I love how “Kamala’s entitlements will cause a negative impact on this thing” but Trumps entitlement programs I.e. tax cuts that had an extremely negative impact on the economy don’t concern you. Never mind his tariff plan that is proven bad economics.
Just say you c00nin this time around just to try it, like a white girl being lesbian in college. Stop acting like you making some high minded decision.
The truth about Donald Trump's tax and tariff plans
Tariffs can't actually replace income and corporate taxes, and more to know about how Trump's plans would effect the economy
The new Trump tax cuts
Don’t expect any new tax cuts to actually stimulate the economy. Greg Daco, chief economist at the consulting firm Ernst & Young, noted in an interview that tax cuts rarely pay for themselves. “That’s the dirty little secret,” Daco said. “The notion that if you cut taxes the revenue is going to be offset by stronger economic activity is not a reality.”
That, he said, is because the so-called “implicit effect,” the multiplier of economic activity, is generally quite low. For corporations, the multiplier is about 30 to 40 cents on the dollar, Daco said.
“If you cut taxes by a dollar you get 30 to 40 cents of additional economic activity,” he said. That may sound great, but as Daco added, “from a government perspective, you’ve lost a dollar in tax revenue and you’ve generated 30 cents of additional activity which will be taxed at 15%, or 4 1/2 cents. So you’ve lost 95 1/2 cents of revenue,” which could be used to pay for Social Security, Medicare, the military or even to pay down the national debt.
And if the existing tax cuts are extended past their 2025 expiration date, that’s not going to be good for the economy.
“If you extend the tax cuts, you get less revenue and have an increase in the debt,” Daco said. “We are running deficits of around 6% of GDP in good times. This is a concern from a fiscal standpoint and it does lead to higher interest payments on debt.”
The Trump tariffs
We’ve looked at them before, and they are still a generally bad idea. A recent Peterson Institute study found that the tariffs would cost an average household at least $2,600 a year, and a study from Yale University’s Budget Lab found that the cost could be as high as $7,600. That’s nothing for Elon Musk or John Paulsen, two of Trump’s billionaire supporters. But for lower-income Americans, much of whose income is spent on imported goods like shirts and shoes made in China, that’s effectively a huge tax increase.
For companies that depend on imported parts or raw materials, a hike in prices and a lack of substitutes could put them out of business. A second Trump administration would basically recreate some of the effects of the pandemic’s supply chain breakdowns, but with tariffs 10 times or more higher than the first time around.
“Trump’s proposed tariffs on China ignore the realities and needs of our small businesses,” said Javier Palomarez, CEO of the United States Hispanic Business Council. “Such tariffs would increase prices for consumers, raise the cost of production for businesses, reduce sales, and decrease the employment rate.”
Basic capitalism says foreign firms won’t absorb the cost of tariffs, they’ll simply jack up prices to cover the cost of the tariffs — setting a new threshold for U.S. manufacturers, who will set their prices just as high to make as much profit as they can.
“Cutting tariffs would counter the punishing increase of the cost of living that American families are experiencing,” the U.S. Chamber of Commerce wrote in 2022, referring to Trump-era tariffs left in place by President Joe Biden. “It would also enhance the competitiveness of U.S. manufacturers, and address the unfairness of the tariff code, which hits the poor hardest.”
Tariffs are effectively a regressive sales tax, and the nonpartisan Congressional Budget Office estimated that they cost the average American household more than $1,200 in 2020 alone. Contrary to popular misconception, the New York Fed wrote recently, the Trump-era tariffs, with a small add-on from Biden, “continue to be almost entirely borne by U.S. firms and consumers.”
Tariffs can't actually replace income and corporate taxes, and more to know about how Trump's plans would effect the economy
qz.com
“what about ME, ME, ME” ass MAGAT.