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Tariff's don't affect Americans

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Steve Bright View Drop Down
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    Posted: 07 Jun 2019 at 12:22pm

Trump’s Tariffs Have Already Wiped Out Tax Bill Savings for Average Americans

Bloomberg Laura Davison,Bloomberg 9 hours ago 
Trump’s Tariffs Have Already Wiped Out Tax Bill Savings for Average Americans

(Bloomberg) -- President Donald Trump’s trade wars have already wiped out all but $100 of the average American household’s windfall from Trump’s 2017 tax law. And that’s just the beginning.

That last $100 in tax-cut gains could soon completely disappear -- and then some -- because of additional tariffs Trump has announced. If the president makes good on his threats to impose levies on virtually all imports from China and Mexico, those middle-earning households could pay nearly $4,000 more.

Subtract the tax cut, and the average household will effectively be paying about $3,000 more in taxes through additional levies on the products they consume.

“It’s giving with one hand and taking with the other,” said Kim Clausing, an economics professor at Reed College in Portland, Oregon, who has written a book promoting free trade.

Here’s how the math works. Middle earners got an average tax cut of $930, according to the Urban-Brookings Tax Policy Center. The tariffs already in effect cost the average household about $831, according to research from the New York Federal Reserve.

China Goods

Add in the additional tariffs on another $300 billion in Chinese goods that Trump proposed in May and that increases the cost for the average family of four to about $2,294 annually, according to research from Tariffs Hurt the Heartland, a coalition of business groups that oppose tariffs.

Trump has also threatened to levy tariffs on all imports from Mexico, starting with a 5% tax beginning as soon as Monday that would increase monthly to 25% by October. If the tariffs reach their highest level, that would increase costs for households by $1,700 annually, according to Gary Hufbauer, a senior fellow at the centrist Peterson Institute for International Economics.

The full force of the Chinese and Mexican tariffs and subsequent retaliation would mean that consumers are paying an additional $3,994 because of tariffs, more than four times the $930 tax cut for middle earners that the Republican Party touts as its signature legislative achievement.

The tariffs are "clearly demolishing” the benefits of the tax cuts for both businesses and consumers, said Daniel Ikenson, who directs trade policy at the libertarian Cato Institute. “Many households and consumers have been spared so far, but the next round of tariffs will be more problematic.”

In the beginning of the trade dispute, Trump and his advisers sought to put tariffs on imports that consumers don’t directly buy, such as steel and aluminum. But as the trade feud with China has escalated, they ran out of non-consumer goods on which to put levies. The most recent round of announced tariffs includes consumer products, such as apparel, sporting goods and kitchen ware.

Trump’s most recent threat on all imports from Mexico would increase prices on cars and auto parts, televisions, phones and air conditioners, as well as produce, such as avocados, citrus and pineapples.

Only the top 5% of earners would continue to see a net tax cut of more than 1%, according to the right-leaning Tax Foundation. Tariffs would also depress wages by about 0.5% and result in the loss of nearly 610,000 full-time jobs, according to the foundation.

That creates political problems for Republicans in Congress who have continued to back Trump even as they disagreed with his trade policies. Republicans have cited the passage of the tax-cut law, low unemployment rates and wage increases as signs that Trump’s policies have buoyed the economy. But there are signs that support is beginning to fracture.

The tax cuts “vaulted America back into the most competitive economy,” said Representative Kevin Brady, a Texas Republican who led the passage of the tax cut legislation in the House. “Higher tariffs and the uncertainty that comes with trade disputes" hurt the economy, he said.

Senate Majority Leader Mitch McConnell urged the administration this week to delay imposing the tariffs until Republicans in Congress could plead their case to Trump. Most Senate Republicans have objected to Trump’s use of tariffs to force tougher border enforcement by Mexico. Lawmakers are weighing moves to block the levies.

“This is a man-made disaster, because Donald Trump is not focused in any way on advancing a well-thought-out doctrine,” said Representative Hakeem Jeffries, a top Democrat from New York. “He seems to be carrying out at times personal vendettas, at other times political objectives and sometimes an effort to distract from the news of the day.”

Little Noticed

The effects of tariffs have yet to become noticeable to average consumers. That could soon change. The tariffs on goods from Mexico are slated to go into effect Monday, barring a last-minute deal between Mexican and U.S. negotiators. The Chinese tariffs hitting consumer goods could go into effect in the coming months.

