PF5
Ranger
@GOGETUMPOKE have you ever considered empathy at any time in your life?
Trump 47
- Thread starter PF5
- Start date
mugatu
Ranger
Considered and rejected.Of course
I gotta give you credit, man. Your avatar is spot on. Perfection.
PF5
Ranger
Tariffs: What They Are and How They Impact Your Wallet
President Donald Trump wants to raise tariffs on all foreign goods, but who pays for the tax?
www.kiplinger.com
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the Trump administration is expected to impose a level of tariffs on U.S. imports not seen since before World War II, economists warn. The results could be troubling for U.S. consumers, as tariffs are said to cause prices of everyday goods to spike.
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Tariffs also can make local products more attractive to buyers and spur competitiveness in the market, price gauging by locals — or in some cases, inflation.
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data show that using tariffs as a revenue source can harm low and middle-income households and benefit those with higher incomes.
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When Trump imposed tariffs on various imports during his first term, the hardest hit were U.S. consumers and firms.
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After U.S. businesses pay for import tariffs, they often pass on price increases to consumers to make a profit.
As part of the collateral damage from tariffs, consumers may see prices of goods increase, or product stagnation, to name a few.
For example, if a U.S.-based car business is paying $20,000 to import a vehicle from China, a 60% tariff would mean a cost of $12,000 more to import that car. Some of that price hike may be passed onto the consumer, resulting in a more expensive car.
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A 20% tariff on all imported goods, with a 60% tax on Chinese goods would amount to about $3,900 more in taxes for a middle-income family in 2026, CAP estimates. That’s up from the $2,500 tax increase associated with Trump's previous proposal.
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Pretty much across the board, from essentials like food and medicine — to toys and apparel. Here are a few examples of tax increases on everyday items.
- $200 increase on food
- $210 increase on medicine
- $300 on electronics
- $220 tax increase on apparel, footwear, and jewelry
While every U.S. household would likely see a tax hike under Trump’s tariff plans, the highest earners would benefit the most. That’s because, as the Peterson Institute for International Economics (PIIE) finds, high tariffs often imply a “massive shift of the tax burden from richer taxpayers toward lower-income households.”
Under a 10% worldwide tariff and 60% tax on imported Chinese goods, the Tax Policy Center projects that U.S. households could see declines in after-tax income anywhere from 1.7% to 1.9%. However, those in the top 0.1% would see their after-tax income fall by about 1.4%.
In dollar terms, Trump’s plans to impose higher tariffs would mean:
- Lower-income households (those earning up to $32,800 a year) would pay about $320 more in taxes (an after-tax income decline of 1.7%)
- Middle-income households (earning between $63,300 and $113,100) would pay about $1,350 more in taxes (an after-tax income decline of 1.8%)
- The top 0.1% (those earning over $4 million annually) would pay about $133,000 more in taxes (representing an after-tax income decline of 1.4%)
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Trump’s across-the-board 10% hike on tariffs, including from allied countries, could also lead to retaliation from other countries
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Most economists who oppose this policy see it as a tax that could harm those with lower and middle incomes.
Remember that while tariffs can foster less dependence on other countries' goods and promote competition, these taxes can also increase prices for consumers like you.
Separately, Trump announced plans to create an External Revenue Service that would collect tariffs and fees. But remember, tariffs on U.S. imports are paid by domestic importers, which means those taking a hit will be based in the U.S.
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Trump reverses Biden policies on drug pricing and Obamacare
The moves are likely to be inconsequential to many people in terms of what they pay in out-of-pocket health care costs.www.nbcnews.com
Biden’s bigger health care initiatives, such as a $35 monthly cap on insulin, a $2,000 annual out-of-pocket cap on prescription drugs and Medicare’s negotiating drug pricing provision weren’t affected by Trump’s executive actions Monday.
Carry on.
Dude....I gotta say, liking your posts when you're accurately and rationally posting feels all kinds of weird and dirty.
