Trump is raising taxes like no President has ever before: $600B a year tax

[IrishBubbaLiberal]

https://bsky.app/profile/georgetakei.bsky.social/post/3llp3tf6g252s

George Takei

Trump is raising taxes like no President has ever before.

———

Jeff Stein
@JStein_WaPo

White House aide Peter Navarro today:
Trump’s tariffs will raise over $600 billion per
year, or $6 trillion over a 10 year period.

Seems to reflect our reporting that Trump
wants to go absolutely enormous on the
tariffs, regardless of short-term economic
consequences.

Hard to overstate how big $600 billion per
year is. Would this be the biggest tax hike in
US history?

[enid602]

1. Tariffs

Doesn’t the 600B in tariffs depend on how much or how little US consumers actually buy once the tariffs are in place?

[VMA131Marine]

2. Well a lot of what is subject to tariffs

either isn’t made/grown in the U.S. or isn’t made in sufficient quantities to satisfy demand.

[SharonClark]

3. The cost of tariffs is not a tax increase.

It may have the same effect on your budget but it is not a tax increase.

I’m disappointed that George Takei doesn’t understand that.

[Dave says]

4. If it walks like a duck, talks like a duck ...

True, a tariff depends on consumers buying product subject to tariffs, and the seller passing the cost along to the buyer, but sure isn't too different than a sales tax. In both cases, someone has to buy something (one could instead put the money in a savings account and watch as we head into a crisis of effective demand - i.e., a depression). And it is also true the cost of the tariff can slash down profit margins to whichever wholesaler or producer buys the product 'at the border'. But in the end a tax is a tax is a tax.

[IrishBubbaLiberal]

5. George is correct... Tariffs are indeed a de facto tax

Tax = tariff

A Tariff paid goes to FED govt
JUST LIKE a Fed Tax paid goes to FED govt

The Product imported is hit with tariff,
Thus now after paying for the product, and the tariff on product import
THAT is importers’ COST OF GOODS.

X = cost of goods

For an Example… a 25% tariff

X times 1.25, equals X plus (X x .25)

Thus a de facto TAX


Now whether the importer decides to fully pass on those increases
in his/her’s Cost of Goods due to tariffs is up to the importer.

Most importers will indeed pass on 100% of the added products cost
due to price increases caused by tariffs,,,, AND most importers will
also Markup that additional product costs too.

[Norrrm]

6. In the first term, Fox had an elderly friend convinced that China was paying all the tariffs on its products.

[doc03]

7. He is taxing us consumers in order to give billionaires a $4.5 trillion taxcut. It doesn't hurt

billionaires to pay a few thousand more for a car. But MAGA to dumb to figure that out.