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Trump calls for 10% tariff on all imports

Discussion in 'Too Hot for Swamp Gas' started by dangolegators, Aug 22, 2023.

  1. dangolegators

    dangolegators GC Hall of Fame

    Apr 26, 2007
    For those of you making a big deal about inflation, how do you feel about Trump's proposal to tax all imports at 10%?

    On Fox Business on Thursday, the former president publicly called for setting this tariff at 10 percent “automatically” for all countries — a move that experts warn could lead to higher prices for consumers throughout the economy, and likely lead to a global trade war.

    https://www.washingtonpost.com/business/2023/08/22/trump-trade-tariffs/
     
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  2. sierragator

    sierragator GC Hall of Fame

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    and the gullible will think these other countries will be cutting the US checks for that 10%. Hint: consumers will pay it.
     
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  3. slocala

    slocala VIP Member

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    It’s a set up. There is zero intention if he was elected. It’s just fodder for him to point to as why the “global cabal” is against him. It’s a way to push a narrative of a weak globalist Joe Biden.
     
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  4. G8tas

    G8tas GC Hall of Fame

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    Tariffs were the reason for the increase in Scotch whisky prices
     
  5. docspor

    docspor GC Hall of Fame

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    more leftist nonsense from the party of UNlimited gov. this is right up there with "new nafta" in the war on free markets.
     
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  6. channingcrowderhungry

    channingcrowderhungry Premium Member

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    This would be a really stupid idea in 1923. In 2023 it would destroy our economy. It would never happen, but to even say it is idiotic.
     
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  7. ATLGATORFAN

    ATLGATORFAN Premium Member

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    What’s worse ? Tariffs on imports of 10% or a 10% increase in taxes ?
     
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  8. docspor

    docspor GC Hall of Fame

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    well, they are the same thing mostly. However, I'd say tariffs are worse b/c they will lead to retaliatory tariffs...hence, a 10% tariff(TAX) will trigger taxes greater than 10%. Further, this sort of tax is massively distortionary & will result in lots of deadweight loss (a lot of the pie goes into the garbage). It will also weaken our ability to compete.
     
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  9. docspor

    docspor GC Hall of Fame

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    If anyone knows a greater wealth generator than trade, let's hear it.
     
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  10. ATLGATORFAN

    ATLGATORFAN Premium Member

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    just interesting to me that an increase of tax of all personal production(increase in income tax ) of 10% is somehow less Impactful in a negative way Vs a 10% tax on optional purchases.
     
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  11. docspor

    docspor GC Hall of Fame

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    it's far less distortionary for 1 thing
     
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  12. channingcrowderhungry

    channingcrowderhungry Premium Member

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    What kind of taxes? They would all be worse than tariffs offhand, but I'm sure some worse than others
     
  13. mrhansduck

    mrhansduck GC Hall of Fame

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    I don't know if inelasticity of demand is the correct term in this context, but I imagine there are many imports that consumers view as necessities or close to it and for which there may not be sufficient domestic alternatives?
     
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  14. ajoseph

    ajoseph Premium Member

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    And remember, that 10% tariff will be followed by retaliatory tariffs on US goods, leaving our products more expensive worldwide.
     
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  15. VAg8r1

    VAg8r1 GC Hall of Fame

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    Actually they're synonymous. A tariff is a tax on imports paid by consumers. I guess the difference is that an across the board 10% increase in tariffs would be more the more regressive of the two assuming you're referring to income tax. Also increasing the price of imports through tariffs would provide a free ticket for domestic manufacturers to raise the prices of their goods. I guess that would be fine if one likes inflation.
     
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  16. dangolegators

    dangolegators GC Hall of Fame

    Apr 26, 2007
    Tariffs are much worse. Everyone would pay them, with lower incomes paying a higher percentage, just like sales taxes. As for purchases being optional, people choosing the option of not buying stuff would further tank our economy.
     
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  17. VAg8r1

    VAg8r1 GC Hall of Fame

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    Quick lesson in history as to the effects of the Smoot-Hawley Tariff Act of 1930.
    While the tariffs played a relatively small role in the drop in the GNP they were a contributing factor.
     
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  18. wgbgator

    wgbgator Premium Member

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    Why do you keep saying a nationalist economic policy is "leftist" ... this is basically mercantilism lol. And in general terms free markets are "liberal" economics at least in the classic sense.
     
  19. QGator2414

    QGator2414 VIP Member

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    The rich pay far more in sales taxes than the poor. They buy more and therefore pay a much larger percentage.

    I get you have an envy issue. But let’s spare even going to percentage of income. Because we also know the rich pay far more as a percent of income than the poor. The poor do not pay any income taxes. Almost half the country does not pay income taxes.
     
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  20. g8rjd

    g8rjd GC Hall of Fame

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    That’s not even remotely true. As a percentage, sales tax is a flat tax. However, as a percentage of income, sales tax is highly regressive. Poor people pay far more of a percentage of their income in sales tax than wealthier individuals. And don’t even get me started with the logical flaws in “They buy more and therefore pay a much larger percentage” because they are abound.

    As far as income tax as a percentage of income, the middle is who is being squeezed there. The *effective* income tax rate for the middle is often more than the wealthy, despite the fact that income taxes were created to tax the wealthy the most since most other taxes are regressive. Income tax was intended as a more progressive tax than it is, but has been so bastardized for the top 1% that it is no longer accomplishing that purpose anywhere near its original intent.
     
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