Trump Is Raising Your Taxes Today

b.c.

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As reported here:

Trump is raising your taxes today

"With far less fanfare than the "tax cuts" ...Trump signed into law in 2017, a series of tax hikes goes into effect today on thousands of everyday items imported from China.

A new tariff of 15% will be added to the cost of more than 40% of all consumer products imported from China on Sept. 1.

And on Dec.15, the 15% tariff will be assessed on another $155 billion worth of consumer goods from China.

At that point, there will be new Trump tariffs on virtually everything imported from China.


A $1,000 anual tax on the typical US household


The tariffs hitting today will apply to thousands of products sold at Walmart (WMT), Target (TGT), Best Buy (BBY), Home Depot (HD), Ikea, Amazon (AMZN) and other retailers:
  • Clothing and footwear such as sneakers, sweaters and baby clothes
  • Electronics such TVs, monitors, and audio equipment
  • Machinery such as printers, desktop computers, hand tools, and air-conditioner parts
  • Plastic products such as tableware, buckets, and school supplies
  • Leisure products
  • Furniture
While Trump has repeatedly said China is paying for his tariffs, many companies and economists say that U.S. importers bear the cost -- and some of it is passed on to consumers.

The non-partisan Congressional Budget Office in August projected that by 2020, Trump’s tariffs and trade war will reduce the level of real U.S. GDP by about 0.3% and reduce average real household income by $580.

That followed a JPMorgan Chase & Co. note to clients estimating that the latest round of tariffs will increase the average cost per U.S. household to $1,000 a year

-- up from $600 for duties enacted last year. That estimate is in the low range because it was based on a duty rate of 10%, before Trump increased it to 15%."


MEANWHILE:


Trump Attacks US Companies for Blaming Tariffs - Market Realist

"On Friday, Donald Trump apparently attacked US companies that have been struggling due to the ongoing trade war.

This morning, he tweeted, “Badly run and weak companies are smartly blaming these small Tariffs instead of themselves for bad management…"
 

b.c.

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Retailers howl as U.S. trade agency locks in 15% tariffs on September 1 - Reuters

"The Trump administration on Wednesday made official its extra 5% tariff on $300 billion in Chinese imports and set collection dates of Sept. 1 and Dec. 15, prompting hundreds of U.S. retail, footwear, toy and technology companies to warn of price hikes.

The U.S. Trade Representative’s office said in an official notice that collections of a 15% tariff will begin at 12:01 a.m. EDT (0401 GMT) Sunday on a portion of the list covering over $125 billion of targeted goods from China.

This initial tranche includes smartwatches, Bluetooth headphones, flat panel televisions and many types of footwear.

U.S. Customs and Border Protection will also start collecting a 15% tariff on Dec. 15 on the remainder of the $300 billion list, including cellphones, laptop computers, toys and clothing, USTR said in the Federal Register filing.

Hundreds of retailers, footwear companies and business groups urged Trump to scrap the proposed tariffs, warning they would jack up consumer prices and trigger job losses.

More than 160 other business groups, including the National Retail Federation, Retail Industry Leaders Association and Association of Equipment Manufacturers, also urged Trump to postpone the tariffs, warning they would hit Americans in the middle of the busy holiday shopping season."

 

bar4doug

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It's unfortunate that so many parts of our economy and way of life rely on the sale and consumption of cheap imported goods...

Put tariffs on them, and you force the consumer to:
1) Spend more on the goods, and
2) Prevent them from saving or spending that money elsewhere in the economy.

Personally, I'd like to see less cheap disposable plastic crap in the world.
 

Thikn2velvet1

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We might as well get used to tariffs, they will be the only tool a country can use to enforce wage, carbon, and humane working condition standards on foreign countries.

Sanders and Warren mentioned tariffs in their debates but used wording that avoided the word “ tariff.”

Trump has asked all countries to drop all tariffs but that was rejected out right. Why?
 

keenobserver

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We might as well get used to tariffs, they will be the only tool a country can use to enforce wage, carbon, and humane working condition standards on foreign countries.

Sanders and Warren mentioned tariffs in their debates but used wording that avoided the word “ tariff.”

Trump has asked all countries to drop all tariffs but that was rejected out right. Why?

The U.S. was in a treaty that greatly reduced tariffs, the TPP. Trump pulled out because it was Obama's treaty and among others Harley-Davidson had to move production to Singapore to avoid NEW tariffs cause by Trump.
 

MisterB

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deleted15807

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Retailers howl as U.S. trade agency locks in 15% tariffs on September 1 - Reuters

"The Trump administration on Wednesday made official its extra 5% tariff on $300 billion in Chinese imports and set collection dates of Sept. 1 and Dec. 15, prompting hundreds of U.S. retail, footwear, toy and technology companies to warn of price hikes.

The U.S. Trade Representative’s office said in an official notice that collections of a 15% tariff will begin at 12:01 a.m. EDT (0401 GMT) Sunday on a portion of the list covering over $125 billion of targeted goods from China.

