Trump's Planned Agenda: First Day Ban on Diversity Programs and Climate Agreement Exit

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On 10/26/2024 at 10:08 AM, Chomper Higgot said:

Trump has said he’s going to be a dictator, as such he can do whatever he wishes.

 

It’s his ‘dictator’ promise that is the biggest threat.

 

 

Perhaps his biggest threat, at least to the US economy, and of course its citizens apart from the billionaires, is that he replaces income tax with tariffs. Now that will probably appeal to the MAGA/poorly educated cultists, but it could spell disaster for the US. Read on.....

 

Trump’s goal to impose tariffs on all imports into the United States could raise a lot of money for the federal Government, but it would not be nearly enough to replace income taxes. The United States imports roughly US$3 trillion worth of goods annually, while the country collected roughly US$4.2 trillion in income and payroll taxes last fiscal year.

Overall, his agenda would raise taxes on low-income Americans, provide a tax break for the richest and drastically increase the deficit, according to an analysis from the Institute on Taxation and Economic Policy.

A challenge for raising revenue from tariffs is that placing a tax on imports tends to cut the amount of trade – and therefore reduce the amount of revenue collected from tariffs. Raising tariff rates high enough to try to replace income taxes could end trade with the United States, said Wendy Edelberg, a former chief economist at the Congressional Budget Office.

Steep tariffs could prompt foreign trading partners to retaliate with tariffs of their own, reducing US exports and slowing economic growth. Trump has experience with this phenomenon: while President, he wound up having to bail out American farmers whose exports to China slumped during a protracted trade war.

 

The buffoon clearly hasn't thought this through........but not surprising given his limited mental capacity.
 

[flexomike]

5 hours ago, Tug said:

Your support doesn’t matter 

Your opinions don't matter either