this post was submitted on 28 Jan 2025
556 points (98.8% liked)
Technology
61227 readers
4363 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each other!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
- Accounts 7 days and younger will have their posts automatically removed.
Approved Bots
founded 2 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
In a way I’m glad he’s doing this. He’s going to inflect so much pain that he loses in a landslide in four or 8 years or whatever. If income tax rates are 0, then a new administration would be able to set them as high as they want without consideration of trying to increase them by 2 percent or whatever they do now.
I agree I’d rather Trump shit the bed hard and early so we can contain the damage and show the public at large what his policies will really do to them.
But Tariffs will never be enough to offset income tax completely. I think he is going to use Tariffs to offset renewing his tax cuts for the wealthy. There are a good number of house republicans who will not go along with tax cuts if it increases the deficit. Revenue from tariffs would give him enough cover to placate those Republicans while directly pushing the cost onto US consumers who are primarily lower and middle classes.
Even after 4 years when he is out of office and the next administration reduces those tariffs and goes back to a progressive tax system. Even reducing those tariffs then will never bring prices down. Companies will never pass those savings entirely to the consumer they will pocket the money and everyone else will be screwed.
The grift is obvious for anyone paying attention but a lot of his base doesn’t realize that they pay almost no tax because of credits and deductions. Tariffs will hit the working class hard.