That’s an absolute lie but you are too dumb to realize your federal income tax went down under the 2017 Tax Cuts and Jobs Act. Well, they went down unless you are one of those people not working and on government assistance.
Kamala had planned to jack up taxes on business. Democrats’ also support high minimum wages as well as costly “clean energy” mandates. What do those things do to the costs of goods and services?
If it were that simple, why would the countries being the subject of tariffs fight them tooth and nail? Are they doing it out of the goodness of their heart and concern for american citizens?
rich gets richer while poor gets poorer if tariffs too high, then exporters will just skip the market and if the goods become scare it becomes more expensive to consumers thus inflation that simple
The US is the biggest and richest consumer market in the world. Most countries can't afford to stop importing here because they live off us. Why do you think Colombia caved so quickly? The US can import coffee from many different places, but who will replace the American coffee drinker to the Colombian coffee growers?
@@zuzanazuscinova5209Columbia didn't cave, they just said you can't use military planes. They didn't fold on that. Also the pres called trump a white slaver lul
Notice the word CONSUMERS, we need to consume less meaningless bs. We need to stay off Amazon so much, we need less STUFF, focus on actual life and family.
@@sal5604 okay maybe but you do understand that everything else is going to skyrocket right. Consumers equals to everyday essentials not just Amazon and gadgets
@ Then , I guess that would force companies to start creating within the countries borders or relocate to countries where tariffs do not affect their bottom line. Before food gets brought up... There are states that already do not tax groceries so this can be used as a model for the national level.
Good lord. Tarrifs will ultimately have to be eaten by the importing country if they don't want to lose the sales in the US! You're already paying sales tax, why aren't you outraged by that? Tarrifs would absolutely work, especially for countries for which the US is the main export market and they can't afford to lose it.
but you have to have it make sense! Taking our income tax away but hyperinflating ALL goods will make us poorer then now. Right now American workers fund the government. Tariffs just change that to American consumers... which is STILL American workers. Gotta also calculate that as wages stay low and things get more expensive, people will consume less... creating less income for the government. This could be a catastrophe of epic proportions
@brentharrington9235 it would adversely affect lower income earners. Most people don't make over 100k. Shocker right? What if I told you if every millionaire and billionaire paid as much as you currently do in taxes... you could actually pay less? But no... they think the more you make the LESS you should pay. Makes zero sense.
@@rmgraves If every billionaire gave up their entire net worth, the government would be funded for about 13 months. There should be zero income tax on individuals.
He still won't get it. He's an idiot. This is why the tech bros are all in. They are so much more intelligent and he is so easy to trick in economic matters. But he will be enriched so he doesn't care anyway.
I once saw this image that said that if someone lived for 80 years & earned an average of $5,000.00 every day of their life, they still wouldn't be a billionaire, but rather have about $150,000,000.00. At the bottom of the image was a line that said that no one works to become a billionaire. So yeah, we should be taxing multi millionaire & billionaire individuals & corporations in this country more then we currently are! If you want to argue that taxes shouldn't be raised on billionaires & corporations, how can you defend them when they send their U.S. dollars to other countries so they can't be taxed & help fund domestic programs to help poor people here in The U.S.?
Hell yes as a Brit also being shafted by the rich tax allergic ultra wealthy I agree, the thing is that for it to work the world would have to get together and agree some minimum income/wealth and corporation tax levels or the scumbags just move
So its an out of control non regulated tax on Americans? Tariffs are simply price increases on products that Americans buy. Tariffs dont hurt other countries. Trump IS NOT "making Mexico or Canada, etc, pay for it......." Americans will pay and they will pay lots more.
This country used to be funded by tariffs. It wasn't until some politician(s) decided they wanted to have the rich "pay their fair share" that it changed. Now, we have income tax.
We are shopping for new trading partners. Stable, reliable, friendly relationships are preferred. MCA will not be honored. So what good is an agreement with the US?
Government needs to shrink 10x, but nobody wants to discuss that. Small military, no public healthcare, no social security. I’m all for it, but nobody is openly discussing it
I was an import manager I handed cost sheets, customs documentation, invoicing etc. This is the process: 1. Got pricing from China for a product 2. Sent the information about the product to our customs team 3. They would send the costs back to me that included the tariffs 4. I would add the cost of the tariffs to the costs of the products and send the price quote to the client 5. Client would agree or not to the costs and the order would proceed China DID NOT PAY for the tariffs. Those costs were calculated into the product's price to the quote from the client; this isn't a tough thing to understand. The country producing the imports was not paying for the tariffs the customer/business was paying. This information was not taken from anything online; it was my job, and this is how the tariffs were paid. Without disclosing the company's name, I will give a specific example. We produced bags for a well-known brand; these bags were PVC bags with leather handles. The leather came from Italy, and the PVC came from China. First, China imports the leather, then produces the PVC portion and attaches the leather to it. The company paid tariffs for both imports, from Italy to China and then from China to the US. The cost of these bags was $1.25, and they were mass-produced over 25K at a time. My price quote would specifically say pricing includes production, tariffs, customs, and shipping. That company would then sell these bags for $70 ea, HUGE profit. In the US, we do not have massive factories to produce these items; we haven't been a major producer for quite a long time. Companies have imported goods because in places like China they pay their factory workers make a lot less than an American worker. This is why it's so cheap to produce goods there. They don't have the labor laws that America, they also don't have the labor protections. Federal min wage is $7.25 per hour. In China's average pay is $5.51 per hour. The difference in cost is $1.74. The caveat to that is that different states have different min wages so those cancel out the Federal min. wage the states with the lowest min wage are: Alabama, Louisiana, Mississippi, South Carolina, and Tennessee so every factory in America would have to be in one of those 5 states in order for a company to pay the min of $7.25. Either way the cost will go up by a min of $1.74. If more is produced in the US that $1.74 will be passed on to the consumer that's why MADE in the USA products cost more to us. Plus, more factories would need to be built in the US, those costs will also be passed on to the consumer. Business owners ALWAYS pass production costs to the consumer, regardless of what the costs are that's just the way business works. So regardless of if America starts producing more or if companies continue to import costs are going to increase for the rest of us.Companies are not going to sacrifice their profits so they are going to pass the costs on the consumers, it's a pretty easy concept to understand.
