Every tax deduction or subsidy distorts the market. But it could never pass until people change because everyone loves his or her goody too much to give it up.
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Trump is losing the debate acting like a raving lunatic
- Thread starter F1fan
- Start date
Wandering Monk
Well-Known Member
From Trump's Truth Social Account (or Troth Sential as he once called it). Time for him to drop out of the race. Sauce for the goose, so-to-speak...
Trump actually tried (as I recall) to totally eliminate
SALT (state & local tax deductions, ie, interest &
property taxes). He was only able to limit them to
$10,000. This really POed wealthy East Coast libs.
Subduction Zone
Veteran Member
As usual one should try to quote in context:
Harris, Trump Clash Over Characterization of Tariffs as a Tax | Tax Notes
Tax Notes is the first source of essential daily news, analysis, and commentary for tax professionals whose success depends on being trusted for their expertise.
She had a qualifier there. For consumers it would make little difference if it was a tariff or a sales tax. Tariffs force manufacturers to raise the price of their goods which does cause an equal percentage increase when it gets to the consumer.
While Harris is much less the liar than TrumpAs usual one should try to quote in context:
Harris, Trump Clash Over Characterization of Tariffs as a Tax | Tax Notes
Tax Notes is the first source of essential daily news, analysis, and commentary for tax professionals whose success depends on being trusted for their expertise.www.taxnotes.com
She had a qualifier there. For consumers it would make little difference if it was a tariff or a sales tax. Tariffs force manufacturers to raise the price of their goods which does cause an equal percentage increase when it gets to the consumer.
is, to call tariffs a "national sales tax" is a lie.
Copernicus
Industrial Strength Linguist
Exactly right, but the expression "tariff or a sales tax" makes it sound like tariffs are not taxes levied by the government that consumers end up paying out of pocket. They are exactly that. You just don't pay them as an add-on at point of sale. They are added to the value of the product before they reach the point of sale. Nevertheless, they directly raise the cost of the product to the consumer. Sales taxes typically apply to all products, not just imported ones, and that is where the difference lies. If Harris had called it a "sales tax" without making clear that it was just a tax on imported goods, that would have been a lie.
Subduction Zone
Veteran Member
If it affects a person the same way that a sales tax does I do not see that. In fact that tax, like sales tax, is not deductible. For many products, probably the vast majority of them, there are no competing US goods at anywhere near that price point.
Subduction Zone
Veteran Member
Which in a way makes it even worse. The sales tax that one is charged is dependent upon the price when one rings up the goods. That means a twenty percent increase in cost to the consumer also means a 20% increase in the sales tax on that item.
Trump likes to pretend that the manufacturer or the country that they come from will pay the tariff. But as this article says that is not the case:
"When the U.S. imposes tariffs on imports, U.S. businesses directly pay import taxes to the U.S. government on their purchases from abroad. "
Who Really Pays the Tariffs? U.S. Firms and Consumers, Through Higher Prices
The bulk of economic evidence shows for most of the new tariffs imposed under the Trump administration, U.S. firms or consumers bore 100 percent, or even more, of the burden through lower profits or higher retail prices. While a number of supply- and demand-related factors are primarily...
taxfoundation.org
Copernicus
Industrial Strength Linguist
Trump was beaten badly in the debate, and he knows it. Consequently, he is afraid to go up against her again and has declared that he will not debate her. Typically, he is giving the lying excuse that she wants another debate because she lost this one and "all the polls" show it. Not a single poll shows that most people believe he won the debate.
Trump: No more debates with Kamala Harris
Wandering Monk
Well-Known Member
He can't stop lying.
Subduction Zone
Veteran Member
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Father Heathen
Veteran Member
Since you saw fit to add it, explain to the forum what an "alpha male" is and how that plus liking women is of geopolitical relevance.
Do you consider facilitating the trafficking, torture, rape, and murder of children to be alpha male behavior?
Subduction Zone
Veteran Member
No one is ignoring that. What tRump proposed was raising them everywhere and falsely claiming that the countries of origin paid them. The business that imports the goods pays the tariffs. They then have to increase the price of their goods by a similar percentage and that is ultimately paid for by the citizens.
Democrats are now the party of fiscal responsibility. It was not always that way. Trump put unpaid tax cuts into the budget. Getting rid of those tariffs without increasing taxes elsewhere would only make the deficit worse. So they kept a bad idea going because the alternative was worse.
She should have been asked that question. To me the answer is the difference in the ones he put in place because of China's trade war subsidies and a blanket tariff that he's proposing. Tariff Tracker: Tracking the Economic Impact of Tariffs has a discussion.
I'm skeptical any of this is real, but this is pure comedy gold. But they really should have captioned some of these as "something, something, grabbed by the *****."
Wandering Monk
Well-Known Member
It's his account. Here it is: Donald J. Trump (@realDonaldTrump)
Harris refers to Trump's tariffs as "Trump's sales tax". So not an assertion of fact, but a symbolic use of "sales tax". It's probably referred to that way becaise most have no idea what a tariff is, but know what a sales tax is.
Wandering Monk
Well-Known Member
It's his account. Here it is: Donald J. Trump (@realDonaldTrump)
Because they actually served a purpose. Do you know which tariffs were kept and why? Here's a hint: it was to help the USA compete in an important industry.