Tariffs?

[gil]

Thanks, bpj. I appreciate your analysis. I was including payrolls taxes and corporate income taxes to get the 5 trillion figure.

It seems to me that a lot of people -- far wealthier than the food stamp level -- economize on a pretty regular basis; don't you think? Things in a basic middle class lifestyle would start straining budgets if they were 25% more expensive: lawnmowers, electronics, furniture, home remodeling. And it's just not consumer products. American companies that make thing here still import parts, supplies, machinery, etc. So you could see American companies raising prices (although less than 25%) due to a 25% tariff.

One way or another, we really need to fix the budget deficit. Someone pointed out to me just today: We are now spending more money on interest on our debt than we are on national defense. That is staggering.

[Seattle or Bust]

I always pictured SoB with breasts and a long pony tail.... Kind of like Mulvany.

As for what he/she posted....
I have realized that there are [basically] three people on these boards that will always be against what President Trump does. These people are SoB, Gil and donn. There is no talking reason to these people, if they do identify as a "people", so I mostly just ignore them. It has helped.... but I do enjoy others fighting with them and the laziness of SoB and donn 'trying' supporting his opinions, and Gil trying so support his opinions with pretty weak shit.

Yeah except for the fact that I’m a former professional golfer who also was recruited to pitch and play volleyball at a D1 level… total she/he with tits though.

When I envision you it’s probably exactly what you are. Fat, old, white beard facial hair, maga sun glasses, with a permanent dumb expression on your face from the first time you were asked to Google something.

There’s a reason why your posts both here and on the sports forum seldom carry substance. It’s too painful for you to think so you just stop typing only to get enraged when you remember you can’t see your Willy past that belly of yours anymore.

I don’t care to provide you with simple facts related to how the trade deal works. It took me 14 seconds to figure all that out. You can do the same.

[bpj]

Thanks, bpj. I appreciate your analysis. I was including payrolls taxes and corporate income taxes to get the 5 trillion figure.

It seems to me that a lot of people -- far wealthier than the food stamp level -- economize on a pretty regular basis; don't you think? Things in a basic middle class lifestyle would start straining budgets if they were 25% more expensive: lawnmowers, electronics, furniture, home remodeling. And it's just not consumer products. American companies that make thing here still import parts, supplies, machinery, etc. So you could see American companies raising prices (although less than 25%) due to a 25% tariff.

One way or another, we really need to fix the budget deficit. Someone pointed out to me just today: We are now spending more money on interest on our debt than we are on national defense. That is staggering.

Good questions.

I don't have the answers.

Here's the difference to me though.

Income tax is on all the dollars you make. Tariffs would just be on what my family consumes.

According to Grok the average household income is $75,000.
The effective tax rate they pay is 6.7%, which comes to $5,000.

I think the tariffs would encourage people to buy US products. Including the companies. Everyone buys more domestic product as a result.

But, say the average price of what we pay for consumables is actually 25% more after a 25% tariff.

If the average family pays monthly:

$1500 mortgage/rent
$400 car payments
$120 car insurance
$400 health insurance
$150 fuel
$600 groceries
$300 utilities
$200 miscellaneous
$200 towards debt
$100 towards savings
Total: $3970

If the car payments, fuel, groceries, and miscellaneous all cost 25% more, it would represent $337.50 per month in price increases due to the tariffs.

That comes to $4,050 for the year. About a 20% savings off their $5,000 income tax bill. And that assumes you buy the car that cost 25% more, etc.

That assumes costs actually rise 25% due to a 25% tariff. I doubt that would happen.

It would also depend how the remaining portion of their income is spent.

[Walla Walla Dawg II]

Dude, way off on health insurance. I wish and pray for $400 a month (it may be $400 if you are on Apple Care, but I don't know). Years ago when I had my own plan for the family of 4, we were paying $1,300 for shitty health insurance.

As of now, both my kids are on their own health care through their employers and I am on my wife's plan at $250 a week.

Shit man, I think a supplemental healthcare plan to cover on top of Medicare is around $150-$200 a month per person.

Even back in the 1990's when it was just me and my wife on my offices healthcare, it was $800 a month for both of us.

I'm not giving you shit, just trying to get accurate costs.

[bpj]

Dude, way off on health insurance. I wish and pray for $400 a month (it may be $400 if you are on Apple Care, but I don't know). Years ago when I had my own plan for the family of 4, we were paying $1,300 for shitty health insurance.

As of now, both my kids are on their own health care through their employers and I am on my wife's plan at $250 a week.

Shit man, I think a supplemental healthcare plan to cover on top of Medicare is around $150-$200 a month per person.

Even back in the 1990's when it was just me and my wife on my offices healthcare, it was $800 a month for both of us.

I'm not giving you shit, just trying to get accurate costs.

I'm sure everyone can agree on health insurance being more. That's what Grok has it at on average, and either way doesn't change much as far as what the tariffs would cost consumers other than how much discretionary income is left over.

[Walla Walla Dawg II]

Very true.

[gil]

President Trump announced that tariffs would be collected by a new entity called the "External Revenue Service."

https://www.foxbusiness.com/economy/tru ... gn-sources

Whatever the name, tariffs are paid by American importers, not foreign governments or exporters.

That dynamic has prompted pushback from economists who say the name of the proposed External Revenue Service represents an effort to obscure who pays for tariffs.

[Mel Bradford]

Forest / trees

Just imagine importing every product or good the American people need to survive ? What's wrong with this picture ? Its unsustainable.
Tariffs used to fund the central government.....no federal taxes.
The cries and moans the "everything will cost more" is true for imported stuff. But the idea is to regenerate domestic production and protect it.
Do we then subsidize domestic products to compete in foreign markets ? Because right now that's what we do. That is also unsustainable.
Wall Street loves borrowed money, foreign production (cheap goods), and profit at any cost.....but the cost to whom ?

Tariffs are a component of a larger economic strategy. They are not static. They can be adjusted.

Look at the streets of every major US city. There we see the fruit of Keynesian / socialist economics. And today its costing us two trillion more in debt every year. Its unsustainable. Just sayin.

[bpj]

President Trump announced that tariffs would be collected by a new entity called the "External Revenue Service."

https://www.foxbusiness.com/economy/tru ... gn-sources

Whatever the name, tariffs are paid by American importers, not foreign governments or exporters.

That dynamic has prompted pushback from economists who say the name of the proposed External Revenue Service represents an effort to obscure who pays for tariffs.

Seems kind of like arguing whether income taxes are paid by the employer or employee.

[Walla Walla Dawg II]

And in regard to tariffs:
-President Trump is using them as a bargaining chip to negotiate with other other countries...... Wow, is he working for the American people?
-If another country has a tariff on our products, I think it's fair that we tariff theirs.
-It is also a way for companies (that produce in other countries) to come to America to manufacture the parts..... Thus creating jobs and collecting income tax.

I hope it works. It's all there and sounds good.