True but you also have to consider economy scale. We have the largest economy by far so people have a lot more to gain by accessing our economy than we do theirs. It's kinda like how you're employer (assuming you are employed) has all the leverage becuase if you leave they just hire a new person and go about their day but you now can't pay your bills. Even if you are the one who quit which one of you really got hurt?
@@xenosyde1234: No, it's like your employer reneged on a working agreement to bully an employee. The employee simply goes elsewhere for a fair deal. Think about China leaving US and now dealing with South America for most of their agriculture products. Mexico has found new trading partners and Canada will find fair trade around the world. USA claims they don't need any other countries products, however, they don't have all the natural resources and minerals to be self sustainable.
@@lynnandjimb4611 you're not accounting for the undisputable fact that we have the largest economy in the world and businesses want access to it. It's not all or nothing one way or the other.
@@xenosyde1234 Exactly! America has the upper hand in negotiations because it will cripple other countries if they can’t import their goods to the US market.
Its like this. America has worked hard to end slavery just for corporations to target other countries for their slavery to make our goods!!!! Remember when made in America was the ABSOLUTE BEST!!!! All taxation should be sales, not people!!! Period
But you're forgetting those American companies will use that tariff money to lower prices,raise wages,and hire more "American" workers not stock buy backs, executive pay bonuses, and dividends... a lowering tide makes all boats look bigger..
@@brentlane7549 and when consumers products like appliances, food, stuff at Walmart, you name it, will cost 25% to 50% more, it will affect small businesses, middle and low income the worse. Your cost of living will cost more, but the billionaire class will end up paying less.
a tax deduction on car interest payment would only benefit the higher income families of society. The vast majority of middle income and lower income individuals use the standard deduction especially if married.
Umm,,, the system that made us the richest and best nation in the world was a real tax system designed to tax the richest the most and the poorest the least.
We have nothing to give away. We are Americans. We rely on it to live. Some of us are living paycheck to paycheck but pay our taxes and don’t commit crimes. We keep going. We keep moving forward and do amazing innovations and create things. We don’t destroy. We don’t ruin. We rise. We excel. We thrive.
Income tax revenue about $2.5 trillion, imports total around $3 trillion total. Tariffs would need to be increased from 3% to around 83%🤦♂️ Either way his plans will most likely lead to stagflation, than a balancing act to offset, inflation, higher interest rates, unemployment all to follow.
It's ironic that the 1 policy Trump has been the most consistent about from even decades before he became a politician is believing that tariffs are good for U.S. businesses. Then again, he failed/bankrupted so many businesses before becoming a politician so it's not too surprising he stands by enacting tariffs regardless of what economists say.
Middle class govt taxes continue to eliminate this working population. There is no collection law or policy that is perfect. Removal is a start. I would rather pay for higher prices and get rid of IRS (which clearly isn't working fairly for middle class). The system is set up for the lowest income and the rich.
High tariffs will destroy our economy for one simple reason: When we put tariffs on foreign countries, they will reciprocate. Our export industry will die. We all like "the American pie." If our exports fall off the cliff, we'll all be getting a much thinner slice of the pie.
Well you guys trashed Kamala and praised Trump on many occasions here. So thanks for doing your part for helping him get elected. I'm sure Anna is thrilled.😅😂
It would make sense if the tariffs were on processed goods, but makes no sense to tariff raw goods, like; oil, steel, aluminum, wood, concrete, etc. Adding 25% tariffs on just the oil from Canada, will lead to increases in all areas. If it's transported, it will cost more.
I’m sorry but Trumps tariffs did add to inflation. It didn’t cause inflation but to say otherwise is completely ridiculous and shows you don’t have a clear understanding of how inflation works. There were other things that exacerbated inflation like the war in Ukraine and especially price gouging from the big corporations
I'm actually for no income tax but a value added (sales) tax. Some countries have a set deduction specifically for unemployment, medical or whatever. The grocery store is a tax free zone. After that everybody pays tax. Tourists can keep receipts and get a cheque back later when submitted with proof of citizenship. Who's going to pay more? The person who buys a value meal or a steak dinner at Mortons? The person who buys a Toyota Corolla or Big fancy Mercedes? The hard part is working out the details of numbers.
Let's not forget that demand for the dollar is rooted in the income tax, affecting its value. Cutting income taxes on the wealthy reduces the demand and drives inflation.
That's why they became fans of sharecropping and indentured servitude. And corporations don't have a sense of humor. They're not people (Romney's view to the contrary)
don't get how americans are ok with not having maternity leave, free healthcare or payed leaves but are ok with free guns or bad food. i just don't get it because you say that you are patriots. Also why do you have only 2 parties? And why do you put an oligarhy in power? How is that in any logical way ok? Doesn't make any sense.
Good thing you're not American, then, isn't it? You could even try minding your own business, but we know that won't happen. Europe is addicted to feverishly consuming our news and entertainment and then putting America down over what they see. The truth is that the nation is deeply divided culturally and politically, which makes it difficult to get anything done.
@hunternedib1119 so who tries to break in besides poor people from Mexico? 🤣 I don't know anyone who right now who would like to work or invest over there. When i was younger I loved the idea to move, I have relatives who work as medical staff there. Now I wouldn't want to even visit, sems like a sanatory.
Selling one's labour to provide a living should never be taxed ever. In my country there is no law for income tax, but the Government charges it anyway, (as in most countries) and people have become habitualised into believing that they have to pay. If I were to sell my labour for food only, then what part of my food would the Government take for income-tax as the food is my income? Take my Breakfast and I can keep my Lunch and Dinner? Income Tax is was and will always be a crime against humanity.