But when you're right, you're right.
And here you are right on point.
Please go back to trolling.
mugatu
Ranger
There are days here when I feel like I'm taking crazy pills.
mugatu
Ranger
A Distributional Analysis of Donald Trump’s Tax Plan
Former President Donald Trump has proposed a wide variety of tax policy changes. Taken together, these proposals would, on average, lead to a tax cut for the richest 5 percent of Americans and a tax increase for all other income groups.
itep.org
Tax changes based on proposed Trump tax plan.
Extending the temporary provisions in Trump’s 2017 tax law that will otherwise expire at the end of 2025, except for the $10,000 cap on State and Local Tax (SALT) deductions, which Trump says he would not extend
Exempting certain types of income from taxes (overtime pay, tips, and Social Security benefits)
Reducing the corporate tax rate from 21 percent to 20 percent and then further reducing it to 15 percent for “companies that make their product in America”
Repealing tax credits enacted as part of President Biden’s Inflation Reduction Act that provide incentives for the production and use of green energy
Imposing a new 20 percent tariff on imported goods, with a higher rate of 60 percent for goods from China.
Stillwater Townie
Ranger
RFK Jr is telling senate Republicans that he’s actually ‘all for’ vaccines
Kennedy has suggested, contrary to scientific consensus, that certain vaccines are connected to childhood autism, asthma and developmental impairment
www.independent.co.uk
mugatu
Ranger
Haha. Wait, people can lie in senate confirmation hearings with no repercussions? Hmmm... it's almost like this is a rerun of previous hearings (Roe is settled and law of the land).RFK Jr is telling senate Republicans that he’s actually ‘all for’ vaccines
Kennedy has suggested, contrary to scientific consensus, that certain vaccines are connected to childhood autism, asthma and developmental impairment
Why do eggs still Holocaust so much?
Stillwater Townie
Ranger
The real reason the government wanted TikTock banned:
Stillwater Townie
Ranger
Then if Musk's Nazi salute is harmless and incredibly stupid for people to get upset about it, then why don't you put up a video showing you joyfully giving Nazi salutes?
This actually made me laugh out loud. Well done
mugatu
Ranger
Hmmmm.... so when a country bans negative speach about the country and strictly enforces said ban, the only opinions that are spread on a very visible social media app are positive... interesting.
Only watched a bit of the video, but what people "see" on RedNote is what the PRC wants people to "see". Can't believe anyone would ever complain about US government influence on social media/press and then think the PRC isn't doing it at least 10x more.
PF5
Ranger
Trudeau says Americans will pay more whenever Trump decides to impose tariffs on Canada
Outgoing Canadian Prime Minister Justin Trudeau says prices for Americans will go up if President Donald Trump follows through with his vow to apply sweeping tariffs on Canadian products.
apnews.com
sidenote: was discussing tariffs with a maga just two days ago; and his opinion was that yes, we will have to pay more for stuff initially, possibly many years, but in the end it would make the US more independent and that is good...my feelings are trade with other countries is good...not only is there competition of goods which theoretically helps costs, but also isn´t it positive to carry on trading relationships with other countries?!
Trudeau says Americans will pay more whenever Trump decides to impose tariffs on Canada
Outgoing Canadian Prime Minister Justin Trudeau says prices for Americans will go up if President Donald Trump follows through with his vow to apply sweeping tariffs on Canadian products.
sidenote: was discussing tariffs with a maga just two days ago; and his opinion was that yes, we will have to pay more for stuff initially, possibly many years, but in the end it would make the US more independent and that is good...my feelings are trade with other countries is good...not only is there competition of goods which theoretically helps costs, but also isn´t it positive to carry on trading relationships with other countries?!
So wait, people voted for Trump because of short term financial implications but are willing to pay more "for years" if they think tariffs will help trade relationships long term?
I don't know how that tracks.
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