this post was submitted on 16 Jun 2024
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[–] LEDZeppelin 276 points 5 months ago (3 children)

This basically eliminates almost all taxes on the rich, burdens middle and lower class with higher prices, and blows up budget deficit.

So much for FiScAL ReSPonSibiLiTY

[–] Lemminary 24 points 5 months ago

Yeah, are you being fiscally responsible, chump? How much are you making? Jeff over here needs another yacht!

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[–] [email protected] 123 points 5 months ago (4 children)

This freak lost a fucking Casino. The place where people just give you their money. A CASINO!!! He is an idiot and the worst "business man". Con man looking for a new con.

[–] Mikelius 64 points 5 months ago

Not a casino. Multiple ones. Because the dumb fuck decided the best way to run resorts was to have them compete and under cut each other.

[–] return2ozma 19 points 5 months ago (1 children)

Idiot is an understatement.

[–] [email protected] 11 points 5 months ago (1 children)

Unfortunately, I can't think of a strong enough word, including the one now regarded as a slur.

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[–] RememberTheApollo_ 102 points 5 months ago* (last edited 5 months ago) (19 children)

Tarrifs on imports?

So basically jacking up prices on all the things made overseas that are cheapest to buy in the US. That affects everyone, especially the poorer people that tend to shop places where that cheap imported stuff is sold because it’s a bigger percentage of their income. It’s gonna affect the middle class the most because they’re probably the biggest consumers. The rich DGAF because well, they’re rich.

Quickest way to put even more people below the poverty line.

[–] [email protected] 17 points 5 months ago (8 children)

things made overseas that are cheapest to buy in the US

Things that are made overseas because American business owners outsourced the manufacturing jobs to the countries with the cheapest labour (and also the least worker protections)?

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[–] aesthelete 94 points 5 months ago (1 children)

This is one of the stupidest things I've ever heard.

[–] Diplomjodler3 31 points 5 months ago

I'm sure he'll come up with something dumber tomorrow.

[–] Heavybell 64 points 5 months ago (11 children)

Income tax is such a bitch to deal with. I used to support the idea of replacing it with GST/VAT because then I'd not have to deal with it. But then someone pointed out that disproportionately benefits the rich (who mostly just hold wealth rather than spend it) and disadvantages the poor (who cannot avoid paying for things).

So fuck it. Make it all income tax and get rid of the others! :P

(In before this is also a bad idea somehow)

[–] [email protected] 41 points 5 months ago (4 children)

It should be a moderately progressive income tax. That is to say the lowest earning bracket should pay nothing as a percentage of their income, the next bracket should pay a little bit, the next bracket a little higher % of their income, all the way up to billionaires who should be taxed out of billionaire status. I can certainly afford to pay a higher % of my income to taxes than someone who isn't sure where their next meal is coming from, but my bosses and their bosses, and the people who own the building should be paying way more on their income than me. Also we need to get rid of the shenanigans that allows the ultra wealthy to avoid income tax altogether through loans and what not.

[–] Serinus 25 points 5 months ago* (last edited 5 months ago) (5 children)

For clarity, say Kalkaline earns 100k a year. Ideally the billionaires would bring home exactly the same on their first 100k as Kalkaline does.

Marginal tax rate means the higher tax brackets only tax you in the money made above a certain amount. And it's the same for the next higher up tax bracket, which doesn't apply to any lower money.

If you're not getting welfare, there is no "next tax bracket" that's going to make you bring home less when earning more. That's not a thing.

If you get a bonus, that might be ~~taxed~~ withheld at 50% because payroll is too lazy to figure out your taxes. You get the remainder back when you file your taxes. (Note this may mean you owe $200 at the end of the year instead of owing $1000. That still counts as you "getting" $800.)

We could put an 80% marginal tax rate on incomes above a billion dollars, and it wouldn't really touch someone who was only bringing home 1,030 million dollars a year.

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[–] Stupidmanager 12 points 5 months ago (1 children)

I’d prefer a 70% tax on billionaires, but I’d settle for 50% for anything above 5million. Take Elon for example, the guy makes an estimated $50,000USD per minute. Yes folks, the guy makes more per minute than the average American does in a year.

prove to me that billionaires should exist. Tax them accordingly.

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[–] [email protected] 64 points 5 months ago (1 children)

Jesus Christ, we learned that fixing the economy via tariffs was bad in 1930. Like holy shit, tariffs are nearly universally agree by every field of economics to be shitty for citizens, businesses, and then the country. It makes no one inside want to buy anything but the simple basics, even with the basics now costing much much more.

I am not a "free trade" person, but this is not how you "Make America Great Again". Even Ronald Reagan and Dubya didn't do tariffs as a replacement for other things.

[–] FlyingSquid 17 points 5 months ago (5 children)

Yes, but Trump has a "relationship with MIT" and a "very good brain" so what would those economists know?

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[–] [email protected] 58 points 5 months ago* (last edited 5 months ago) (12 children)

That's not how anything works. The country exporting to the USA don't field the tariffs expense. The importers do.

He would just be removing taxes for people like himself to the result of a massive deficit and decreased trade.

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[–] vxx 52 points 5 months ago (2 children)

So he's planning to make the poor pay the taxes for the rich.

[–] Bahalex 18 points 5 months ago

No, poor people already pay for the rich. The rich can afford an accountant to find as many loopholes and deductions as possible. The really rich don’t have an “income” and live of capital gains which is already under taxed.