This initial tranche includes smartwatches, Bluetooth headphones, flat panel televisions and many types of footwear.

U.S. Customs and Border Protection will also start collecting a 15% tariff on Dec. 15 on the remainder of the $300 billion list, including cellphones, laptop computers, toys and clothing, USTR said in the Federal Register filing.

Hundreds of retailers, footwear companies and business groups urged Trump to scrap the proposed tariffs, warning they would jack up consumer prices and trigger job losses.

More than 160 other business groups, including the National Retail Federation, Retail Industry Leaders Association and Association of Equipment Manufacturers, also urged Trump to postpone the tariffs, warning they would hit Americans in the middle of the busy holiday shopping season."


MAGA!!
It's a long road but Trump will lead us there ye of little faith!!
 

bar4doug

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We might as well get used to tariffs, they will be the only tool a country can use to enforce wage, carbon, and humane working condition standards on foreign countries.

Sanders and Warren mentioned tariffs in their debates but used wording that avoided the word “ tariff.”

Trump has asked all countries to drop all tariffs but that was rejected out right. Why?

Until China lets its currency float, and lets the market determine its currency's value instead of tying / fixing it to the Dollar, they will keep their currency weak to ensure they are the world's greatest exporter. Tariffs are one way to offset China's currency fix.
 
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Thikn2velvet1

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The U.S. was in a treaty that greatly reduced tariffs, the TPP. Trump pulled out because it was Obama's treaty and among others Harley-Davidson had to move production to Singapore to avoid NEW tariffs cause by Trump.

Most libs wanted to pull out of the TPP.

Bernie Sanders has decried the TPP as a “disastrous trade agreement designed to protect the interests of the largest multinational corporations at the expense of workers, consumers, the environment and the foundations of American democracy.”

Hillary Clinton – who initially supported the pact – faults the agreement for disproportionately benefiting pharmaceutical companies and costing American jobs. Elizabeth Warren has voiced sharp oppositionto the provision that allows companies to mount legal challenges to sovereign nations.

Why progressives should rescue the TPP trade deal


10 Reasons the TPP Is Not a 'Progressive' Trade Agreement

10 Reasons the TPP Is Not a 'Progressive' Trade Agreement
Ralph Nader, Contributor
Consumer advocate, lawyer and author
06/08/2015 01:34 PM ET
|
Updated Jun 08, 2016


"We have an opportunity to set the most progressive trade agreement in our nation's history," it states on BarackObama.com, the website of the president's "Organizing for Action" campaign.

One must seriously question what President Obama and his corporate allies believe to be the definition of "progressive" when it comes to this grandiose statement. History shows the very opposite of progress when it comes to these democratic sovereignty-shredding and job-exporting corporate-driven trade treaties -- unless progress is referring to fulfilling the deepest wishes of runaway global corporations.


Blaming Trump for canceling the TPP is fake news. The left hated the TPP.
 
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keenobserver

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Most libs wanted to pull out of the TPP.

Bernie Sanders has decried the TPP as a “disastrous trade agreement designed to protect the interests of the largest multinational corporations at the expense of workers, consumers, the environment and the foundations of American democracy.”

Hillary Clinton – who initially supported the pact – faults the agreement for disproportionately benefiting pharmaceutical companies and costing American jobs. Elizabeth Warren has voiced sharp oppositionto the provision that allows companies to mount legal challenges to sovereign nations.

Why progressives should rescue the TPP trade deal


10 Reasons the TPP Is Not a 'Progressive' Trade Agreement

10 Reasons the TPP Is Not a 'Progressive' Trade Agreement
Ralph Nader, Contributor
Consumer advocate, lawyer and author
06/08/2015 01:34 PM ET
|
Updated Jun 08, 2016


"We have an opportunity to set the most progressive trade agreement in our nation's history," it states on BarackObama.com, the website of the president's "Organizing for Action" campaign.

One must seriously question what President Obama and his corporate allies believe to be the definition of "progressive" when it comes to this grandiose statement. History shows the very opposite of progress when it comes to these democratic sovereignty-shredding and job-exporting corporate-driven trade treaties -- unless progress is referring to fulfilling the deepest wishes of runaway global corporations.


Blaming Trump for canceling the TPP is fake news. The left hated the TPP.

Regardless of who hated it, Trump cancelled it, jobs were lost because he cancelled it, and he has gained nothing to replace it with or undo the damage he did. The fake news is you - using the left to make your sad little case. You are a far right point of view - always. You discredit yourself.
 

Thikn2velvet1

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Regardless of who hated it, Trump cancelled it, jobs were lost because he cancelled it, and he has gained nothing to replace it with or undo the damage he did. The fake news is you - using the left to make your sad little case. You are a far right point of view - always. You discredit yourself.

Nice deflection and completely dishonest. Par for you though.

Have a great evening!
 
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Regardless of who hated it, Trump cancelled it, jobs were lost because he cancelled it, and he has gained nothing to replace it with or undo the damage he did. The fake news is you - using the left to make your sad little case. You are a far right point of view - always. You discredit yourself.
There must be a breach at Banned Camp.
 

b.c.