@@rb239rtr 16th Amendment: The Congress shall have power to lay and collect taxes on incomes. Selling one’s labour for anything (food, money, housing etc.) is not income. Income is derived, e.g. I own a house. I rent it out and the Money I receive is income and can be taxed. 1983 Chambers Dictionary: Income, n, Coming In, that which comes in, profit or interest from anything. 2014 Chambers Dictionary: Income noun money received over a period of time as payment for work, etc or as interest or profit from shares or investment. See also revenue. As you can see the definition of Income has been usurped to include work. However: being taxed for the selling of your labour to provide for you and/or your family, is a violation of one’s inalienable right to life, liberty and the pursuit of happiness. It’s also a violation of your Declaration of Independence. Interesting point here, the word inalienable has been bastardised into a complete misunderstanding of its true meaning. Check it out, you may be very surprised that the misuse of spells leads to gross misunderstandings. A test case for renting (actually, one can’t say renting as it implies money. Exchange may be more appropriate as there are no profits or income for that matter) out your house for food would be interesting. As follows the contract: You have full access to my home in all regards as your dwelling but in return you will feed me instead of paying me money. How is this going to look with the IRS on your annual tax-return? How would they deal with it? They may send a tax-collector to that house every morning to eat your breakfast. LOL. A further insanity on this is that you don't have to receive the food. You could arrange for homeless people to be fed with your exchanged goods.
It will cause a decrease in purchases in foreign nations. It will incentivise products to be built in the nation. Everytime people have stated that the worst will happen the result was and has been the opposite. This entire opinion piece is just that.
Trump knows American is failing so he’s just gonna speed it up. Do some reading. China is winning and they will be the next global power, not America. Trump plans to make corporations richer in the US by making us all desperate slaves that are easily controlled. And if u think he cares about America or any of These other asshole billionaires, you’re wrong. They are rich, they can go and live anywhere, anytime they want. Most all have properties all over the planet…why would they care about us? They don’t. They want to make us even more desperate and easy to control than they already have. They will use cruelty to make that happen. If trump cared so Much about America being successful like he talks about all the time and making stuff here in America…then why does he make all the stuff he sells in china? You are totally lost if u think Trump has any good plans for the US.
Yes, for finished products. However, not for raw goods. Oil, aluminum, steel, concrete, wood, the raw material to make other goods, if you tariff things that are not optional, it will drive prices of the finished goods in the USA higher. Grating hyperinflation. The USA import 60% of its oil requirements from Canada. Not because it wants to, but because it has too. Heavy crude is needed to mix with and for specific applications. The only other places that you can get it is Venezuela or Russia. And it would take years to organize an effective trade route (and expensive), when there are already pipelines from Canada. Another example is aluminum. The USA only produces 1/3 of its requirements. It has no extra capacity. Only place that has extra is China. The US army in WWII helped set up the mines in Canada to ensure supplies of critical war materials. It would cost a lot more to bring it from China. Fruits and vegetables from Mexico is another example. Cheap labor and cheap produce. Are you guys getting it yet?
even if that were true, companies don't just appear overnight. It'd probably take a year or more for it to happen and by that time, all these policies will have launched a lot of the country into poverty
America might go from the biggest economy to a rapidly shrinking one when everyone else starts trading with each other and cut out the US, and in turn they will slap their own retaliatory tariffs on US goods. America is going to be a smaller shadow of its former self in 4 years. Not the super power it has been.
@@ASTRO-R3 American goods are already tariffed, that's the point. The only people who want to keep income tax, have no income that is being taxed. Repeal the 16th today.
Oh did you not just see what threatening tariffs on the counties that said they wouldn’t expect there illegals back? They soon accepted there illegals and payed for the plane😂
“The system that made us richer and more powerful than ever before” was actually the national consensus on the New Deal. In particular, the relevant ‘we’ was the working class. From the 1940s through the 1960s we had (despite its racist weighting) a widely shared trend of increasing prosperity, each generation in a lineage anticipating being better off than its parents. To the extent that the term “middle class” reflects that, we had a growing one. Reaganomics - neoliberalism promising a “trickle down” from the Wall Street elite to working families - *_reversed_* that, yielding a *_shrinking_* middle and a growing dichotomy of the aristocrats and the poor. This is a problem from the perspective of liberals, whose now-conservative position is desiring the continuation of capitalism. The system is built on the foundation of market competition for the pool of wages that the employers have collectively paid the worker-consumers. Tear up that foundation enough, and edifice built on it becomes non-competitive with reversion to the old arrangement of simply dictating to workers - in a status like serfdom or slavery - production of the luxuries for which the aristocrats have actually have use, instead of more bread and such that the working class desires.
All right, so winning is eating up the wise that he fed you during the campaign cycle where he said he would lower grocery prices now that he’s in power he did not lower grocery prices. In fact they’ve gone up and that’s Winning Got it
Vaccines prevent tens of thousands of deaths and millions of cases of disease each year, according to the Centers for Disease Control and Prevention. Medical experts are concerned that those gains are in jeopardy because of RFK Jr.
I’d rather not pay an income tax and just choose to buy less products. I might actually be able to invest and become wealthy later. I don’t know why it seems like all your policy suggestions are geared towards hurting the rich and not giving people new opportunities
Yeah , but you'll be paying a larger amount of your income than you would be paying on taxes, and the economy will collapse once people stop buying things because of higher prices. 💯 This is a recipe for disaster , the right-wing is going to use a reverse Robin Hood plan to get the wealthy more tax cuts...💯💯💯
The most valuable resource in the universe if you are rich is a wealthy middle class to sell their products into. This is actually pretty hard to do, which is why 80% of the world has remained poor over the long term. The problem with free trade theology is that it gives away the milk for free and nobody has to buy the cow.
@@Moms_For_Tyranny "the economy will collapse once people stop buying things because of higher prices" Um, no. If they are paying higher prices then by definition they are spending more. If corporations come back to the US then they have more money to buy stuff with. Even if there is a short term decrease in spending money you can't use the argument "I can't afford to buy as much if I stop" as justification for running your credit cards up with no plan for new income (metaphor).
"Their only priority is tax cuts for the rich" No.... they also have another priority to get their own Federal Chairman in position next year to lower interest rates which will lead to more inflation. I can't wait to see how the bond market responds when both tax cuts and low interest rates are thrust upon us. Maybe you should do a segment on that topic?
you are wrong on this, more disposable income does not lead to inflation, the amount of M2 money supply does. Also what is not mentioned here is that lowering corporate tax will attract investment and increase productivity long term and incentivise bringing manufacturing back to USA , reduce trade deficit. That is the whole purpose of it
She's correct, the M2 money supply grows if fewer dollars are being taken out of the economy & returned to the government balance sheet. It's the same effect as when the gov spending goes up, the unaccounted for greater dollars being pushed out into the economy from the state isn't returned to the ledger in the form of taxes and it devalues the currency.
