Monday, October 07, 2024

Trump Tax Plans Would Increase Taxes on 95% of Americans

Former President Donald Trump's domestic policy agenda would amount to a tax increase on the vast majority of American households, according to a new analysis by the Institute on Taxation and Economic Policy, thanks largely to his proposed tariffs on imported goods.

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Taken together, the tax cuts and tariffs would cost households in the middle 20% of the income distribution an average of $1,530 in 2026, the analysis found, while the richest 1% would save $36,320. Only 5% of the wealthiest households would come out ahead under Trump's plans.

Trump has proposed a 20% tariff on all imported goods and tariffs of 60% or higher on imports from China. A wide range of economists say American consumers would wind up bearing the burden of the tariffs, because even though the government would impose the levy on the companies importing the goods, those companies would in turn jack up their prices in order to offset the cost of the tariffs. That's why economists sometimes describe the tariff proposal as a national sales tax.

The conservative Tax Foundation has said Trump's tariffs would essentially be an excise tax and that his proposals would set tariffs at levels not seen since the Great Depression.

It's amazing that any sentient American would feel that economically-illiterate Donald Trump is better for our economy over just about anyone else with functioning brain cells and isn't suffering from obvious diminished capacity.

All one needs to do is listen to he contradict himself over and over again, showing a complete lack of understanding in basic economic principles, especially regarding the certainty importers will pass along the costs of any tariffs to consumers by increasing the purchase price of the goods they're selling here domestically.

#1 | Posted by tonyroma at 2024-10-07 03:50 PM

- "Only 5% of the wealthiest households would come out ahead under Trump's plans."

That's really all you need to control the Narrative for the Corporations who have replaced We the People in our Supreme Court and elsewhere.

What they really want is an Authoritarian Corporate Board and Leader who govern... their customers.

I mean, what kind of a dream scenario is that for any business?

It's just one more way these Oligarchs, the 1 percent of the 5, have already completed most of a coup against the American People.

They even have the rwing in this country believing DJT is an honest, moral man of integrity, wit, and grace.

That's what I call Power!

#2 | Posted by Corky at 2024-10-07 05:39 PM

I wonder if this will get his casual fans attention?

#3 | Posted by Tor at 2024-10-08 12:15 AM

I wonder if this will get his casual fans attention?

Nope. Fake News. They might figure it out later but it won't matter by then.

#4 | Posted by REDIAL at 2024-10-08 12:17 AM

"ll one needs to do is listen to he contradict himself over and over again, showing a complete lack of understanding in basic economic principles, especially regarding the certainty importers will pass along the costs of any tariffs to consumers by increasing the purchase price of the goods they're selling here domestically."
t's t
One doesn'y need a degrer in economics to figure that out! It's just a hidden national sales tax so that the concept of income tax, which is hated by the most greedy of the rich, jusy disappears and the very wealthy only pay tsx on the very small amount of products they buy. We need to reject the idea and demand a return to income tax funding of the government It's the mosy fair system; i.e. those who enjoy the most benefit from our economi csystem pay the most to fund the government that protects them and their wealth.

#5 | Posted by danni at 2024-10-08 06:31 AM

Rank and file GOP are so stupid,
voting to ---- their own economic wrists
year after year, buying into Trickle Down
Economics for the last half century.

It has NEVER WORKED.
It was NEVER MEANT TO WORK.

It was all a lie and an illusion,
to tell you one thing whilst taking
the money and running to the bank
when you were not looking...

For your own Gosh Dang selves,
WAKE UP! You are being robbed!

#6 | Posted by earthmuse at 2024-10-08 06:39 AM

No ---.

The suckers will still vote for him and then blame Biden for their tax hike.

#7 | Posted by Nixon at 2024-10-08 06:55 AM

Trump Tax Plans Would Increase Taxes on 95% of Americans

billionaires-small

#8 | Posted by censored at 2024-10-08 09:34 AM

Trump and the GOP love Regressive Taxation making the poor poorer while the billionaires that benefit from the poor and middle class see their burden lifted. Trickle down doesn't work. Time to go back to the 1950s for taxation on the rich that was when average Americans had an actual dream that could happen.

