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In Reply to: RE: Just wait...the biggest tax increase in history might be just around the bend. posted by ghost of olddude55 on October 17, 2024 at 11:10:44
It's like a tax increase but the money is often like a windfall for the industries that have failed to be competitive with those whose products are being tariffed. Why be competitive when subsidies are coming via tariffs?
Tax increases are a more efficient when it comes to to funding public services and reducing deficit spending (which is a big way wealth is being transferred from working Americans to the wealthy).
It would be nice if wages/salaries of working Americans have had the same gains as worker productivity. Without the gross income disparity in America today an across the board tax increase would be fair, but with the great unfairness of sharing the gains with the workforce it just can't happen. Such a thing would put and even greater burden on the safety net.
It's like a catch-22. I've always thought that the cut taxes and big spending policies of the once fiscally conservatives was a break the bank agenda in order destroy SS and Medicare/Medicaid. Kind of like putting American workers on par with workers from 3rd world nations who are forced to work for peanuts is ultimately the goal.
Follow Ups:
I think it was stupid to have removed them in the first place.
But we're too far down the globalism road now to turn around without serious consequences. Those tariffs will do for the US what Brexit did for Britain; take a sledgehammer to an economy that's pretty much humming along.
I seriously doubt that the goal is to protect jobs, since the guaranteed recession or depression that results from pretty much everything costing 20% (or 30% or 60% depending on what time of day it is) more will lose us millions of jobs when people have to cut back. And when our trading partners retaliate.
I think the goal is to shift the burden of taxation away from the wealthy and on to everybody else.
And really, it's woke as hell. Consumption is the main driver of global warming and many of us Lefties have been proposing consumption taxes for years.
The blissful counterstroke-a considerable new message.
as an economic sanction against unfair labor practices in specific nations. I think steel is one of them. It might have some benefit for American steel but not such a good thing for American industries that use steel. Some of this might be have an effect on labor practices in other countries but seems more symbolic than anything else.If we had a gainfully employed working class the detrimental economic effects of higher prices due to tariffs might be easier to take but with America's week to week middle class it's be mostly pain and suffering and for many industries as well. And again just pure higher taxes would be better than tariffs as a good chunk of the tariffs will go to industries effected by them. Higher taxes should go to keeping government delivering the services and benefits they've promised to deliver.
Everything I've read has said Trump style tariffs are a bad idea. Americans get by because of low prices afforded by imported products and have for generations.
Edits: 10/17/24 10/17/24
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