WRONG! M2 needs to exacerbate the supply chain. Instead most of the money is tied in non-consumer based investing. Which means inflation because they cannot meet the demand.
Whether the currency is printed, minted or arranged in electronic bytes, the real question is its adequacy to what circulation healthy commerce needs. There was a time in Britain when small-denomination coins were in too short a supply for paying wages and making common purchases. Privately issued brass tokens filled the gap for a while, despite quickly becoming sought after by collectors building sets. Japan’s problem of _too little_ price inflation was not I think simply solved with low (or even negative) prime interest rate from the central bank issuing currency. Managing the money supply has for a long time been the primary purpose of taxation, the secondary one redistribution (whether out of the Wall Street card room into consumer demand and real industry, or the other way). The notion that what the USA can or can’t do depends on taxes is a myth (and “how are we going to pay for it” a question that somehow never gets asked when the military spending gravy train accelerates).
News dropped. Millions of ballots were thrown out in the last election. If you are black, you are 900% more likely to have your ballot thrown out than white people.
1. Raise corporate taxes to cover the payroll taxes portion 2. Increase tariffs to cover half of individual income taxes 3. Cut individual income taxes by 50% 4. Abolish payroll taxes
You do know more ppl voting trump , is not why trump won? Both presidentsl candidates were so bad ,that ppl couldn’t bring themselves to vote . He won because ppl simply didn’t vote!
When he says "make us richer" he means him and the billionaires. We are not included there.
Republicans will never cut taxes for working people. It has never happened and never will happen.
And Biden RAISED taxes on working people. We're done doing your way
I got an extra $20 per paycheck in 2017. I also lost 10k in deductions, costing me $100 per paycheck
@@dutchvanderlinde5004 republicans always try to cut taxes. Most republican states don't have an income tax
Most rich people do not pay income taxes because they do not have W2 income.
So you think Trump is gonna help the middle class?
@@scottc2076 trump is the most rich person
Exactly. Most leftist have no clue what W2 is.
I agree, no republican president has ever saved me anything on my taxes
That’s an absolute lie but you are too dumb to realize your federal income tax went down under the 2017 Tax Cuts and Jobs Act. Well, they went down unless you are one of those people not working and on government assistance.
With a tax on imports, almost everything at Walmart, Target, Dollar Tree, etc etc will cost more
Also building more jobs IN the nation might help too? Or not? Or do we just cheap crap from China forever?
Kamala had planned to jack up taxes on business. Democrats’ also support high minimum wages as well as costly “clean energy” mandates. What do those things do to the costs of goods and services?
Why are you not mentioning all Americans will have 25% more income over night
@@beezybeez4207Stop lying, I make 71k, which is about double the average American and I pay less than 10% federal tax
@@beezybeez4207 Made up numbers are FUN!!!
average american Trump voter -> 🤡
5:28 Biden expanded on trumps tariffs because they worked so well…
Tariffs are a way to increase taxes on citizens without officially raising taxes. It's that simple.
If it were that simple, why would the countries being the subject of tariffs fight them tooth and nail? Are they doing it out of the goodness of their heart and concern for american citizens?
Called taxes
I paid 40k in income taxes last year... tell me more
Sooo it's the same thing?
@@justinpowell7171u must have made a lot of money 💰
rich gets richer while poor gets poorer if tariffs too high, then exporters will just skip the market and if the goods become scare it becomes more expensive to consumers thus inflation that simple
The US is the biggest and richest consumer market in the world. Most countries can't afford to stop importing here because they live off us. Why do you think Colombia caved so quickly? The US can import coffee from many different places, but who will replace the American coffee drinker to the Colombian coffee growers?
@@zuzanazuscinova5209Columbia didn't cave, they just said you can't use military planes. They didn't fold on that. Also the pres called trump a white slaver lul
There's not one politician they'd allow to get elected that would do anything that actually helps the people in the US. Period.
OK youve got it. Now if you can just get the rest of the populace to figure that out. We'd have it made.
I've noticed a lot of cats and dogs dancing on the streets, what's going on?
The gap between the wealthy and the average American is going to be like between the suna and the earth
It's almost like this country forgot what the Bush tax cuts did.
@@1011skarn Or what the Iraqi war cost in lives and fortune.
Notice the word CONSUMERS, we need to consume less meaningless bs. We need to stay off Amazon so much, we need less STUFF, focus on actual life and family.
Get stuff when you can afford it and live within your means.
So no more eggs got it
@@A_Castro_3 That's exactly not what the OP is talking about and you know it.
@@sal5604 okay maybe but you do understand that everything else is going to skyrocket right. Consumers equals to everyday essentials not just Amazon and gadgets
@ Then , I guess that would force companies to start creating within the countries borders or relocate to countries where tariffs do not affect their bottom line.
Before food gets brought up... There are states that already do not tax groceries so this can be used as a model for the national level.
It's been ten years and Trump still doesn't know how tariffs work. Or refuses to know.
Good lord. Tarrifs will ultimately have to be eaten by the importing country if they don't want to lose the sales in the US! You're already paying sales tax, why aren't you outraged by that? Tarrifs would absolutely work, especially for countries for which the US is the main export market and they can't afford to lose it.
The felon never payed his taxes anyway .
Oooh Nooo Trumps talking about abolishing Income Tax.. How will i ever survive by paying less taxes. Oooh the horror of it all.
@@VooduWizard my god you pdfs are dense
I don’t trust anyone that argues against getting rid of federal income taxes.
but you have to have it make sense! Taking our income tax away but hyperinflating ALL goods will make us poorer then now. Right now American workers fund the government. Tariffs just change that to American consumers... which is STILL American workers. Gotta also calculate that as wages stay low and things get more expensive, people will consume less... creating less income for the government. This could be a catastrophe of epic proportions
@@rmgraves there's no way inflation will cost me nearly 50k a year.
@brentharrington9235 it would adversely affect lower income earners. Most people don't make over 100k. Shocker right? What if I told you if every millionaire and billionaire paid as much as you currently do in taxes... you could actually pay less? But no... they think the more you make the LESS you should pay. Makes zero sense.
@@rmgraves If every billionaire gave up their entire net worth, the government would be funded for about 13 months.
There should be zero income tax on individuals.
