The Truth about Trump Tariffs

Wed Nov 27 17:40:37 EST 2024

Here is an excellent video discussing the truth about Trump's Tariff plans. Its a long video but its important to watch.

Suddenly is it clear that Trump wants to reduce income tax for his billionare buddies and still fund the federal government. Tariffs are a source of money for the government but not a tax on his buddies. Tariffs are a tax that is paid by all consumers as an increase in prices.

The Federal government was funded by money from tariffs in the early days of the United States. Watch the above video and pay attention to the details. An economic depression reduced the amount of imports and hence reduced the money for operating the Federal government. An alternate source of income for the government was needed so the income tax was born. The side benefit of the income tax was that the robber barrons of industry who previously only paid increased consumer prices though tariffs now had to pay taxes directly to the government based on their income. This was the a more equitable assesment of the citizens. Rich people paid more to the government than the less rich people. Trump has found a way to reduce the taxes on his buddies and still fund the government. All consumers will pay the cost of tariffs essentially equally. Basically a tariff is a sales tax. Rich and not so rich people will pay the same tax.