#9 | Posted by GalaxiePete at 2024-10-08 09:54 AM

This past year as Trump tried to sell himself as good for the economy he blamed inflation on Democrats but let's get something straight. What causes inflation? Government borrowing when tax revenues can't meet expenses. Borrowed money incurs interest, The value of the dollar is reduced. What is inflation? It is the consumer's window to see the value of the dollar reduced due to falling tax revenues while government expenses are not reduced so Republicans start screaming that we need to reduce spending figuring, correctly, that most Americans won't remember that the last 4 Republican Presidents have all slashed taxes: grow-the-fuvk UP= for the richest Americans and the most profitable corporayions. Thus, inflation is a direct result of tax cuts for the rich. Spin it any way you want but it is still the truth right wing conservatives who, for all their pandering to the religious right, their anti-immigrant venomous hatred, their pandering to Putin, their pandering to the religious right with hatred for gay and trans people, etc. but the truth really is they cut taxes for rich people. That is actually their sole purpose; all those other morality based ideas, immigration based ideas, all of it is just fluff to fool stipid people into votinG for pokiticians on a mission to cut taxes for rich people. If you don't already know that you are not really a grown-up. My advice to most MAGAmorons: grow-the F-up! It's the money! It's always about the money! All your Christian values, homophobia, misogyny, xenophobia, etc. are put into your brains by very well paid TV talkers who want you to believe it is everything except the money but IT IS THE MONEY! IT'S ALWAYS THE MONEY! ALWAYS, ALWAYS, ALWAYS!!!!! And it is always about reducing or eliminating taxes on the rich. If someone tells you that's not true look them in the eye and screa,LIAR111111 iT'S ALWAYS ABOUT THE MONEY!

#10 | Posted by danni at 2024-10-08 10:35 AM

Furthermore; if you think Donald Trump really just loves the Bible or Christian values or anything except money and power I hate to tell you it is time to grow up and realize the Republicans have been quietly laughing at you for years. These are some of the most amoral people in the country pretending to care about issuea important to Christiam consevatives. Let me just ask you this: how many conservative Christian Evangelists, coincidentally also millionaires, have been exposed as adulterers, pedophiles, homosexuals, etc? Brings us back to the same point; IT'S ALL ABOUT THE MONEY! Wake up! They laugh at you! When you finally face that fact you will start seeing cleatly and yes! there are moral imperatives but they aren't about who you have sex with. Back to basics again: GROW THE F UP! iT IS always ABOUT THE MONEY! wwHEN YOU START TO THINK IT'S NOT ALWAYS ABOUT THE MPNEY PINCH YOURSELF AND REMEMBER it's alwYS ABOUT THE MONEY!

#11 | Posted by danni at 2024-10-08 11:03 AM

#12

Only idiots and Trumpers always assume that if a topic is mentioned negatively then it means everything about the topic is negative.

Biden kept effective Trump tariffs and implemented others to protect US industry from foreign government subsidized imports that would undercut nascent US producers.

What Biden nor Harris aren't doing is misrepresenting tariffs on imported goods as being paid for by the importers and not US consumers who'll face higher prices when taming inflation is one of the chief economic goals.

But you know all this, Commondolt, don't you? You're simply too disingenuous to paint the complete picture because it doesn't serve your divisive and subversive agenda.

Bot be gone.

#13 | Posted by tonyroma at 2024-10-08 11:19 AM

This is good, Americans need to pay their fair share.

Tariffs are a short term pain (move to US made products) for hopefully long term gain (new companies getting a foothold to compete globally).

The Trump/Biden tariffs have been successful.

Righties, and ignorant Lefties hate tariffs, but tariffs enabled unions and the industries they support survive.

Unions laud tariffs
www.politico.com

Only people not interested in American Citizens would hate tariffs.

#14 | Posted by oneironaut at 2024-10-08 11:25 AM


Biden kept effective Trump tariffs and implemented others to protect US industry from foreign government subsidized imports that would undercut nascent US producers.

Tony, he didn't get rid of any China tariffs, and as CommNotes says he added them for EVs and Solar

Biden will keep Trump's China tariffs, and add new ones on electric vehicles
www.npr.org

Also I bet any "tariff" Biden removed, there was a powerful lobby supporting it. NOT the WORKERS in that industry.

#15 | Posted by oneironaut at 2024-10-08 11:29 AM

Trump has no clue what he's doing other than his beloved tax cut to his cronies.

He inherited a decent economy from Obama, proceeded to explode the deficit, and hurt job growth.

Now, if he were to win, he's poised again to get an economy on the uptick which he will, as a Republican, destroy it and Dems would take control in four years to AGAIN correct it.

#16 | Posted by brass30 at 2024-10-08 02:05 PM

So what is going on in America? Who are these MAMAfreaks? Do they have so much money that they won't mind paying more foe virtually everything so that th richest 1% can have a tax cut?

#17 | Posted by danni at 2024-10-09 07:59 AM

Who are these MAMAfreaks?

They're stupid enough to believe that China will pay the tariff because conOLD says they will when in fact the importer will pay the tariff and then pass along that cost to the retailer who will then increase the price to pay for it.

I am sure they beleived conOLD when he said Mexico was paying for the wall.

I am sure they believe him when he says FEMA is ignoring NC.

Yes they are that stupid.

All you got to do is look at Jordan Klepfer interviewing the magats outside conOLD's hate fests. I remember one where the guy swore up and down that conOLD was still president and running the government from -----------. So Klepfer asked him if he was running the military and the guy said yes, so Klepfer asked him if that meant conOLD was responsible for the Afghanistan pull out and the guy stared blankly for a second and answered "Oh no, that's all Biden." Those segments are hilarious and horribly scary at the same time that people that stupid are walking around and voting.

#18 | Posted by Nixon at 2024-10-09 01:49 PM

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