@@rmgravesThis country used to run on tariffs. Some wonderful politician(s) decided to have the rich "pay their fair share". Now, we have income tax.
trump , he's the guy who shits his pants, right !
I think Trump needs to look up what a tariff is.
He still won't get it. He's an idiot. This is why the tech bros are all in. They are so much more intelligent and he is so easy to trick in economic matters. But he will be enriched so he doesn't care anyway.
I once saw this image that said that if someone lived for 80 years & earned an average of $5,000.00 every day of their life, they still wouldn't be a billionaire, but rather have about $150,000,000.00. At the bottom of the image was a line that said that no one works to become a billionaire. So yeah, we should be taxing multi millionaire & billionaire individuals & corporations in this country more then we currently are! If you want to argue that taxes shouldn't be raised on billionaires & corporations, how can you defend them when they send their U.S. dollars to other countries so they can't be taxed & help fund domestic programs to help poor people here in The U.S.?
Hell yes as a Brit also being shafted by the rich tax allergic ultra wealthy I agree, the thing is that for it to work the world would have to get together and agree some minimum income/wealth and corporation tax levels or the scumbags just move
Ok Ana…. Your predictions for what Trump “isn’t going to do” seem to be A BIT OFF lately.
Are you a member? Please cancel your membership!! Don’t give them any more money
So its an out of control non regulated tax on Americans? Tariffs are simply price increases on products that Americans buy. Tariffs dont hurt other countries. Trump IS NOT "making Mexico or Canada, etc, pay for it......."
Americans will pay and they will pay lots more.
This country used to be funded by tariffs. It wasn't until some politician(s) decided they wanted to have the rich "pay their fair share" that it changed. Now, we have income tax.
I won't pay 50k more. My federal taxes are nothing but me paying to support deadbeats.
Let me keep my dang money.
These tariffs on Canada will increase everything you buy. He's not for the average Joe.
We are shopping for new trading partners. Stable, reliable, friendly relationships are preferred. MCA will not be honored. So what good is an agreement with the US?
But we get to keep 25% more of our income. So it’s ok
@@beezybeez4207I hope you don't starve in the dark. The wealthy won't.
But we all know no one who supports trump will or try to understand this truth. 😂
Call him Robbin Hood. Since he’s quite literally…robbing the hood.
he is robbing you too, moron
Taxes are a cost of doing business. Eventually, all taxes are paid by the end user.
Unless u are trump
Taxing other countries?, good luck with that.
Easy..
Just Bann that country’s Citzens from enter 🇺🇸 completely they will negotiate
@@deanjackson2125 mate, we don't want to go to the USA anymore. not interested in touring a facist country.
I have to disagree here. The tariffs will not be more then the huge amount of money that get stolen out of my check.
Why is it impossible to get rid of the income tax when we did it before. We didn't always have an income tax. Government will just have to shrink.
Government needs to shrink 10x, but nobody wants to discuss that. Small military, no public healthcare, no social security. I’m all for it, but nobody is openly discussing it
maybe a hint. Because the US economy isn’t as simple as it was before 🤷🏻♂️.
You didn't have Medicaid, medicare, or social security, or a standing military back then.
You actually like taxes? That's interesting. To be brainwashed into thinking you need the federal government to survive.
I was an import manager I handed cost sheets, customs documentation, invoicing etc. This is the process:
1. Got pricing from China for a product
2. Sent the information about the product to our customs team
3. They would send the costs back to me that included the tariffs
4. I would add the cost of the tariffs to the costs of the products and send the price quote to the client
5. Client would agree or not to the costs and the order would proceed
China DID NOT PAY for the tariffs. Those costs were calculated into the product's price to the quote from the client; this isn't a tough thing to understand. The country producing the imports was not paying for the tariffs the customer/business was paying. This information was not taken from anything online; it was my job, and this is how the tariffs were paid.
Without disclosing the company's name, I will give a specific example. We produced bags for a well-known brand; these bags were PVC bags with leather handles. The leather came from Italy, and the PVC came from China. First, China imports the leather, then produces the PVC portion and attaches the leather to it. The company paid tariffs for both imports, from Italy to China and then from China to the US. The cost of these bags was $1.25, and they were mass-produced over 25K at a time. My price quote would specifically say pricing includes production, tariffs, customs, and shipping. That company would then sell these bags for $70 ea, HUGE profit.
In the US, we do not have massive factories to produce these items; we haven't been a major producer for quite a long time. Companies have imported goods because in places like China they pay their factory workers make a lot less than an American worker. This is why it's so cheap to produce goods there. They don't have the labor laws that America, they also don't have the labor protections. Federal min wage is $7.25 per hour. In China's average pay is $5.51 per hour. The difference in cost is $1.74. The caveat to that is that different states have different min wages so those cancel out the Federal min. wage the states with the lowest min wage are: Alabama, Louisiana, Mississippi, South Carolina, and Tennessee so every factory in America would have to be in one of those 5 states in order for a company to pay the min of $7.25. Either way the cost will go up by a min of $1.74. If more is produced in the US that $1.74 will be passed on to the consumer that's why MADE in the USA products cost more to us.
Plus, more factories would need to be built in the US, those costs will also be passed on to the consumer.
Business owners ALWAYS pass production costs to the consumer, regardless of what the costs are that's just the way business works. So regardless of if America starts producing more or if companies continue to import costs are going to increase for the rest of us.Companies are not going to sacrifice their profits so they are going to pass the costs on the consumers, it's a pretty easy concept to understand.
Thank you very much!
Kind of like how increasing the corporate tax rate will just get passed on to the consumer also. Thank you for that very detailed explanation.
So paying zero in income taxes actually raises taxes. Got it .
We will never stop paying taxes…
Ya.. just like eating less food makes you gain weight. Its TYT logic.
They act as if these countries would just roll over and not slap us back with tariffs of their own!
True but you also have to consider economy scale. We have the largest economy by far so people have a lot more to gain by accessing our economy than we do theirs. It's kinda like how you're employer (assuming you are employed) has all the leverage becuase if you leave they just hire a new person and go about their day but you now can't pay your bills. Even if you are the one who quit which one of you really got hurt?
