Report : Trump Tax Cuts for Wealthy Would Increase Taxes for Others

From their own website:
The Institute on Taxation and Economic Policy is a non-profit, liberal think tank that works on state and federal tax policy issues. ITEP was founded in 1980, and is a 501(c) tax-exempt organization. …

itep.org

So, an self-described "liberal" (i.e. Leftist) organization that is founded to identify wealth and income disparities finds an "expert" to, well, find wealth and income disparities.
WOW! This is a bombshell! Stop the presses! Liberals think Trump tax cuts will "hurt" the non-wealthy. I'm shocked, I tell you - shocked.

The Top 10% of income earners in the USA pay about 75% of all income taxes; so, of course, a tax "cut" will disproportionately benefit the folks who have the most money involved to start. And I thought the Left believed in science; perhaps; but, evidently not math.
Who pays the most income tax? (usafacts.org)

EDIT: simply stated, consider the source.

 

Meanwhile tax cuts or not, the top 10% of earners have 70% of the wealth as well. Perhaps they could slow their further accumulation of additional wealth by paying more taxes.

 

I don’t think anyone with the sense God gave a squirrel actually buys this.

 

LOL. Yes - because that's exactly what this country needs: let's slow the accumulation of wealth and limit the top end of success. Soon, we can reach the socialist nirvana of equally shared poverty and misery - but no wealth disparity! YAY!! We're all living on rice and beans and the farts smell horrible; but, your super successful neighbor now eats the same as you do. EQUITY!!!

We've sadly lost our way.

 

Need a thread merge.

This same group’s assessment was posted and discussed last week.

They also included the “proposed” tariffs to get to the numbers they arrive at for the lower income groups having an increase.
Just a bit disingenuous.

 

Back in 1950s or as Trump supporters would say when America was Great, the top marginal tax rate was 90% and top one percent of taxpayers paid an effective tax rate of close to 40% with top 0.01 percent paying an even higher effective tax rate. I'm old enough to remember the 1950s and I don't remember that decade as being a socialist dystopia and if it was why would supporters of the former president being longing for a return to that decade although I guess they do long for Jim Crow laws and legalized discrimination against minorities and especially Black Americans.

 

I think it's fair enough since the tariffs are also part of Trump's proposal and they are an effective sales tax and like virtually all sales taxes they affect lower income households disproportionately.

 

They want to return to an America where white males got to feed at the national trough until very little was left for anyone else.

 

I wouldn't go quite that far although white males were on the top of the economic hill back in the 1950s. Somewhat ironic, voters who are voting for Trump want to return to a time when it was possible to support a family including the purchase of a home on a single income and while ignoring the fact that the trade unions were part of the reason that was possible (see graph below). When he was president Donald Trump was the most anti-union president of the last 100 years if not in American history and he will be even more anti-union if he is elected again. Let's not forget that Trump praised Elon Musk for firing striking workers. I would also add that non-whites were effectively excluded from participating in the affordable housing boom of the 1950s thanks to redlining, restrictive covenants and other forms of then legal discrimination.

 

That’s assuming people continue to buy products that are affected by the tariffs. Consumers might well shift to cheaper non tariffed goods and thus their “projections” fall flat on their face.

 

Ya may have had something going until you went all race baiting.

 

I just want to know if my taxes will go up or down, who cares about everyone else

 

This assumes three things. One, there is a domestic replacement. And two, the domestic replacement is of equal cost of the foreign product before the tariff. And three, domestic products won't raise prices to increase profits.

Some products, like bananas, are almost all imports. We come nowhere close to producing enough domestically.

For others, what happens post tariff is we see domestic prices rise too. This happened with laundry machines after Trump's first term of increased tariffs on foreign machines. Prices went up for all of them.

 

Did the laundry machines go up in price before or after the Covid lockdowns that shutdown our factories?

 

Before. The rise started in 2018.

 

Tariffs are generally not put in place when there’s a cheaper domestic product.

 

Trump supporters (obviously not all but a good percentage) conflate race and economic status. They view the economy as a zero sum game and (illogically) attribute at least some of their relative economic decline to the improved economic status of racial minorities and women and thanks to Trump the influx of undocumented immigrants and asylum seekers.

 

Here's your answer:

 

it's called cross price elasticity. any suitable substitute for the "trariffed" good will be affected by the tariffs.