Negotiators met for a second day Thursday to try to come to some agreement that would avert the tariffs. Mexico pushed for more time, but Vice President Mike Pence said the U.S. plans to impose tariffs on Monday.

“It’s not like all of sudden prices will jump 25%, but they could increase 10% or 11%,” said Brian Yarbrough, a senior equity analyst at Edward Jones, said of tariffs of 25% or more. “At some point, price increases will choke off demand, resulting in fewer sales.”

Republicans are hoping to campaign in 2020 on the message of a strong economy buoyed by their tax reductions and deregulation, which began two years ago. But the fresh sting of tariffs risk erasing any economic goodwill those policies generated.

“For the average household it will be a net loss, no doubt,” the Peterson Institutes’s Hufbauer said. “It will be painful.”

To contact the reporter on this story: Laura Davison in Washington at ldavison4@bloomberg.net

To contact the editors responsible for this story: Wendy Benjaminson at wbenjaminson@bloomberg.net, Steve Geimann

For more articles like this, please visit us at bloomberg.com

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chaskaduo View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote chaskaduo Quote  Post ReplyReply Direct Link To This Post Posted: 07 Jun 2019 at 1:01pm
I wonder how much more tax payer are gonna get hit just for the free cheesers coming into this country in the last year alone. They also breed and create more.   Build the wall, enforce all the laws.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Trinity45 Quote  Post ReplyReply Direct Link To This Post Posted: 07 Jun 2019 at 1:10pm
Aticle is totally false and misleading in so many ways.  I personally have not seen the effects on the so called tariffs because many of the goods that Trump is slapping tariffs on, China is increasing the government subsidy on to keep the price competitive still.  This means China is spending tons of money.  Plus you don't have to buy products that have tariffs imposed on them, you can buy alternative products from other companies that are not made in China.  So far it has not hindered the U.S. economic growth but it has brought China's economic growth to a stand still.  
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Steve in NJ Quote  Post ReplyReply Direct Link To This Post Posted: 07 Jun 2019 at 2:20pm
Ho hum.... Another drive-by.....
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Post Options Post Options   Thanks (0) Thanks(0)   Quote jaybmiller Quote  Post ReplyReply Direct Link To This Post Posted: 07 Jun 2019 at 3:22pm
Yeah I was wondering if you'd seen ANY price increases at say Wally World, HabourFright, etc.
Unless retail prices go up the one that get hurt are the mfrs and importers.

Jay
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Post Options Post Options   Thanks (0) Thanks(0)   Quote DiyDave Quote  Post ReplyReply Direct Link To This Post Posted: 07 Jun 2019 at 5:25pm
Yet another bang on the drum of dimmy's one note samba...




Edited by DiyDave - 07 Jun 2019 at 5:29pm
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Post Options Post Options   Thanks (0) Thanks(0)   Quote DMiller Quote  Post ReplyReply Direct Link To This Post Posted: 07 Jun 2019 at 5:51pm
I also continue to hear of the "Farmer Welfare Bailout" of $16 billion, HOWEVER to receive those funds one must show justified losses that are 1) not insured, and 2) this last years crop unsold being stored.   Floods damages are under a separate coverage and this years crops likely to be SIGNIFICANTLY less than the last two years. There is a general likelihood those moneys will not be a general blank check.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Tbone95 Quote  Post ReplyReply Direct Link To This Post Posted: 07 Jun 2019 at 6:03pm
If you’re talking about the soybean program of last year Dave, that is not true. All I had to do was show bushels produced. I did it with sales tickets. Could have been done by storage measurements.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote LouSWPA Quote  Post ReplyReply Direct Link To This Post Posted: 07 Jun 2019 at 6:09pm
SteveBright, thanks for stopping by! I enjoy your occasional BS post, I need a good laugh now and then. Please come again
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Walker Quote  Post ReplyReply Direct Link To This Post Posted: 07 Jun 2019 at 6:11pm
I'm with Chaskaduo.
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POOR IGNORANT PISSER........... Your own article says it is FAKE NEWS,,,
 

Little Noticed

The effects of tariffs have yet to become noticeable to average consumers. That could soon change. The tariffs on goods from Mexico are slated to go into effect Monday...