@@xenosyde1234: No, it's like your employer reneged on a working agreement to bully an employee. The employee simply goes elsewhere for a fair deal. Think about China leaving US and now dealing with South America for most of their agriculture products. Mexico has found new trading partners and Canada will find fair trade around the world. USA claims they don't need any other countries products, however, they don't have all the natural resources and minerals to be self sustainable.
@@lynnandjimb4611 you're not accounting for the undisputable fact that we have the largest economy in the world and businesses want access to it. It's not all or nothing one way or the other.
@@xenosyde1234: BRICS is now bigger than the rest of the world.
@@xenosyde1234 Exactly! America has the upper hand in negotiations because it will cripple other countries if they can’t import their goods to the US market.
Its like this. America has worked hard to end slavery just for corporations to target other countries for their slavery to make our goods!!!! Remember when made in America was the ABSOLUTE BEST!!!!
All taxation should be sales, not people!!! Period
But you're forgetting those American companies will use that tariff money to lower prices,raise wages,and hire more "American" workers not stock buy backs, executive pay bonuses, and dividends... a lowering tide makes all boats look bigger..
Tarriff? You can Google who pays tariffs but you choose not to
The irony of Cenk saying don't be naive
A tax cut for everyone always becomes a tax cut for the rich somehow ?
Yeah because their tax cuts for you were like $10. For the rich it was billions
@@brentlane7549 and when consumers products like appliances, food, stuff at Walmart, you name it, will cost 25% to 50% more, it will affect small businesses, middle and low income the worse. Your cost of living will cost more, but the billionaire class will end up paying less.
Trump just suspended medicaid....Are we winning yet?
ONE PERSON PLZZZ just ask trump who pays the tariffs..?
Never seen a country so eager to stop trading with other countries. 😂😂😂
This is what happens when you elect someone who doesn't know shit about government.
a tax deduction on car interest payment would only benefit the higher income families of society. The vast majority of middle income and lower income individuals use the standard deduction especially if married.
Is he going to stop sending Americans txs to Isrol?
He should take all Israeli to the US make them a country there and then that's it problem solved.
Umm,,, the system that made us the richest and best nation in the world was a real tax system designed to tax the richest the most and the poorest the least.
As a nation, we need to reverse the erosion of this.
We're massively bankrupt now bro!
We have nothing to give away. We are Americans. We rely on it to live. Some of us are living paycheck to paycheck but pay our taxes and don’t commit crimes. We keep going. We keep moving forward and do amazing innovations and create things. We don’t destroy. We don’t ruin. We rise. We excel. We thrive.
Steal from the poor, give to the super rich
Income tax revenue about $2.5 trillion, imports total around $3 trillion total. Tariffs would need to be increased from 3% to around 83%🤦♂️ Either way his plans will most likely lead to stagflation, than a balancing act to offset, inflation, higher interest rates, unemployment all to follow.
...or...we could simply not spend trillions of dollars are nothing?
It's ironic that the 1 policy Trump has been the most consistent about from even decades before he became a politician is believing that tariffs are good for U.S. businesses. Then again, he failed/bankrupted so many businesses before becoming a politician so it's not too surprising he stands by enacting tariffs regardless of what economists say.
Explain why Europe has high tariffs on American cars.
Middle class govt taxes continue to eliminate this working population. There is no collection law or policy that is perfect. Removal is a start. I would rather pay for higher prices and get rid of IRS (which clearly isn't working fairly for middle class). The system is set up for the lowest income and the rich.
High tariffs will destroy our economy for one simple reason: When we put tariffs on foreign countries, they will reciprocate. Our export industry will die. We all like "the American pie." If our exports fall off the cliff, we'll all be getting a much thinner slice of the pie.
Americans have trade imbalances with most countries. The American market is a golden goose for every single exporter. They can't afford to lose it.
Trump still haven't learned how tariffs work... Such a great businessman
Well you guys trashed Kamala and praised Trump on many occasions here. So thanks for doing your part for helping him get elected. I'm sure Anna is thrilled.😅😂
I agree. It's why I unsubscribed. They helped him win.
It would make sense if the tariffs were on processed goods, but makes no sense to tariff raw goods, like; oil, steel, aluminum, wood, concrete, etc. Adding 25% tariffs on just the oil from Canada, will lead to increases in all areas. If it's transported, it will cost more.
Make America fair again tax the wealthy. Fix the tax loopholes benefiting people like Musk.
Having the rich "pay their fair share" is the reason we have income tax.
All I hear is a call for more Luigi's in the world to step up and make America great again.
Does Cenk and Ana still think Trump is populist?
Is this why Cenk is optimistic?
"lEt'S hAvE a BeEr" 🍺🤪
✋😂🤚 ROTFLMAO
Education, healthcare, and many other federal agencies will close making up the difference 😂
He (DJT), needs the extorted money to keep building hotels.
I’m sorry but Trumps tariffs did add to inflation. It didn’t cause inflation but to say otherwise is completely ridiculous and shows you don’t have a clear understanding of how inflation works.
There were other things that exacerbated inflation like the war in Ukraine and especially price gouging from the big corporations
How did the war in Ukraine exacerbate inflation?
@ Increase in gas prices.
Energy costs went up
@ How did the war in Ukraine Increase gas prices, troll?
@ I already answered dickhead
How about a do over for November 5th?
Please....🙏
This is the kings madness, prince john had it
I'm actually for no income tax but a value added (sales) tax. Some countries have a set deduction specifically for unemployment, medical or whatever. The grocery store is a tax free zone. After that everybody pays tax. Tourists can keep receipts and get a cheque back later when submitted with proof of citizenship. Who's going to pay more? The person who buys a value meal or a steak dinner at Mortons? The person who buys a Toyota Corolla or Big fancy Mercedes? The hard part is working out the details of numbers.
If anything it'd be harder for average rich people to avoid taxes but the mega rich can
Now the left will loooooove income tax
Let's not forget that demand for the dollar is rooted in the income tax, affecting its value. Cutting income taxes on the wealthy reduces the demand and drives inflation.
I disagree with this video
I don’t have any money to buy anything but food and rent so jokes on the cooperations.
Right? 😢😢😢
That's why they became fans of sharecropping and indentured servitude. And corporations don't have a sense of humor. They're not people (Romney's view to the contrary)
Yes it will reinstate the feudal system and most people will be serfs. Thanks for selling us out and probably yourself.
