Trump proposes (up to) 70% tariff on all imports

[Benjamin Frank 2.0]

Trump has floated the idea of replacing the income tax with import tariffs (a sales tax.)

If this is going to raise as much money as the income tax, the math on this is pretty simple.

In 2023, total federal income taxes were around $2.2 trillion. In 2022, total U.S imports were around $3.2 trillion (the one year difference isn't that big a deal since these numbers are approximate to begin with.)

So, to get $2.2 trillion in tariffs from $3.2 trillion in imports, we simply divide 2.2/3.2 and get to 68.75% in tariffs or roughly 70%. With the one year difference, one might argue it's closer to 65%

Of course, where possible this will lead to a decline in imports (which, to be sure, will have to boost U.S manufacturing, though - where will these workers come from?) and will almost certainly lead to an increase in black market sales of these imports where possible - straight off the dock if possible. Or, depending at what point in the process the tariff is applied, it could even be done with cash sales where no tax is charged.

Of course, in both cases that means that for the remaining imports the tariff will have to be even higher.

[wnwnwn]

So, Trump wants to win MI and lose the rest?

[Torie]

I hope Biden brings up Trumps insane ides assuming it is true.

[Sir Mohamed]

Vodoo economics

Don't take it from me, several Nobel Prize winning economists have warned of Trump's election.

[Progressive Pessimist]

Vodoo economics

Don't take it from me, several Nobel Prize winning economists have warned of Trump's election.

Elitists! Trump knows better than them!