If your time is short
Virtually all economists, citing years of data and analysis, characterize tariffs as tax hikes rather than tax cuts, because much of the additional cost of the tariff is passed on to consumers through higher prices.
Several economists we interviewed said that it’s possible to argue that the added revenue to the treasury from raising tariffs could allow the government to lower taxes. However, analyses show that it’s unlikely even high tariffs could generate enough revenue to permit meaningful tax reductions for typical Americans.
It is a clear tax increase reflected in purchase cost hikes. It is also a general inflation burden cost in that domestic producers can hike prices and increase profits due to less competition. There is a revenue decrease effect as a result of retaliations that reduce jobs and sales abroad, and this effect lowers profit and job tax revenue.
The hopeful intent from the statement is that if all other economies agree to destroy themselves and send all of their manufacturing jobs to the US, then great prosperity for US will be achieved, though it still doesn’t make it a tax cut, and that future is very far off if it is the slightest realistic. Until then, it is a tax hike, that also makes foreign manufacturing more competitive, especially if a nationalist hatred against unfair US practices results in appropriate industrial policy to destroy the US instead of submitting harder to it.
Nobody need an “economist” to tell them this. It’s indicative of how worthless “economics” is in general.
On what fucking planet are tariffs a tax cut?
How in the everliving fuck is having to pay more in taxes actually having to pay less in taxes?
It doesn’t matter. The MAGAts believe anything they’re told.
Obligatory Orwell quote
Stalin, Lenin, and Mao among others like Hitler and McCarthy proved the efficacy of the propaganda technique. If you control the message you control the people. A common feature and issue of authoritarian groups.
MAGA logic. Or rather, lack thereof.
- Tariffs are a tax cut.
- Trump is the greatest president.
- Republicans are pro-life.
Hmm, what do each of these statements have in common?
2+2=5
No worries! You’re not loosing your job! This is your tax cuts at work!
Okay, I give up… Yeah, its a layoff…
