Tuesday, January 14, 2025

Trump: create 'External Revenue Service' for tariff income

President-elect Donald Trump on Tuesday said he will create a new agency called the External Revenue Service to collect tariffs and other forms of revenue that come from foreign sources, echoing a suggestion made by former adviser Steve Bannon at an event hosted by POLITICO Tuesday morning.

Posted by LampLighter at 10:23 PM | 19 COMMENTS | permalink

Comments

More from the article...

... For far too long, we have relied on taxing our Great People using the Internal Revenue Service (IRS)," Trump said in a post on his social media platform Truth Social. "Through soft and pathetically weak Trade agreements, the American Economy has delivered growth and prosperity to the World, while taxing ourselves. It is time for that to change. I am today announcing that I will create the EXTERNAL REVENUE SERVICE to collect our Tariffs, Duties, and all Revenue that come from Foreign sources," Trump said.

The "birth date" of the agency is January 20, Trump said, which is the same day he will be sworn in to become the 47th president of the United States. ...


#1 | Posted by LampLighter at 2025-01-14 10:24 PM

So, Pres-elect Trump seems to be continuing to propagate his lie that tariffs (however ~beautiful~ they may be) are not passed on to who he calls "our Great People?"

... I will create the EXTERNAL REVENUE SERVICE to collect our Tariffs, Duties, and all Revenue that come from Foreign sources," ...

Yeah, the problem is that Foreign sources do not pay those tariffs.

American companies, importing those goods, pay those tariffs, increasing the costs for the goods they import.

And, who do you think those Americans companies will pass those increased costs to?

Not the foreign countries, but Americans the American companies sell those good to.

Why is not Pres-elect trump specific in that aspect of the result of his tariffs?

Maybe, tariffs are not as beautiful as he says?

Donald Trump calls tariff the most beautiful word,' threatens up to 2,000% tariff to block Mexican car imports (November 2024)
finance.yahoo.com

#2 | Posted by LampLighter at 2025-01-14 10:32 PM

The middle class will be crushed over the next 4 years.

Best of luck, America.

#3 | Posted by ClownShack at 2025-01-14 10:34 PM

he will create a new agency called the External Revenue Service

He will do what Senior Co-President and DOGE Lord Commander Elon tells him to do. Nothing more. Nothing less.

#4 | Posted by REDIAL at 2025-01-14 10:36 PM

It is very simple

A tariff is a tax paid by a business when a product or material comes into the country.

They are a corporate tax paid by the importing business to the federal government.

It is NOT paid by the foreign country.

It is infantile to call this an External Revenue Service.

The tax will be paid by US businesses.

How stupid do you have to be to not understand this?

Magat scum, oh yeah.

#5 | Posted by truthhurts at 2025-01-14 10:44 PM

The tax will be paid by US businesses. consumers.

#6 | Posted by ClownShack at 2025-01-14 10:47 PM

Correct, but I was referring to the actual mechanics of tariffs. How that additional tax is paid is likely to vary based on the business, but yes most businesses will pass that onto the consumer. I don't believe it is like a sales tax that is paid BY the consumer, it is more an operating expense like most companies pay, i.e. corporate tax.

The funny thing is another effect will be to raise prices for domestic goods in similar markets as competition disappears.

No one ever accused magat scum of being smart

#7 | Posted by truthhurts at 2025-01-14 11:00 PM

another effect will be to raise prices for domestic goods in similar markets

Can we call that "Lewzerflation"?

#8 | Posted by REDIAL at 2025-01-14 11:05 PM

I like the idea of using tariffs as a threat to Mexico to assist us in protecting our border.

When implemented, tariffs are a tax on the consumer. It's no different than raising taxes on business. The extra cost gets passed to the consumer. Smoot-Hawley further deepened the Great Depression, for example.

#9 | Posted by BellRinger at 2025-01-14 11:17 PM

When implemented, tariffs are a tax on the consumer.

Yep.

#10 | Posted by REDIAL at 2025-01-14 11:19 PM

I like the idea of using tariffs as a threat to Mexico to assist us in protecting our border.

You think the tariffs will solve your xenophobia?

You really are a Republican.

#11 | Posted by ClownShack at 2025-01-14 11:21 PM

You think the tariffs will solve your xenophobia?

No, he is defending Lewzer from bailing on his tariffs promise. "Oh, it was just a threat, he didn't actually mean doing it".

So, no closed border, no grocery prices coming down, and no tariffs. Promises made, promises bailed out on.

#12 | Posted by REDIAL at 2025-01-14 11:32 PM

"#12 | POSTED BY REDIAL AT 2025-01-14 11:32 PM | REPLY | FLAG:"

We will see how it plays out.

#13 | Posted by BellRinger at 2025-01-15 01:04 AM

We will see how it plays out.

I can't wait! Are you ready to go into full defensive mode? Of course you are.

#14 | Posted by REDIAL at 2025-01-15 01:28 AM

@#9 ... When implemented, tariffs are a tax on the consumer. ...

Yup.

So, why does Pres-elect Trump continue to try to assert that it is the foreign countries who will suffer from the tariffs imposed by Pres-elect Trump?

#15 | Posted by LampLighter at 2025-01-15 01:34 AM

"I can't wait! Are you ready to go into full defensive mode? Of course you are.

#14 | POSTED BY REDIAL"

Nope. I'm in total 'wait and see' mode.

#16 | Posted by BellRinger at 2025-01-15 01:57 AM

The tariffs are the worst policy projections IMO. After the spike we endured a couple of years ago we need inflation to come down below traditional numbers so that wages can catch up to price increases.

Tariffs accelerate inflation.

#17 | Posted by BellRinger at 2025-01-15 02:00 AM

@#17 ... we need inflation to come down below traditional numbers so that wages can catch up to price increases. ...

As I have posted on another thread, wage increases have surpassed inflation since 2023.

Here's the link I posted ...

Difference between the inflation rate and growth of wages in the United States from November 2020 to November 2024
www.statista.com

February 2023 seems to be the turning point your current alias' comment wants to hit, where wage growth exceeds inflation.

And that target occurred well over a year ago.



#18 | Posted by LampLighter at 2025-01-15 02:32 AM

An agency to charge Americans more for importing goods so they can charge other American more for finished products. Worst idea so far this century.

#19 | Posted by qcp at 2025-01-15 08:39 AM

Drudge Retort Headlines

Mike Johnson Vows to Hold Aid to California Hostage (78 comments)

Tulsa Race Massacre Probe Finds 'Military-style Attack' (60 comments)

Early Momentum: Army Hits 30k Recruits, Half Its 2025 Goal (48 comments)

Trump Defense pick Pete Hegseth Grilled on Women in Combat Comments (40 comments)

Citizens United 15 Years Later (29 comments)

Newsom Signs Order to Speed Up Rebuilding After LA Fires (23 comments)

Schedule: Trump's Cabinet Picks Are Set for Hearings. (15 comments)

'I Think Things Are Going to Be Bad, Really Bad' (14 comments)

Steve Bannon Condemns Elon Musk as 'racist' and 'truly evil' (14 comments)

Project 2025 Takes Aim at Disabled Children (12 comments)