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President Donald Trump’s trade wars have already wiped out all but $100 of the average American household’s windfall from Trump’s 2017 tax law. And that’s just the beginning.
That last $100 in tax-cut gains could soon completely disappear -- and then some -- because of additional tariffs Trump has announced. If the president makes good on his threats to impose levies on virtually all imports from China and Mexico, those middle-earning households could pay nearly $4,000 more
Subtract the tax cut, and the average household will effectively be paying about $3,000 more in taxes through additional levies on the products they consume.
All warfare has destructive consequences. But the American people have been stomping their feet (unnecessarily ad most ignorantly) for every President to "do something" about trade deficits and the growing market share of European and Asian nations ever since the wily Japanese began selling high mileage cars in the early 1970s. And it is bipartisan complaining, make no mistake. All that changes is where the criticism of the President comes from, based on which party he belongs to.
This is what "doing something" looks like, which is why I always and forever caution people to be very careful about what they demand of their government. This is government actually doing what the people asked them to do, and uhm yeah...kinda shows why you should stop asking them to do anything.
We have been in various trade skirmishes for over a century, non-stop. Trump is just more brazen and sassy about it. The sugar quota has been in effect for almost a century, protecting American sugar growers from the fact that US geography sucks for growing sugar compared to Caribbean and South American geography. There are maybe a handful of centenarian Americans who can recall a time where sugar didn't cost 2-3x more in the US than anywhere else on Earth, and that little ongoing trade skirmish was in effect before Trump was even born.
People have been griping about China's unfair economic practices for decades. Not years, but actual decades. Ever since the USSR became Russia and a bunch of future NATO members, and the threat of nuclear annihilation faded away, the new boogeyman for American angst has been China and economic dominance being somewhere else besides America. Clinton got griped at "to do something about China." So did Dubyah, and Obama, and now Trump. And like he has done on a bunch of issues, where all his predecessors paid lip service to gripes while doing nothing tangible, Trump actually does what they all swore they would do and didn't. And this is what that looks like. It sucks, it raises prices, it kills jobs, and it has all manner of long term negative consequences....but for almost 30 years, Americans have been griping about doing something about China...and here we are, doing that something.
They are an economic adversary and antagonist (which is perfectly normal and natural in a free market, btw), and this is what battling versus acquiescing looks like. This is economic nationalism, live and in person. And like all battle, some people are for it and others oppose it.
President Donald Trump’s trade wars have already wiped out all but $100 of the average American household’s windfall from Trump’s 2017 tax law. And that’s just the beginning.
That last $100 in tax-cut gains could soon completely disappear -- and then some -- because of additional tariffs Trump has announced. If the president makes good on his threats to impose levies on virtually all imports from China and Mexico, those middle-earning households could pay nearly $4,000 more
Subtract the tax cut, and the average household will effectively be paying about $3,000 more in taxes through additional levies on the products they consume.
I thought the left opposed corporate tax cuts? And in fact suddenly discovered the deficit and supported tax increases to generate revenue? So what's the story? Do Dems suddenly support the Republican tax cuts of 2018? If so-will a few of their mindless suits vote for a bill to make those cuts permanent?
President Donald Trump’s trade wars have already wiped out all but $100 of the average American household’s windfall from Trump’s 2017 tax law. And that’s just the beginning.
That last $100 in tax-cut gains could soon completely disappear -- and then some -- because of additional tariffs Trump has announced. If the president makes good on his threats to impose levies on virtually all imports from China and Mexico, those middle-earning households could pay nearly $4,000 more
Subtract the tax cut, and the average household will effectively be paying about $3,000 more in taxes through additional levies on the products they consume.
hmm leftist MSM says one thing
my wallet, and that COSTS have gone down for me, says total opposite
President Donald Trump’s trade wars have already wiped out all but $100 of the average American household’s windfall from Trump’s 2017 tax law. And that’s just the beginning.
That last $100 in tax-cut gains could soon completely disappear -- and then some -- because of additional tariffs Trump has announced. If the president makes good on his threats to impose levies on virtually all imports from China and Mexico, those middle-earning households could pay nearly $4,000 more
Subtract the tax cut, and the average household will effectively be paying about $3,000 more in taxes through additional levies on the products they consume.
BIG FAIL.
The crank at Bloomberg that wrote that piece is talking about TARIFFS THAT HAVEN'T HAPPENED.
Democrats spend day after day looking for failure of America to look out after its interests. Must be a miserable way to live. Fake news was made for them.
I thought the left opposed corporate tax cuts? And in fact suddenly discovered the deficit and supported tax increases to generate revenue? So what's the story? Do Dems suddenly support the Republican tax cuts of 2018? If so-will a few of their mindless suits vote for a bill to make those cuts permanent?
Taxes on consumers harm the poor and middle class the most.
I thought Republicans opposed massive deficits and interventions in the market. I guess that’s only when a Democrat is in charge.
Of course these tariffs not only harm consumers they also harm investors. Including myself. Milton Friedman’s 1973 article in Newsweek opposing tariffs on the Japanese applies to tariffs on China today. I suggest true conservatives read it.
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