Is there an infographic about this I can give to my maga relatives when they inevitably bring this up, so I don’t actually have to talk about it with them?
They’d have to be enforced to be effective.
Who made his gold-painted shoes?
The price of computers and TVs would skyrocket—making the tariffs regressive taxes—though it might also spur repair and re-use.
Horrible idea from a horrible orange blob.
MAKE INFLATION GREAT AGAIN
More getting other countries to pay for things I see. The hubris I swear.
Other countries don’t pay tariffs, people who buy the products do. So regular people.
Rich people pay people to design a product, without having to pay their employees income tax> send it overseas to be built > when the product comes back all the consumers pay a ridiculous amount for necessities because the cost of the terrif is absorbed into the price of the product. In the long run, consumers pay the tax in a different form, but the wealthy don’t have to pay that chunk that the employer matches.
He only can get one more term, so I suppose he can promise whatever at this point. It’s not like he’s got credibility consequences for lack of follow through at this point.
The swing states and their votes are:
Nevada (6), Arizona (11), Wisconsin (10), Michigan (15), Pennsylvania (19), and Georgia (16).
He needs 38 electoral votes out of that.
Michigan+Pennsylvania+Wisconsin would do it on their own, and they’re all Rust Belt states, so I figure that promising protectionist policy on manufacturing is probably gonna sell well there.
https://projects.fivethirtyeight.com/polls/pennsylvania/
He only can get one more term
Until the corrupt Supreme Court decides to adopt the “unconstitutional constitutional amendment” doctrine and gets rid of that pesky 22nd amendment.
Moot point though because the old fuck will probably die before a third term is even on the table.
SCOTUS wouldn’t rule that. The whole idea of a corrupt judiciary is just a back lash at originalism gaining favor over living constitutionalism. They aren’t ‘evil’ they just don’t have a judicial philosophy from the 1960s.
if you don’t think (at least) Thomas, Alito, Barrett, and Kavanuagh are outright malevolent self-serving sociopathic evil - you haven’t been paying any attention.
He only can get one more term
I’ll just leave these here:
The US Constitution prevents this: https://constitution.congress.gov/constitution/amendment-22/
You say that as if the rule of law matters in a dictatorship.
It’s not like he’s got credibility consequences for lack of follow through at this point.
Implying there was ever a point where this wasn’t true.
That is his dream for everything, it’s how he lives his sham life. And it causes a lot of issues along the way but what does he care, he has a jet and his name on a skyscraper.
This basically eliminates almost all taxes on the rich, burdens middle and lower class with higher prices, and blows up budget deficit.
So much for FiScAL ReSPonSibiLiTY
The real rich don’t pay any income tax tho? Not sure what you mean. Sure the high-income developers and engineers and lawyers etc. would become a richer, but they are not the rich, are they? The owners of the businesses they work at are. And they don’t pay income taxes.
In the USA in 2021, the top 1% of earners payed 26.3% of federal income from taxes, $3,872,395,000,000 Total. The top 50% of earners payed 89.6% of income taxes.
You could argue that the “true” rich people weren’t earners because they took out loans against their stocks and properties, but they’re either going to sell or die sometime and that has been true for centuries. However, Elon Musk for example won’t make your list if that’s how you measure it because he did sell and he paid billions in taxes.
Yeah, are you being fiscally responsible, chump? How much are you making? Jeff over here needs another yacht!
Now look at this in the context of increasing domestic production, so we’d be importing less even before increasing tariffs. Revenue will hit rock bottom in record time.
Eat the rich. Tax the motherfuckers.
Oh yes! /c/eattherich@kbin.social
And he will do it.
He has to figure out this thing with a boat, a shark, and a battery…
But once he works that one out, China will be paying our taxes.
