Trump floated the idea of an all-tariff federal revenue system, large enough to replace the income tax, during a morning session with the House GOP, according to a GOP lawmaker in attendance.
The presumptive GOP presidential nominee has consistently supported higher tariffs as a way to protect domestic industries. He has long backed income-tax cuts, including extensions of the ones he signed in 2017. An all-tariff approach would combine the two stances and take them to the extreme, reversing more than 100 years of economic policy that encourages free trade and requires higher-income households to pay higher tax rates than the middle class. Such a return to 19th-century fiscal policy could amount to a tax cut for high-income people and, effectively, a tax increase on consumers, who would pay tariffs passed along to them in prices.
From WSJ 6-14-24
The above doesn’t sound logical to me. Are there no consequences? Who pays tariffs? One thing for sure, it’s not China or other countries.
Off the top of the head kinda thing I guess, but a little insight into #@&% thinking.
I asked an AI program to explain the possible consequences of tariffs. Here is what I got.
Tariffs can have a mixed bag of consequences, affecting consumers, businesses, and the overall economy. Here’s a breakdown of some of the potential impacts:
For consumers:
- Higher prices: Tariffs often lead to increased prices for imported goods. Since importers have to pay an extra tax,they tend to pass on this cost to consumers. This can be especially burdensome for low-income families who rely on affordable imports.
For businesses:
- Reduced competition: Tariffs can make domestic products cheaper compared to foreign ones. This can shield domestic industries from foreign competition, potentially allowing them to raise prices or become less efficient.
- Higher production costs: If a business relies on imported materials or parts, tariffs can increase their production costs. This can squeeze their profit margins or force them to raise prices.
- Strained exports: If other countries retaliate with tariffs on the country’s exports, it can hurt businesses that depend on foreign markets.
For the economy:
- Slower growth: Tariffs can stifle economic growth by reducing overall trade and investment. This can lead to lower productivity and fewer jobs.
- Job losses: While tariffs might protect some jobs in certain industries, they can also lead to job losses in other sectors, especially those that rely on exports.
- Deadweight loss: Tariffs can create a situation where everyone loses. Consumers pay more, producers might not become more efficient, and there’s a reduction in overall economic output.
It’s important to note that the impact of tariffs can vary depending on the specific circumstances, like the type of goods being taxed, the size of the tariff, and the overall health of the economy.
QUINNSCOMMENTARY 
John Kerry’s book decades ago, after he threw his medals from Vietnam over the fence at the White House, has the upside down flag on the cover.
Now the young Democrats carry the Hamas flag–show their hatred for Jews–sort of young Nazi’s learning how to hate like their brethren at most Democratic gatherings.
I agree about debt/crime/inflation as Biden told us recently it was 9% in his first full month–crime was rampant and debt far exceeds what we now owe. The old fella runs a lean–mean–government machine.
Yes, crime is being crushed just ask city residents about how they feel about their current safety. Car jacking is really a team sport that began sometime during the Biden administration.
And under Jolting Joe’s leadership all sorts of crime has been categorized differently–like you can steal up to $900 worth of merchandise and it is a misdemeanor punishable by a court date promising not to do it again. Let’s not forget Joe decreed that we lock up merchandise at CVS but not the perpetrators–no sense angering the base.
He looks great on stage as he is usually frozen for a minute or two–someone needs to call a technician when he next freezes–great video on Faux of Joe getting into his car Tuesday night–missing steps and basically wacked out– right now the old guy is at Camp David sleeping and being prepped for Thursday–he will be there for the week–sleeping and preparing. Give the boy a shot of something and maybe he will be animated like at the State of the Union–who yells better than Joe?
Those DEI (didn’t earn it) policies are great aren’t they–one can learn just how racist you, your parents, and grandparents were–your white privilege has gotten you where you are so genuflect before your non-white colleagues and ask for forgiveness.
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It’s for sure you have to give Trump credit for thinking outside the box. I won’t comment on Biden and his thinking since it rankles Brother Quinn and some of the other commenters. Anyway, given that the country is caught between a rock and a hard place with deficits increasing faster than the CBO can keep up with and no end in sight, someone has got to do something. I have no confidence at all that the old Buffoon and his minions can do anything. We need a blueprint to get the country out of a hole and we need it sooner than later.
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What rankles me is the inability to focus Trump if that is the discussion and related issues. Biden is a different discussion. A comparison is not relevant to what one person wants to do and his personality.
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We can focus on Trump and his issues and his ideas or his proposals. However, apart from the Presidential campaign nobody cares. Trump is only newsworthy if he is a serious candidate. The two party system gives us Trump and Biden. They are linked because of this. Dismiss Trump and his issues and Biden keeps the job. Don’t like Biden and you take your chances with Trump. You can’t just discuss Trump without Biden intruding.
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I disagree because I view Trump as a serious danger far exceeding a Biden even with all his flaws. We have survived liberal administrations before, but have not faced anything like a Trump since perhaps Jackson. IF YOU Don’t ALREADY, I urge you to read TruthSocial and see what he writes and equally important what his supporters write. IMO much of it is quite disgusting.
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Right Biden is a discussion we never hear Richard speaking to. Lower taxes, raise taxes, use tariffs who cares. What ever the answer is can we make the first sentence that the law will only allow spending from money/tax collected!
And Richard you know as well as anyone else that many of the best laws and plans come from thinking outside the box!
