Posted on 06/30/2018 10:07:07 AM PDT by ChicagoConservative27
President Trump is justifiably proud of passing tax reform last December, telling audiences “because of our tax cuts, you can keep more of your hard-earned money.” He’s right: American taxpayers will save $75 billion this year and $189 billion next year, according to the Joint Committee on Taxation.
Yet the president’s tariffs on imports could negate much of the tax relief he’s been bragging about. These levies are not paid by foreign countries or companies. They are passed on to American consumers in the form of higher prices for either foreign or U.S.-made goods.
The Trump tariffs are now clawing back tax savings at a rate of roughly $10.6 billion per year. The levies already in place include 25% on steel (imports in 2017 were an estimated $23.4 billion), 30% on solar panels ($8.5 billion), 10% on aluminum ($18 billion) and 20% on washing machines ($1.8 billion).
That’s chump change compared with what may be coming. On July 6, a 25% tariff kicks in on 818 Chinese imports worth $34 billion, costing Americans another $8.5 billion a year. If China retaliates, Mr. Trump has said he’ll slap a 10% tariff on an additional $200 billion of Chinese exports. The president warned last week that if Beijing responds a second time, he could levy a tariff on $200 billion more in Chinese exports. And an administration proposal for a 25% tariff on 284 Chinese exports to the U.S., whose value was $16 billion in 2017, is pending.
(Excerpt) Read more at rove.com ...
That is not correct.
China has experienced tremendous growth and resulting general prosperity. Forbes ran a very long article on the Pearl river Delta region. It has grown to I believe 68 million people and if it stands alone, the thirteenth lrgest world ecoomy.
The people in the new cities have lives totally unimagined 15 years ago.
Oh, not to worry. The US taxes foreigners in a different way.
Anyone who has possession of US dollars is being taxed every time the Fed prints more dollars. Their US dollars are being devalued just like ours.
Fiat currency is a stealth tax and the fact that US currency is the world’s reserve currency means that the US taxes the world.
It also means that any country that states that it will no longer accept dollars in payment has declared war on the United States.
Yes, but they haven’t gained any real social freedom, and that’s what I’m referring to.
Never Trumper Rove had one success, getting Bush Junior elected. It has been downhill since. Couldn’t even get his hapless friend Gillespe elected in Virginia. Failed twice. He’s sold out Americans, more an Obama supporter than a Republican or American.
What he’s basically saying is that it’s better for Americans to pay higher taxes just to get cheap goods. What he’s too ideologically trapped by is a globalist view that Americans aren’t all that special and don’t deserve the choice.
Trump’s tariffs may lead to an inflationary period for large ticket items, but it will also employ many more people which has a good effect on the nation’s psyche.
But there won’t be an very long tariff war. Don’t be mistaken by the huff and bluff from the europeans or the chinese. They will have to play ball or their economies tank. Playing ball means dump the cleverly written trade barriers and build some factories over here in the U.S
The purchasing power of the U.S is huge, but it cannot sustain it while subsidizing the poor and illegal immigrants
Actually they have. they qre free togo about their daily lives, to travel abroad, to study abroad. It is not Maoist China.
Above all, they have cell phones and in many ways their phone usage and aps exceed ours.
Chicaps are ascendent
A new vision for the GOP will be the only thing that carries it forth. I guess it takes a president with brass balls to do it, rough though he be about cracking his whip. He anticipates at some future time saying Look! It was hard for you to kick against the goads, but now look at where you are.
And all this with a vision that isn’t very different from JFK’s. That’s quite rightist for today.
Can Donald do a better job of preaching his vision? Yes, I think so. We need to get back to fundamentals. Was America mere genius, or was it born of wisdom too?
And yet it will all collapse on an economic hiccup, if economics is all there is to it.
Hey Rove, no thanks - you’re one of the reasons we got stuck with Obama.
Can they openly practice their religion yet? (Though we’re approaching the point of meeting them in the middle in that regard).
They may do many things abroad that they aren’t yet free to do at home. It’s sheer population size that is keeping China from worrying about brain drain — yet.
“But there won’t be an very long tariff war. Don’t be mistaken by the huff and bluff from the europeans or the chinese. They will have to play ball or their economies tank. Playing ball means dump the cleverly written trade barriers and build some factories over here in the U.S”
I’ve been wondering about the big picture, thanks for that information.
I’ve had discussions in the late nineties and early oughties with Chinese Christian groups who network in American companies. They still have to play cat and mouse in China with a government that sometimes turns a blind eye, sometimes becomes very zealous about secular socialism uber alles.
The best churches develop under some kind of pressure. One can’t learn to punch the hardest with grace against Satan in an easy school. Home grown Christianity may, on a longer time scale, become ascendant in China.
Karl, you’re such a dip stick.
Every time you trash tariffs, you’re trashing our Founding Fathers.
They didn’t want an income tax. They preferred to fund the government off tariffs.
Tell me Karl, are we better off with income taxes, or should we have just said no in the early 1900s.
Remember, the folks were promised income taxes would never exceed 1 to 2%.
The way to avoid the tariff “tax” is to buy American.
I trust you, but not the Deep State spies on open thread. I can FReepmail you about it if you like.
That’s true, the Christian Church has weak and lukewarm under years of freedom in the US. Still, it’s not a societal good to have the church be forced underground. Or maybe the increasing evil of society has affected the church. This is very “which came first, chicken or egg?”
And they were supposed to be time limited, when first proposed, IIRC.
This wanker has been wrong about just about everything over the last 10 years.
Geez, will someone please get that theatrical long hook, and put it to good use.
Here he is talking about why Trump probably can’t win the nomination much less the general election.
I will say that at one point, Rove screws up and actually says something intelligent.
Republicans need to get back to their basic principles, and push them like they know they can win with them.
Even though Karl said this, he still couldn’t put Trump and that statement together.
Here’s a dated eight minute clip of him on Morning Joe.
Typical Karl:
https://www.youtube.com/watch?v=wyET5yZPh94
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