I swear he comes across as even more senile each and every day. But …
The rich would support this - they can only consume so much after all, and most of that would be discretionary. No more income taxes on vast incomes, stop buying imported shit, huge win for them. The chowderheads supporting Drumpf would probably be enthusiastic about such an idea too - imagining their small paychecks without that hated tax deduction box and imagining no more paying every year for that scary tax return software. And then, they lose their jobs because countries that we export to retaliate with their own tariffs. Prices on pretty much everything goes through the roof (because even domestic products have foreign supply chains), and most of the cheap shit they used to be able to afford (like electronics from China, bulk foods from overseas and (fast-)foods made with it) they can’t afford now.
Meanwhile, with the economy crashing, federal receipts (both tax and tariffs) dry up and it’s Government Shutdown time. All working according to the Plan. Grandma and Grandpa lose their incomes and health care and have to move in with unemployed, impoverished JimBob and the wife, which is darn near intolerable what with all the hillbilly kids being home all the time now that the schools have been shut down. Kids that are wailing about being hungry all the time just like the oldsters.
It would be fun to see what carve-outs to the tax/tariff policy they’d have, to try to keep the MIC funded. Borrowing is of course the preferred way to fund it, but nobody’s going to be touching the bonds issued by an actively collapsing national government.
Income tax is such a bitch to deal with. I used to support the idea of replacing it with GST/VAT because then I’d not have to deal with it. But then someone pointed out that disproportionately benefits the rich (who mostly just hold wealth rather than spend it) and disadvantages the poor (who cannot avoid paying for things).
So fuck it. Make it all income tax and get rid of the others! :P
(In before this is also a bad idea somehow)
Taxes usually start out simple, since that appeals to people. Then over time they get more complicated as people discover more and more edge cases to exploit.
If you make it all income tax, well, what counts as “income”? Elon Musk just got “paid” $46 billion worth of stock in Tesla, for example. But it’s not actually 46 billion dollars. It’s a share in ownership of a company. Those shares can’t actually be sold for 46 billion dollars. Trying to sell them would cause their price to drop. He can’t actually sell them at all right away, for that matter - they’re restricted stock. He has to hold on to them for a while, as incentive to keep doing a good job as CEO.
So if he keeps doing a good job as CEO and the stock goes up in value by 10 billion dollars, was that rise in value income? What if it goes down by 10 billion instead?
This stuff is inherently complicated. I’m not sure that any simple tax system is going to work.
Elon Musk just got “paid” $46 billion worth of stock in Tesla.
He should have to pay income tax on the value of the stock on the day he “took possession” of it.
In 3 years, he says something on Twitter to pump the stock, and dumps a lot of it. He should have to pay tax (capital gains?) on the additional value of the stock that he sells.
If the value goes down and he sells it, it’s a deduction.
Darn it, you’re right.
And as I suspected would be the case, some other folks have responded to my comment with a bunch of additional “simple” suggestions for what to do in this case. Which have hidden exceptions of their own, which will have unexpected impacts and loopholes, which will then elicit further “simple” suggestions for how to fix them, and before you know it we’ve got a complex tax code again.
There’s an old quote of unclear providence that I think applies here, “everything should be made as simple as possible, but no simpler”.
I don’t know if this isn’t already a thing, but if he uses that stock as collateral to overpay for another social media company, or some other stupid flex, he should be taxed on that valuation with no deductions whatsoever.
No that’s about right. The big problem we have right now is we’ve lost the ability to effectively tax people who don’t live on an “income”. So we need a second system for people who are insanely wealthy.
It’s the most practical tax idea I’ve heard in forty years, tbh.
Heard about the Land Value Tax 41 years ago, huh?
Be mad that income tax is unnecessarily difficult to deal with. As has been pointed out by others online a lot recently, the US makes personal income taxes hard, where other countries you can fill it out in minutes if you have no deductions, and less than an hour if you do (and have kept good records).
No one likes paying taxes (usually) but since the process is so painless I don’t hear people complaining about income tax that much (outside of the right-wing media in my country, Australia)
It should be a moderately progressive income tax. That is to say the lowest earning bracket should pay nothing as a percentage of their income, the next bracket should pay a little bit, the next bracket a little higher % of their income, all the way up to billionaires who should be taxed out of billionaire status. I can certainly afford to pay a higher % of my income to taxes than someone who isn’t sure where their next meal is coming from, but my bosses and their bosses, and the people who own the building should be paying way more on their income than me. Also we need to get rid of the shenanigans that allows the ultra wealthy to avoid income tax altogether through loans and what not.
