and therefore income taxes. Not what he is planning on doing.
This post was edited on 5/7/23 at 3:30 pm
Posted on 5/7/23 at 3:28 pm to frogtown
quote:
Tariffs have a track record. They have been studied and analyzed over and over and over again.
Yes they have. Thousands of years! Amazing isn't it.
quote:
How many right leaning economists believe that tariffs are good policy? Probably zero. How many left leaning? Not many.
I don't care what modern universities teach.
quote:
But here we have Trump and Trumpkins who think they know better. Folly.
Nope. We have that 1000s of years of history to look at.
Posted on 5/7/23 at 3:31 pm to Jjdoc
quote:
How many right leaning economists believe that tariffs are good policy? Probably zero. How many left leaning? Not many.
I don't care what modern universities teach.
I will believe Milton Friedman over Trump and Trumpkins 24/7. I guess you will go with Trump and Trumpkins.
This post was edited on 5/7/23 at 3:32 pm
Posted on 5/7/23 at 3:33 pm to ProSoundAdam
S-H did not cause the depression, the international banking system collectively shitting itself after Germany defaulted on its WWI reparations did. And we got there because the Weimar Republic hyper-inflated the German Mark.
People like to skip from the Kaiser to the little painter from Vienna without bringing up how the Weimar Republic utterly fricked Germany and the rest of the world.
People like to skip from the Kaiser to the little painter from Vienna without bringing up how the Weimar Republic utterly fricked Germany and the rest of the world.
Posted on 5/7/23 at 3:35 pm to Jjdoc
Look at the 2 systems. They have both had depressions and recessions.
The Great Depression came after the monitery policies. The Federal Reserve was created in 1913. Look at it's actions leading up to the Great Depression for a very clear understanding of how they really were stupid.
There was a drastic 67 percent increase in the money supply between 1921 and 1929.
The Federal Reserve then slammed the breaks on the train extremely hard. Raised rates very fast and pretty much cause the collapse in the market.
The Great Depression came after the monitery policies. The Federal Reserve was created in 1913. Look at it's actions leading up to the Great Depression for a very clear understanding of how they really were stupid.
There was a drastic 67 percent increase in the money supply between 1921 and 1929.
The Federal Reserve then slammed the breaks on the train extremely hard. Raised rates very fast and pretty much cause the collapse in the market.
Posted on 5/7/23 at 4:06 pm to Jjdoc
quote:
The decline in the money supply depressed spending.
Have you seen where M2 is lately?
Posted on 5/7/23 at 4:10 pm to Timeoday
M2 is shitting the bed because they are trying to put the breaks on the past 14+ years of monetary policy.
8 years of QE under Obama in particular fricked the bed but all the money handed out due to Covid closures did not help.
8 years of QE under Obama in particular fricked the bed but all the money handed out due to Covid closures did not help.
Posted on 5/7/23 at 4:15 pm to ProSoundAdam
can you get a thread on this pinned?
maybe they are looking at this on the money board.
it's important not to let the issue get highjacked by partisans who get stuck in defending the brand name instead of the best solution.
maybe they are looking at this on the money board.
it's important not to let the issue get highjacked by partisans who get stuck in defending the brand name instead of the best solution.
Posted on 5/7/23 at 4:15 pm to frogtown
quote:
I will believe Milton Friedman
Now there is a Laffer if you need one!! You know, the guy with the curve.
This post was edited on 5/7/23 at 4:16 pm
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