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At best this might generate a discussion of how we fund government and are the programs funded actually working. We know that after trillions in spending at the federal, state, and local level we have not really improved poverty or the inefficiencies in government. Maybe the proposal will generate a dialogue.
A tariff is a tax on consumers–like a sales tax (most states have it), or a VAT tax. So replacing the income tax with tariffs is a step toward a consumption tax. For low income earners there are ways to mitigate taxes as we well know from our current tax codes.
From what Mr. Quinn sent along yesterday we know about 98% of taxes are paid by the top 50% of income earners. So about half of our citizens have no skin in the game. Maybe folks would take taxes more seriously if they realized the direct effect.
Say taxes don’t matter? Just look at folks leaving NY–CA–Illinois–maybe even some of you have voted with your feet.
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I noticed Biden jumped in and doubled down on the Chinese tariffs that Trump had put in place.
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I was going to vote for Biden, but this tariff proposal by Trump has won me over. Not to mention I really enjoyed his story about the sharks and the batteries. We have to vote for policies, not personalities. So I don’t care if he is a convicted felon, as long as I can get a lower effective tax rate and let future generations pay the bill. Come on, who is not going to vote for that?
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Maybe Biden would have been a convicted felon if only he was too old and feeble to stand trial as Mr. Hu told us in his report.
Did you see Obama lead him off stage the other night?– “come on grandpa time for warm milk and cookies and then off to nighty night–don’t worry I’ve got you.”
Oh–I forgot–it was altered, so I won’t believe my lying eyes!!
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I think that’s what people said in Germany in 1935, policies, not people.
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Of course Germany only started WW2 because FDR was so “feeble”. We cannot have Presidents that are not in good physical shape. That is another reason to vote for Trump.
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That is completely false.
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like I didn’t get policies with the left–want to begin with defund the police–how about the border invasion–crime in the cities–mandates up the wazoo–student loans now paid for by working class men and women–deficit out of control (student loans) in spite of “full employment”–inflation created by the third quantitative easing despite warnings by prominent Democrats.
You don’t get it!! Many of us hold Trump in disdain but it is the policies that differentiate the two candidates. You can have the lefties with their drag queens in your grandchildren’s 4th grade class–the pronouns your children are forced to use–the mandated DEI programs your children can discuss with you–men, now women, competing in women’s sports–it’s sheer lunacy.
Mayor of San Francisco London Bree (sp) up for reelection–during televised debate a few nights ago she asked one opponent the following question; “can you name three Drag Queens–can you tell us three LGBTQ+ folks you would appoint to your administration?” Talk about a lunatic and she’s the lefty mayor with feces–urine–and tents dotting the sidewalks of this once great city.
So go for it!! Vote for whomever you like–you are voting for “what if” I’m voting for “what is.” I won’t even deal with the dementia which we both know is not going to get any better.
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I’m not pushing left policy. I never voted for a Democrat in my life. Exactly what are his real policies that will take us in a positive direction in the future? But my overall concern is the man, his behavior, his shooting from the hip and pushing nationalism, isolationism and more.
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well if you vote, or anyone votes, for the current folks you are voting left (let’s keep it simple) and a vote for Trump let’s agree is a vote for the right, again let’s keep it simple. I agree with you about his behavior–shooting from the hip–and basic deplorable behavior. Sort of like a guy I know who was really miserable (like Jack Welsh/GE) but the policies seem to work.
Lower taxes both corporate and personal I would argue have been good for the economy–we have low unemployment but inflation is an issue—raising taxes on business and individuals will inhibit growth–cracking down on illegal crossings is essential–let’s obey the law–we just don’t obey laws we feel deserve it–I don’t get the isolationism other than policies have to be, # 1, good for the American citizen–let’s support our friends like Israel and Ukraine and I suspect he will but we will learn more about the latter at the debate. Let’s not forget Putin invaded twice and not ever against Trump.
To me it’s simple–the current guy messed up immigration deliberately–set the stage for inflation and now the Fed is forced to put out the fire as it did 40-years ago–when defund the police was the battle cry he never used his bully pulpit to fight back as the base is now left–he had the courage to demand NATO members pay their agreed about % of GDP–the mandates, like we all drive certain cars by 2035, hopefully disappear.
So you can vote with “what if” as your theme and that’s fine–I will vote with “what is” and will probably lose, but it won’t be the 1st time.
I won’t even mention cognition. Maybe you would let your 12-year old grandchild be driven by him to school and back, but not me. Brendan is going nowhere if Joe is behind the wheel.
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Richard, I admire your persistence in trying to use logic and reason in pointing out the threat of Trump. But like Al and James2, my feelings transcend any facts you could present. Yes, Trump may be a threat to democracy. His own stated policies will very likely increase inflation, debt, crime, etc. And he is a criminal and likely senile. But I care more about sending a message to people about those stupid DEI polices and LGBTQ rights crap. Even though neither President Biden or Congress has passed any legislation in those areas that past four years, I just want to make a protest vote about it, even if it means siding with American Taliban who fly our flag upside down. Yes, it is fine that the economy is better than it has been in 50 years and crime is plummeting, but Biden probably just got lucky with that stuff. I don’t like the way he looks on stage, and that resonates more with voters.
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well there goes Richard again! When he has nothing to add he instantly starts with the fear mongering. Here’s more that happened in the 1930’s that’s happening right now: Tearing down statues, banning fire arms, burning the country’s flag, banning history they don’t agree with. Sound familiar Richard?
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