I’d prefer a 70% tax on billionaires, but I’d settle for 50% for anything above 5million. Take Elon for example, the guy makes an estimated $50,000USD per minute. Yes folks, the guy makes more per minute than the average American does in a year.
prove to me that billionaires should exist. Tax them accordingly.
When they say MAKE AMERICA GREAT AGAIN I think it’s generally understood to mean take America back to the 1950s.
That’s when the richest people’s tax rate was OVER 90%
That’s how you make it “great again”
For clarity, say Kalkaline earns 100k a year. Ideally the billionaires would bring home exactly the same on their first 100k as Kalkaline does.
Marginal tax rate means the higher tax brackets only tax you in the money made above a certain amount. And it’s the same for the next higher up tax bracket, which doesn’t apply to any lower money.
If you’re not getting welfare, there is no “next tax bracket” that’s going to make you bring home less when earning more. That’s not a thing.
If you get a bonus, that might be taxed at 50% because payroll is too lazy to figure out your taxes. You get the remainder back when you file your taxes. (Note this may mean you owe $200 at the end of the year instead of owing $1000. That still counts as you “getting” $800.)
We could put an 80% marginal tax rate on incomes above a billion dollars, and it wouldn’t really touch someone who was only bringing home 1,030 million dollars a year.
If you get a bonus, that might be
taxedwithheld at 50% because payroll is too lazy to figure out your taxes. You get the remainder back when you file your taxes. (Note this may mean you owe $200 at the end of the year instead of owing $1000. That still counts as you “getting” $800.)One very slight correction in bold.
Also it’s 22% and it’s not solely because payroll is lazy. It’s actually set by federal statute
That must be before other, additional payroll taxes.
Progressive tax brackets make things complicated, in myt opinion. I always like the idea of a large tax free bracket and then taxing. 30-40% for the rest. No tax deduction, everybody has to pay up. You could also go for fixed tax brackets like 15%, 25% and 35% and also no tax deductions.
The problem is that tax deductions/credits are a useful tool for guiding certain activity. We want people to put up solar panels, so we give a tax credit for that.
The other argument for a progressive system is using money for necessities instead of luxuries or investment. Your first $40k or $50k or so is spent on the basic cost of living. After that, you’re using increasing amounts for things you don’t strictly need. So you want to tax that first $50k or so very little, perhaps none at all, and then ramp it up on the people who are just spending money on fast cars or dumping it into SPY or whatever.
There’s a ton of twisty little ways the tax system makes everything fair-ish. Turns out, running a country of 330M people and an annual GDP of $25T is complicated. It’s not always a fair system, but it’s more fair than it looks at first glance.
This is the same economic genius that said if the US wanted to default on the national debt, we could and then we could just renegotiate what we owed like some chump who bankrupted their own casino.
I think he might be trying to destroy America
Like the tariffs of old.
So become 100% dependent on foreign trade… thats a stupid thing to do when conflict is potentially right around the corner
This freak lost a fucking Casino. The place where people just give you their money. A CASINO!!! He is an idiot and the worst “business man”. Con man looking for a new con.
Not a casino. Multiple ones. Because the dumb fuck decided the best way to run resorts was to have them compete and under cut each other.
Are you suggesting that Convicted Felon and Sex Offender Treason Trump is not a very stable genius?
Idiot is an understatement.
Unfortunately, I can’t think of a strong enough word, including the one now regarded as a slur.
Fuckwit is my go to. Or “Too stupid to breathe.” Or bring out some Linus Torvalds, but honestly Trump doesn’t deserve to be graced by that mans insults, as awesome as they are from a “JFC dude, that is going way too far”, except Trump would actually deserve them unlike the poor kernel maintainers.
