Posted on 02/26/2017 4:48:37 AM PST by IBD editorial writer
Corporate Taxes: Nobody knows for sure whether President Trump supports a "border adjustment tax." That's fitting, since nobody really knows what this tax would do to the economy.
Trump has been hot and cold about the border adjustment tax. On Thursday, he told Reuters that he thought the tax "could lead to a lot more jobs in the United States." On Friday, Trump's top economic advisor reportedly said it was a nonstarter.
The tax is part of a wholesale rewrite of the corporate tax code proposed by the House GOP leadership, which they say will vastly simplify taxes, lower rates, increase exports, and help grow the economy.
The plan would swap the current 35% corporate income tax for a 20% consumption tax — or in policy-geek-speak "a destination-based cash flow tax." Because exports are consumed abroad, they'd be exempt from the tax. Imports, however, would face a 20% "border adjustment tax."
The idea has generated lots of attacks, including from this page, as well as claims that it would violate the terms of the WTO, hurt retailers like Best Buy and Target that rely heavily on imported goods, even hurt tourism.
The biggest problem with this tax reform, nobody has any idea what it will do.
(Excerpt) Read more at investors.com ...
All one has to do is query one’s favorite search engine re: “impact of tariffs on us economy” to answer your question and prove to yourself that YOU ARE FULL OF CRAP!
Check this article out: http://economics.about.com/cs/taxpolicy/a/tariffs_2.htm.
“Study after study has shown that tariffs cause reduced economic growth to the country imposing them.”
And there are many other articles making the same point.
One can only gather that you, personally, are one of those folks who benefit by tariffs!
You are busted!
China: went form basket case to world wide industrial power behind a steep wall of tariffs.
Al the "Asian Tigers" hide behind walls of tariffs.
Put down the globalist economic propaganda and pick up a history book. Try it.
We are both pissing into a 60 knot headwind.
Enough!
Sorry but I am correct you are wrong and cannot admit it.
If you want a border tax then fine. Just don’t expect a job or 401K.
The govt. will be doing well though.
Ok you linked a BAT to the 401K. How did you get there?
The fair tax is great. Sorry to say but too many headwinds to have it succeed.
As long as you can live with decreased exports. Dramatically decreased.
Economy will shrink. Our markets for goods to export will be greatly reduced.
The economy will grow as new factories are built creating million of construction jobs and infra structure improved. New factory jobs will be created as a factory supports an entire community. So you’d be total wrong again. From whom did you learn economics? Get it?
“As long as you can live with decreased exports. Dramatically decreased.”
Tariffs should be targeted, like Japanese cars and OPEC oil. I could live with zero imported OPEC oil/natural gas and less Jap cars, no problem.
A sweeping across the board 20% “border tax”, is much less desirable, more vulnerable to a future Dem congress/president raising it.
>Economy will shrink. Our markets for goods to export will be greatly reduced.
Let me check my history books. Turns out during American’s long economic expansion into the world’s greatest economic power we were protectionist. You know what other rising nation is protectionist? China. Funny how that works out.
Remember these Free Traitor™ idiots think the Smoot Hawley trade act started the Great Depression. LOL!
Nope. The 35% corporate tax applies to profits while the 20% tariff would apply to gross revenue for imported goods.
/S
Apparently economists do not read history books.
>Apparently economists do not read history books.
Nor do they make accurate predictions about future events. Economics is about on par with astrology when it comes to verified scientific results.
FairTax IS THE answer!
We AN get the FairTax enacted into law - difficult, YES! Impossible, NO!
Persist, persist, persist!
Above all else, persist!
AN = CAN
My bad!
Well, why do you to continue to beat this dead horse?
I can only conclude that you, your family, your business or your industry (all four?) stand to gain economically or politically should the USA revert to the disastrous days of Smoot-Hawley!
Smoot-Hawley, if you will recall, was one factor in precipitating the Great Depression.
What advantage would another depression give the USA or the world?
America DOES NOT NEED AND CANNOT THRIVE if we revert yo the Smoot-Hawley mindset!
GROW UP!
FairTax is THE ANSWER!
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