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Regardless of who hated it, Trump cancelled it, jobs were lost because he cancelled it, and he has gained nothing to replace it with or undo the damage he did. The fake news is you - using the left to make your sad little case. You are a far right point of view - always. You discredit yourself.

It's true that a number of liberals/progressives (including myself) were not strong supporters of the TPP. In fact most of the STRONGEST supporters were CONSERVATIVES.

It's not that the TPP was all that great. It's that pulling out of it without a stronger plan in place is an asshole thing to do. You know, sort of like killing Obamacare without even a fkng CLUE as to a better plan.

It also seems highly incongruous if not outright disingenuous to be supposedly trying to protect America jobs when Trump and the GOP undermine collective bargaining, fight minimum wage increases, and weaken healthcare coverage.

Incongruous and disingenuous to be crying about trade deficits when YOU worsen it via tax giveaways to the wealthy and corporate America, and while YOU drive up the budget deficit into the TRILLIONS.

Besides, there is much disagreement as to whether trade wars have ANY positive effect on JOBS:

The U.S. Trade Deficit: How Much Does It Matter? | Council on Foreign Relations
 

b.c.

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The "suggestions" are contained in the article you clearly didn't bother to read.

Had you read it, you MIGHT have noted that some of the cited sources question whether a trade deficit is necessarily a bad thing anyway.

FACT: Trump, for all his vainglorious pompous assholery in trying to take credit for shit he didn't do, INHERITED a strong economy - TPP and all, courtesy of President Barack OBAMA, the one who people like YOU like to trash, the one who turned around that shit show left to him by Dubya.

And NOW, under the Con man-in-chief there are fears of a fkng RECESSION.

Who Hurt Most By Trump Trade War, Tariffs? US Poor, Working Class - Bloomberg

Rural Hospitals Are Shutting Down in States That Didn’t Expand Medicaid – Mother Jones


American farmer: Trump 'took away all of our markets'


Recession Warnings Grow As Stocks Slide Following Weak Economic Data From China, Germany | HuffPost


Dow drops 800 points as Wall Street suffers worst day of year on recession fears


Crops Rot While Trump-Led Immigration Backlash Idles Farm Lobby | Newsmax.com


Labor Shortage Leaves $13 Million in Crops to Rot in Fields - The Santa Barbara

Independent
Farmers' Crops Are Rotting in the Fields Thanks To Trump

The states Trump needs to hold onto are the ones doing the worst for jobs in 2019
U.S.

Steel plans to lay off hundreds of workers in Michigan - Reuters


Signs Of Recession Haunt Trump As 2020 Election Nears | HuffPost
 

Thikn2velvet1

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The "suggestions" are contained in the article you clearly didn't bother to read.

Had you read it, you MIGHT have noted that some of the cited sources question whether a trade deficit is necessarily a bad thing anyway.

FACT: Trump, for all his vainglorious pompous assholery in trying to take credit for shit he didn't do, INHERITED a strong economy - TPP and all, courtesy of President Barack OBAMA, the one who people like YOU like to trash, the one who turned around that shit show left to him by Dubya.

And NOW, under the Con man-in-chief there are fears of a fkng RECESSION.

Who Hurt Most By Trump Trade War, Tariffs? US Poor, Working Class - Bloomberg

Rural Hospitals Are Shutting Down in States That Didn’t Expand Medicaid – Mother Jones


American farmer: Trump 'took away all of our markets'


Recession Warnings Grow As Stocks Slide Following Weak Economic Data From China, Germany | HuffPost


Dow drops 800 points as Wall Street suffers worst day of year on recession fears


Crops Rot While Trump-Led Immigration Backlash Idles Farm Lobby | Newsmax.com


Labor Shortage Leaves $13 Million in Crops to Rot in Fields - The Santa Barbara

Independent
Farmers' Crops Are Rotting in the Fields Thanks To Trump

The states Trump needs to hold onto are the ones doing the worst for jobs in 2019
U.S.

Steel plans to lay off hundreds of workers in Michigan - Reuters


Signs Of Recession Haunt Trump As 2020 Election Nears | HuffPost


You posted some weird stuff. At least 2 of your links are over 2 years old, the stock market is 26275 so it completely shrugged off the 800 point drop, Bernie and Elizabeth are touting Medicaid for all so the rural hospital link is fake news and a looming problem if a progressive is elected, and there is no recession in sight, except in Germany and China and Europe, America is dominating the world economy so that is fake news, and anything posted by the DaikyKos is a lie.

Thanks for playing.

Sheesh.
 
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deleted15807

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Huuum. Fake news..

The lay-offs call into question claims President Donald Trump has made about the resurgence of the domestic steel industry. Last week in Pennsylvania, Trump said his 25% tariff on foreign imports has turned a “dead” business into a “thriving” enterprise.
Unfortunately the pink slips are anything but fake. They are quite authentic. Maybe Trump can rob money from some children's nutrition program for immigrants to pay off the steelworkers?
 
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