Trump is a great foward thinker!
don't get how americans are ok with not having maternity leave, free healthcare or payed leaves but are ok with free guns or bad food. i just don't get it because you say that you are patriots. Also why do you have only 2 parties? And why do you put an oligarhy in power? How is that in any logical way ok? Doesn't make any sense.
The quality of a Country is measured by the number of people trying to break out versus the number of people trying to break in.😀
Good thing you're not American, then, isn't it? You could even try minding your own business, but we know that won't happen. Europe is addicted to feverishly consuming our news and entertainment and then putting America down over what they see. The truth is that the nation is deeply divided culturally and politically, which makes it difficult to get anything done.
@hunternedib1119 so who tries to break in besides poor people from Mexico? 🤣 I don't know anyone who right now who would like to work or invest over there. When i was younger I loved the idea to move, I have relatives who work as medical staff there. Now I wouldn't want to even visit, sems like a sanatory.
@Oana91 ...It may be people from Mexico "breaking in," but people from all over the world are seeking citizenship in the US. Don't kid yourself.
@@hunternedib1119 ...Yep. At least Americans stick with their country through thick and thin. We don't just hop on a boat when things get tough.
Try playing "Ave Maria" on loud speakers so he can start swaying left and right to cool him off. He's done enough damage already.
Trump is a lovely soul ❤️
The orange crybaby has never payed his taxes.
kamala lost...get over it!
AIn't nobody trying to pay MORE taxes.. And you cry about Trump everyday.
@@Aromatherapy1 TDS entertains me greatly. Best disease ever!!!
Selling one's labour to provide a living should never be taxed ever. In my country there is no law for income tax, but the Government charges it anyway, (as in most countries) and people have become habitualised into believing that they have to pay. If I were to sell my labour for food only, then what part of my food would the Government take for income-tax as the food is my income? Take my Breakfast and I can keep my Lunch and Dinner? Income Tax is was and will always be a crime against humanity.
There are no laws in the U.S. authorizing income tax either.
@@seanmurphy6034 ever read the 16th amendment? Or is only the 1st and 2nd the valid ones?
@@rb239rtr 16th Amendment: The Congress shall have power to lay and collect taxes on incomes.
Selling one’s labour for anything (food, money, housing etc.) is not income. Income is derived, e.g. I own a house. I rent it out and the Money I receive is income and can be taxed.
1983 Chambers Dictionary: Income, n, Coming In, that which comes in, profit or interest from anything.
2014 Chambers Dictionary: Income noun money received over a period of time as payment for work, etc or as interest or profit from shares or investment. See also revenue.
As you can see the definition of Income has been usurped to include work. However:
being taxed for the selling of your labour to provide for you and/or your family, is a violation of one’s inalienable right to life, liberty and the pursuit of happiness. It’s also a violation of your Declaration of Independence.
Interesting point here, the word inalienable has been bastardised into a complete misunderstanding of its true meaning. Check it out, you may be very surprised that the misuse of spells leads to gross misunderstandings.
A test case for renting (actually, one can’t say renting as it implies money. Exchange may be more appropriate as there are no profits or income for that matter) out your house for food would be interesting. As follows the contract: You have full access to my home in all regards as your dwelling but in return you will feed me instead of paying me money.
How is this going to look with the IRS on your annual tax-return? How would they deal with it? They may send a tax-collector to that house every morning to eat your breakfast. LOL. A further insanity on this is that you don't have to receive the food. You could arrange for homeless people to be fed with your exchanged goods.
more job creators bullshit
It will cause a decrease in purchases in foreign nations. It will incentivise products to be built in the nation. Everytime people have stated that the worst will happen the result was and has been the opposite. This entire opinion piece is just that.
Keep dreaming. The US is on a decline. Biden AND Trump are the poster boys for the decline
Lmfao!!! Ok 👍🏻 sure! Just wait and see if what trump does will be good for anyone in the country besides the rich.
Trump knows American is failing so he’s just gonna speed it up. Do some reading. China is winning and they will be the next global power, not America. Trump plans to make corporations richer in the US by making us all desperate slaves that are easily controlled. And if u think he cares about America or any of
These other asshole billionaires, you’re wrong. They are rich, they can go and live anywhere, anytime they want. Most all have properties all over the planet…why would they care about us? They don’t. They want to make us even more desperate and easy to control than they already have. They will use cruelty to make that happen. If trump cared so
Much about America being successful like he talks about all the time and making stuff here in America…then why does he make all the stuff he sells in china? You are totally lost if u think
Trump has any good plans for the US.
Yes, for finished products. However, not for raw goods. Oil, aluminum, steel, concrete, wood, the raw material to make other goods, if you tariff things that are not optional, it will drive prices of the finished goods in the USA higher. Grating hyperinflation. The USA import 60% of its oil requirements from Canada. Not because it wants to, but because it has too. Heavy crude is needed to mix with and for specific applications. The only other places that you can get it is Venezuela or Russia. And it would take years to organize an effective trade route (and expensive), when there are already pipelines from Canada.
Another example is aluminum. The USA only produces 1/3 of its requirements. It has no extra capacity. Only place that has extra is China. The US army in WWII helped set up the mines in Canada to ensure supplies of critical war materials. It would cost a lot more to bring it from China.
Fruits and vegetables from Mexico is another example. Cheap labor and cheap produce.
Are you guys getting it yet?
even if that were true, companies don't just appear overnight. It'd probably take a year or more for it to happen and by that time, all these policies will have launched a lot of the country into poverty
What era is this man living in, the 1800’s..??
70% dmbo american think they can tax foreign countries. 😅
America might go from the biggest economy to a rapidly shrinking one when everyone else starts trading with each other and cut out the US, and in turn they will slap their own retaliatory tariffs on US goods. America is going to be a smaller shadow of its former self in 4 years. Not the super power it has been.
@@ASTRO-R3 American goods are already tariffed, that's the point.
The only people who want to keep income tax, have no income that is being taxed.
Repeal the 16th today.
That's not how Tariffs work Diaper Don!!
Oh did you not just see what threatening tariffs on the counties that said they wouldn’t expect there illegals back? They soon accepted there illegals and payed for the plane😂
That's your boy, Ana.
“The system that made us richer and more powerful than ever before” was actually the national consensus on the New Deal.
