Both Sides: Why we don't fuck with the GOP

DC_Dude

Rising Star
BGOL Investor

Why Trump's tariff proposals would harm working Americans​

May 2024

Policy Briefs 24-1
Photo Credit: REUTERS/Dan Koeck
At the beginning of its history, the United States relied on tariffs—taxes on imported goods—as its major source of government revenue. That changed starting in the early 20th century, with the enactment of the federal income tax and the advent of a new consensus recognizing tariffs as regressive, burdening the working class while leaving untaxed much of the income accruing to the wealthy. At present, less than 2 percent of government revenue in high-income countries comes from import taxes.
Today, however, the United States may be on the cusp of reverting to an antiquated approach to funding its government. Presidential candidate Donald Trump is proposing to reduce US reliance on income taxes while increasing our reliance on import tariffs. He proposes extending expiring tax cuts from 2017 and has also suggested possible new rounds of tax cuts. At the same time, he has proposed a ten percent "across-the-board" tariff and a 60 percent or more tariff on imports from China. Together, these policy steps would amount to regressive tax cuts, only partially paid for by regressive tax increases. The tariffs would reduce after-tax incomes by 3.5 percent for those in the bottom half of the income distribution and cost a typical household in the middle of the income distribution about $1,700 in increased taxes each year. If executed, these steps would increase the distortions and burdens created by the rounds of tariffs levied during the first Trump administration (and sustained during the Biden administration), while inflicting massive collateral damage on the US economy.
This Policy Brief leverages recent research to provide approximate calculations for the cost of the higher proposed tariffs to US consumers, considering the distribution of these costs across US households and the consequences for US federal revenues. In sum, Trump's tax proposals entail sharply regressive tax policy changes, shifting tax burdens away from the well-off and toward lower-income members of society while harming US workers and industries, inviting retaliation from trading partners, and worsening international relations.

Data Disclosure:​

The data underlying this analysis are available here [zip].
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May 20, 2024

 

ghoststrike

Rising Star
Platinum Member
and let the money train end?


There's definitely going to be some GOP in-fighting over their 34-Count Felon candidate. Especially considering Lara Trump runs the RNC, reshaping it in the Orange one's image, with proceeds going directly to Trump's legal bills instead of GOP candidates up for re-election in battleground states for this election year.

Grab the popcorn, it's going to be WILD AF :popcorn:
 
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DC_Dude

Rising Star
BGOL Investor
But we need to hold our vote




106-year-old Columbia woman continues to make her voice heard​

Columbia, S.C. (WACH) —
Ora Smith is 106- years-old from Hampton South Carolina and has been casting her vote since she was of the legal age.

On Friday Ora made her way to the Richland County Voters Registration Office to cast her ballot for early voting in the June 11 primary.

Ora said voting is a responsibility for African Americans because their ancestors paid the price.

"It's very important because long years ago we couldn't vote," said Smith. "We negroes couldn't vote."

Ora also shared a message for the young people.

"We've come a long way and I'll tell them to not go back there, keep going forward," said Smith.


Early voting ends on June 8 and the Primary is June 11.
 
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