Drudge Retort: The Other Side of the News
Sunday, August 05, 2018

President Trump tweeted Sunday morning that his tariffs are "working big time" and made a bizarre claim that the money raised from these new import taxes will go a long way to helping pay down America's large debt. (Short answer: That's not what will happen).

Trump portrays the tariffs as a tax on foreigners, but the reality is that tariffs are taxes on U.S. companies and consumers. When a big U.S. retail chain or an equipment manufacturer has to pay 10 or 25 percent more to get steel from Canada or a certain part from China, that U.S. company has to pay the tax when it imports that item. U.S. businesses either eat that extra cost or pass it along to consumers.

There are already signs that prices are rising because of Trump's tariffs. Coca-Cola is raising prices on its drinks because his aluminum tariffs are making its cans more expensive, the company says.

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From the cited article

...In terms of Trump's claim that money raised from the tariffs will help pay down the debt, the United States has a debt of over $21 trillion. The president has imposed tariffs on $85 billion worth of foreign goods so far, meaning that, at most, his tariffs would raise about $21 billion, a minuscule percentage (0.1 percent) of the debt....

#1 | Posted by LampLighter at 2018-08-05 12:01 PM | Reply

The only wall that got built is between taxes and Oligarchs money, and the Blotard admits he is paying for it with consumer taxes and inevitable slashing of earned benefits.

#2 | Posted by bored at 2018-08-05 01:28 PM | Reply

I am going to give Trump the benefit of the doubt on this and assume he does understand that it is a tax on US companies and citizens.

He can't sell it that way to his supporters, so he has to lie and does so in the certainty that they are either too uneducated to understand he is lying, or too emotionally invested in their support of Trump to call him out and lose face to them damn libs.

#3 | Posted by Foreigner at 2018-08-05 05:40 PM | Reply

"I am going to give Trump the benefit of the doubt on this and assume he does understand that it is a tax on US companies and citizens."

Very generous of you. I am sure he would do the same for you some day.

lol.

There was a time when tariffs were the only revenue we had.

Then Woodrow Wilson eliminated tariffs in order to weaken monopolies that depended on them for protection.

Then he implemented the basic income tax.

On the top 10%.

As it should be.

#4 | Posted by donnerboy at 2018-08-06 05:24 PM | Reply

In 1913 only income over $4000 was taxed.

$4,000 in 1913 → $101,813.74 in 2018

Which means my first 101,813.74 should be tax free.

#5 | Posted by donnerboy at 2018-08-06 05:27 PM | Reply | Newsworthy 1

Stoopid DOTARD.

#6 | Posted by J_Tremain at 2018-08-07 02:53 AM | Reply

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Drudge Retort