In particular, the relevant ‘we’ was the working class. From the 1940s through the 1960s we had (despite its racist weighting) a widely shared trend of increasing prosperity, each generation in a lineage anticipating being better off than its parents.
To the extent that the term “middle class” reflects that, we had a growing one.
Reaganomics - neoliberalism promising a “trickle down” from the Wall Street elite to working families - *_reversed_* that, yielding a *_shrinking_* middle and a growing dichotomy of the aristocrats and the poor.
This is a problem from the perspective of liberals, whose now-conservative position is desiring the continuation of capitalism.
The system is built on the foundation of market competition for the pool of wages that the employers have collectively paid the worker-consumers.
Tear up that foundation enough, and edifice built on it becomes non-competitive with reversion to the old arrangement of simply dictating to workers - in a status like serfdom or slavery - production of the luxuries for which the aristocrats have actually have use, instead of more bread and such that the working class desires.
I’m all for no income tax! Let’s go!
Rich getting richer by the second
Trump just keeps on winning!
Your just as.dumb as he is
@@beedalton9675 No it's you demoncrap voters that are the dumb ones!
All right, so winning is eating up the wise that he fed you during the campaign cycle where he said he would lower grocery prices now that he’s in power he did not lower grocery prices. In fact they’ve gone up and that’s Winning
Got it
@@esanchez1305 good one repukklicunt
@@esanchez1305you truly are a product of the repubtard war on education👍
Vaccines prevent tens of thousands of deaths and millions of cases of disease each year, according to the Centers for Disease Control and Prevention. Medical experts are concerned that those gains are in jeopardy because of RFK Jr.
I’d rather not pay an income tax and just choose to buy less products. I might actually be able to invest and become wealthy later. I don’t know why it seems like all your policy suggestions are geared towards hurting the rich and not giving people new opportunities
Yeah , but you'll be paying a larger amount of your income than you would be paying on taxes, and the economy will collapse once people stop buying things because of higher prices. 💯 This is a recipe for disaster , the right-wing is going to use a reverse Robin Hood plan to get the wealthy more tax cuts...💯💯💯
@@Moms_For_Tyranny Get used to having a Republican President!
@@Aromatherapy1never
The most valuable resource in the universe if you are rich is a wealthy middle class to sell their products into. This is actually pretty hard to do, which is why 80% of the world has remained poor over the long term. The problem with free trade theology is that it gives away the milk for free and nobody has to buy the cow.
@@Moms_For_Tyranny "the economy will collapse once people stop buying things because of higher prices" Um, no. If they are paying higher prices then by definition they are spending more. If corporations come back to the US then they have more money to buy stuff with.
Even if there is a short term decrease in spending money you can't use the argument "I can't afford to buy as much if I stop" as justification for running your credit cards up with no plan for new income (metaphor).
"Their only priority is tax cuts for the rich"
No.... they also have another priority to get their own Federal Chairman in position next year to lower interest rates which will lead to more inflation.
I can't wait to see how the bond market responds when both tax cuts and low interest rates are thrust upon us.
Maybe you should do a segment on that topic?
you are wrong on this, more disposable income does not lead to inflation, the amount of M2 money supply does. Also what is not mentioned here is that lowering corporate tax will attract investment and increase productivity long term and incentivise bringing manufacturing back to USA , reduce trade deficit. That is the whole purpose of it
She's correct, the M2 money supply grows if fewer dollars are being taken out of the economy & returned to the government balance sheet. It's the same effect as when the gov spending goes up, the unaccounted for greater dollars being pushed out into the economy from the state isn't returned to the ledger in the form of taxes and it devalues the currency.
WRONG! M2 needs to exacerbate the supply chain. Instead most of the money is tied in non-consumer based investing. Which means inflation because they cannot meet the demand.
@@lextacy2008 US consumer debt is 17 trillion dollars. Let people keep their money and let fiscal health return to the nation.
The gold standard needs a comeback
@@charlesallan-ks6gq The hell it does. How do you insure it? Let me know your plan on insurance.
Agree the tariffs and rich tax cuts are further redistribution of wealth
Printing money equals inflation....
Whether the currency is printed, minted or arranged in electronic bytes, the real question is its adequacy to what circulation healthy commerce needs.
There was a time in Britain when small-denomination coins were in too short a supply for paying wages and making common purchases. Privately issued brass tokens filled the gap for a while, despite quickly becoming sought after by collectors building sets.
Japan’s problem of _too little_ price inflation was not I think simply solved with low (or even negative) prime interest rate from the central bank issuing currency.
Managing the money supply has for a long time been the primary purpose of taxation, the secondary one redistribution (whether out of the Wall Street card room into consumer demand and real industry, or the other way).
The notion that what the USA can or can’t do depends on taxes is a myth (and “how are we going to pay for it” a question that somehow never gets asked when the military spending gravy train accelerates).
How about no taxes on your 401k or IRA withdrawal if make a certain income..like less than 200k
but this is what the American voted for and wanted
News dropped. Millions of ballots were thrown out in the last election. If you are black, you are 900% more likely to have your ballot thrown out than white people.
Where i come from... this is called a hustle!!
It’s time for tyt to just retire
why? they are one of the best sources of truth
They don’t like to hear the truth.
8:10 arent they also working on removing tax on tips and overtime?
i’m so tired
1. Raise corporate taxes to cover the payroll taxes portion
2. Increase tariffs to cover half of individual income taxes
3. Cut individual income taxes by 50%
4. Abolish payroll taxes
Keep attacking him tyt...we need another term out of him. Your network got so many people to vote trump.
How the hell do you conclude that they encouraged anyone to vote Trump? Give me one example of them encouraging a vote for Trump.
You do know more ppl voting trump , is not why trump won?
Both presidentsl candidates were so bad ,that ppl couldn’t bring themselves to vote . He won because ppl simply didn’t vote!
@@nohaydeque334
1. George Washington
2. Thomas Jefferson
3. Theodore Roosevelt
4. Abraham Lincoln
5. Donald Trump
Mount Rushmore 👍
🗿
It’s ok because they don’t like Liz Cheney now.
No it doesnt cause thats not how the tariffs work
So corporations pass on tariffs and therefore it's a very regressive tax, but corporate taxes aren't??