Trump's tax plan: The richest 5% get a tax break, the bottom 95% get a tax increase

Was there any doubt?

 

It's ok. I'm sure all the Too Hot Trumpistas are five percenters.

 

@WarDamnGator — I am gonna have to give your a sort-of-disagree on this. The largest increase in “tax” is a projected impact on people for an importation tariff. See figure 2. I don’t believe for a second that Trump has a clue how to use tariff’s strategically. It is all bluster. If you pull the tariff impact out, he is effectively going to extend his 2017 tax cuts, drop the Corp tax to 20%, lose on global min tax (dumb), and unwind IRA tax credits (dumb).

 

And yet the blind follow while he slides into pooty’s DM’s

 

I said this in a P2025 thread. Minimum $2600 tax increase for the middle class maybe more and no more child tax credits.

Most of the people supporting Trump here can't afford to vote for him.

 

I am suggesting that it is dummy Trump talk and he can’t torpedo the economy in a trade war. The flip is that his tax plan has no offset without his tariffs blowing a bigger hole in the deficit.

 

In reality, if a 20% tariff causes foreign goods to be 10% more than domestic goods, the domestic producers are going to raise prices 5% and will still be cheaper than their foreign competitors. We saw this happen with washing machines under Trump's first administration.

 

When you say "non-partisan" are you just lying to lie or just hoping no one looks them up?

Institute on Taxation and Economic Policy - InfluenceWatch - InfluenceWatch.

 

So you sent their mission statement but are ignoring what they actually do? LOL. Too funny. They are a far left obviously biased think tank. Just own it. Good effort trying to slip one by everyone...

 

Just dropped in to add that neither party is remotely close to having a plan for young Americans who have no future …

 

Yes. On occasion, a tariff is appropriate. It's rare a business can sell below cost for long enough to be able to drive out the competition completely. But if a foreign company is doing just that, then yes, a tariff would be appropriate.

Another reason would be if the foreign product is inferior and there are safety concerns. One can justify the tariffs on Chinese steel for this reason. Is Chinese steel trustworthy? It's a good question that I don't have the answer to.

But for the most part, tariffs are bad. And tariffs on everything imported? Very, very bad idea. Look up the Panic of 1893. 1890, Congressman Wm. McKinley authored a bill to raise all tariffs by 15%. The tariffs weren't the sole cause of the Panic, which was to date, the worst recession in US history, but the higher prices on all goods didn't help and was a major factor in the recession.

Trump recently glorified McKinley and the 1890s! Said it was a great decade of growth and revenues for the US? What a maroon! The Panic of 1893 was on par of the Great Depression!