This is just a hope people remember the “no income tax” part and forget about the “raise import tariffs” part when they’re at the ballot.

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[–] ZetaLightning94 52 points 5 months ago

So become 100% dependent on foreign trade... thats a stupid thing to do when conflict is potentially right around the corner

[–] Hobbes_Dent 47 points 5 months ago (3 children)

More getting other countries to pay for things I see. The hubris I swear.

[–] [email protected] 59 points 5 months ago (1 children)

Other countries don't pay tariffs, people who buy the products do. So regular people.

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[–] [email protected] 13 points 5 months ago* (last edited 5 months ago) (5 children)

He only can get one more term, so I suppose he can promise whatever at this point. It's not like he's got credibility consequences for lack of follow through at this point.

The swing states and their votes are:

https://www.270towin.com/

Nevada (6), Arizona (11), Wisconsin (10), Michigan (15), Pennsylvania (19), and Georgia (16).

He needs 38 electoral votes out of that.

Michigan+Pennsylvania+Wisconsin would do it on their own, and they're all Rust Belt states, so I figure that promising protectionist policy on manufacturing is probably gonna sell well there.

https://projects.fivethirtyeight.com/polls/pennsylvania/

https://projects.fivethirtyeight.com/polls/wisconsin/

https://projects.fivethirtyeight.com/polls/michigan/

[–] Stovetop 18 points 5 months ago (2 children)

He only can get one more term

Until the corrupt Supreme Court decides to adopt the "unconstitutional constitutional amendment" doctrine and gets rid of that pesky 22nd amendment.

Moot point though because the old fuck will probably die before a third term is even on the table.

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[–] 3volver 44 points 5 months ago (17 children)

Look at this graph, when you know, then you know. Fuck all this distraction from the actual problem, orange man is a distraction.

https://en.wikipedia.org/wiki/Corporate_tax_in_the_United_States

[–] iopq 18 points 5 months ago

Makes sense that profits went up, since this graph is not inflation adjusted

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[–] [email protected] 42 points 5 months ago

Tax the rich, give the middle and lower class tax breaks. It would fix so much.

[–] [email protected] 42 points 5 months ago (1 children)

I mean, the Brownback Experiment nearly broke Kansas, but what if we scaled it up to 50 states?

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[–] [email protected] 37 points 5 months ago (2 children)

Someone did the math and realized we would need a 130% tariff on all goods to replace current income tax revenue.

People’s number one concern is inflation. If that tariff is created we will see 100% inflation over night!

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[–] apfelwoiSchoppen 31 points 5 months ago (1 children)

Eat the rich. Tax the motherfuckers.

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[–] [email protected] 29 points 5 months ago* (last edited 5 months ago)

Trump floats more shit than a sewage treatment plant.

[–] buzz86us 23 points 5 months ago

How about we eliminate income taxes and replace it with corporate carbon emissions tax, AND cut fuel subsidies.

[–] return2ozma 23 points 5 months ago (1 children)

Horrible idea from a horrible orange blob.

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[–] [email protected] 18 points 5 months ago* (last edited 5 months ago)

See this is the kind of thing that makes zero actual sense but his supporters pretend to believe he can accomplish it or worse they actually believe him.

[–] DMBFFF 17 points 5 months ago

They'd have to be enforced to be effective.

Who made his gold-painted shoes?

The price of computers and TVs would skyrocket—making the tariffs regressive taxes—though it might also spur repair and re-use.

[–] renrenPDX 17 points 5 months ago

How much can a banana cost Michael, $1000?

[–] [email protected] 17 points 5 months ago

I swear he comes across as even more senile each and every day. But ...

The rich would support this - they can only consume so much after all, and most of that would be discretionary. No more income taxes on vast incomes, stop buying imported shit, huge win for them. The chowderheads supporting Drumpf would probably be enthusiastic about such an idea too - imagining their small paychecks without that hated tax deduction box and imagining no more paying every year for that scary tax return software. And then, they lose their jobs because countries that we export to retaliate with their own tariffs. Prices on pretty much everything goes through the roof (because even domestic products have foreign supply chains), and most of the cheap shit they used to be able to afford (like electronics from China, bulk foods from overseas and (fast-)foods made with it) they can't afford now.

Meanwhile, with the economy crashing, federal receipts (both tax and tariffs) dry up and it's Government Shutdown time. All working according to the Plan. Grandma and Grandpa lose their incomes and health care and have to move in with unemployed, impoverished JimBob and the wife, which is darn near intolerable what with all the hillbilly kids being home all the time now that the schools have been shut down. Kids that are wailing about being hungry all the time just like the oldsters.

It would be fun to see what carve-outs to the tax/tariff policy they'd have, to try to keep the MIC funded. Borrowing is of course the preferred way to fund it, but nobody's going to be touching the bonds issued by an actively collapsing national government.

[–] [email protected] 15 points 5 months ago

People are so fucking stupid. This man will further ruin the United States. Not even attempting to maintain it.

[–] [email protected] 15 points 5 months ago

This is the same economic genius that said if the US wanted to default on the national debt, we could and then we could just renegotiate what we owed like some chump who bankrupted their own casino.

[–] [email protected] 13 points 5 months ago

And he will do it.

He has to figure out this thing with a boat, a shark, and a battery...

But once he works that one out, China will be paying our taxes.

[–] Delusional 12 points 5 months ago (1 children)

Jesus Christ. Why is it that republicans think destroying the country will be better than what we currently have? It's so fucking insane.

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