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>Trump wants to get rid of income taxes for those earning under $150k. Trump has openly talked about his plan to replace income tax with tariffs for years. Not
by llm_nerd 2y ago
>Trump wants to get rid of income taxes for those earning under $150k.
Trump has openly talked about his plan to replace income tax with tariffs for years. Not just for "earnings under $150k" -- that was some post-facto inventions by Howard "Used Car Salesman" Lutnick on some news program appearance after tariffs were proving spectacularly unpopular -- but Trump has constantly ruminated on the grand old days of the 1890s, at least when he isn't talking about that ol' timey word "groceries" or showerheads, light bulbs and coal. And every economist save a few nuts like Pete Navarro (or his associate Ron Vara) have soundly announced that it's an incredibly stupid plan.
Here in reality, thus far the only tax break offered up has been an extension on tax reductions for the super rich. No tax free tips, overtime, etc. Only the super rich have benefitted.
Further, it economically makes zero sense and Trump has repeatedly argued completely contrary "wins" from his tariffs: both that all of the manufacturing and other production will return to the US (ignore that the US has effectively full employment, and such would be massively inflationary without a dire reduction in US quality of life), yet somehow he's going to make trillions from tariffs, which would require such an egregious tariff rate that there would be no imports at all and thus no tariff income. Federal spending would have to drop by almost 80% for tariff funding of the government to be remotely rational, and that means demolishing the military and social security.
>so he can step in an give everyone the "gift" of no income tax
Yeah, that isn't at all how Trump operates. Much like DOGE and their hilarious "$5000 cheques for all the savings" that will never, ever happen -- and quite the contrary the government financial position is more dire than ever -- Trump makes all of his promises up front. Like his tips and overtime tax claims, both of which are never going to happen. Or his amazing healthcare plan that's coming in two weeks. Or how about that line of countries offering everything and their 90 deals in 90 days. This guy is the definition of overpromising and underdelivering.
There is zero scenario where tariffs even cover the current deficit. And as Trump demolishes the credibility of the USD and US TBills (people don't realize that US banks have been increasingly forced to buy these as the global market as dissolved), it's going to get drastically worse.
- bloomingeek 2y agoYou stumped most everyone when you used the word "reality". (Which is correct.) Most are so scared of where the country is heading, reality is pretty foggy. "Criminality", now there's a timely word we can all understand, except the big orange dummy has manipulated the supreme court so much we're not sure if we can trust it to maintain the rule of law. (After all, the tariffs seem to be a tool to crash the stock market, buy low/sell high, no?) Shamefully, it doesn't take much to completely fool the boomers (My generation, the stupidest of all time.) by making enemies of almost anything or anyone.
- alabastervlog 2y agoWe're well on track to move the debt crisis we were already all-but guaranteed to see in a few decades, to... this decade.
- 542354234235 2y agoTake the nugget of truth that is the problem (there are inefficiencies in government work, there are arguments that tariffs could be adjusted for economic reasons) and act like the deliberate system breaking actions being taken aren’t the part worth discussing. Then blame immigrants, China, and “something something woke”. Then let “centerists” distract/water down the conversation by injecting random “both sides” arguments to frame things as nothing out of the ordinary and nothing to be done.