 
maybe, could be, possible... LOL.... YOUR WET DREAM !!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote steve(ill) Quote  Post ReplyReply Direct Link To This Post Posted: 07 Jun 2019 at 8:09pm
So far the TARIFFS have NOT COST ME ONE PENNY !!!  Thumbs Up
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Post Options Post Options   Thanks (0) Thanks(0)   Quote pinball Quote  Post ReplyReply Direct Link To This Post Posted: 07 Jun 2019 at 10:05pm
tariffs from china only effects people who buy from china. I don't for sure. would rather pay a little more for better quality. do you people realize if I sent a package that weighed 13 ounces anywhere in the usa it would cost me approx. 4 bucks just to mail it. 13 ounce fuel shut off metal valves two of them is 2.72 shipped from china. you figure that one out folks. this is what your politicians do for you with china, course our post office is broke. wonder why.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote DMiller Quote  Post ReplyReply Direct Link To This Post Posted: 08 Jun 2019 at 8:17am
Originally posted by Tbone95 Tbone95 wrote:

If you’re talking about the soybean program of last year Dave, that is not true. All I had to do was show bushels produced. I did it with sales tickets. Could have been done by storage measurements.


Do not know how you swung that, local showed me the paperwork he has to file to get any amount of benefit, He is pretty certain WILL get a check but uncertain as to how much. If beans were low balled and he lost $2/bushel he MIGHT get that back.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote steve(ill) Quote  Post ReplyReply Direct Link To This Post Posted: 08 Jun 2019 at 5:38pm
and it appears Mexico FOLDED to TRUMPS Tariff threat.... OLD NEWS.. NEVER GOING TO HAPPEN.. so the original post is 98% BULL SH*T.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote DiyDave Quote  Post ReplyReply Direct Link To This Post Posted: 08 Jun 2019 at 6:04pm
Originally posted by steve(ill) steve(ill) wrote:

and it appears Mexico FOLDED to TRUMPS Tariff threat.... OLD NEWS.. NEVER GOING TO HAPPEN.. so the original post is 98% BULL SH*T.

More like 110% BS, consider the source!Wink
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Post Options Post Options   Thanks (0) Thanks(0)   Quote steve(ill) Quote  Post ReplyReply Direct Link To This Post Posted: 08 Jun 2019 at 7:49pm
Negotiators met for a second day Thursday to try to come to some agreement that would avert the tariffs. Mexico pushed for more time, but Vice President Mike Pence said the U.S. plans to impose tariffs on Monday.
 
“For the average household it will be a net loss, no doubt,” the Peterson Institutes’s Hufbauer said. “It will be painful.”
 
POOR IGNORANT PISSERS... THE SKY IS FALLING !!!   LOL  LOL   LOL
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Post Options Post Options   Thanks (0) Thanks(0)   Quote LouSWPA Quote  Post ReplyReply Direct Link To This Post Posted: 08 Jun 2019 at 9:45pm
I'm not an expert on tariff's, but I question why any country would have no or much lower tariffs than other countries but agree to pay higher tariffs to those same countries.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote jaybmiller Quote  Post ReplyReply Direct Link To This Post Posted: 09 Jun 2019 at 5:06am
Lou... you just have to 'follow the money'.
My 'Golden Rules' principle.
Those with the Gold, make the rules; those who make the rules, get the gold.
Tariffs and taxes and 'causes' are all about grabbing as many coins from someone without them being totally pi$$ed off at you. They have NOTHING to do about being fair or just.

Jay

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Tbone95 Quote  Post ReplyReply Direct Link To This Post Posted: 09 Jun 2019 at 6:48am
Originally posted by DMiller DMiller wrote:

Originally posted by Tbone95 Tbone95 wrote:

If you’re talking about the soybean program of last year Dave, that is not true. All I had to do was show bushels produced. I did it with sales tickets. Could have been done by storage measurements.


Do not know how you swung that, local showed me the paperwork he has to file to get any amount of benefit, He is pretty certain WILL get a check but uncertain as to how much. If beans were low balled and he lost $2/bushel he MIGHT get that back.

If your farms were not registered in the USDA system prior, then you had to register them. I had to do that as well since I’ve never taken part in any other program. If already a participant, no need for any of that.

Since I’ve never worked with USDA, I certainly didn’t “swing” anything, simply did exactly as was told. Again, if we’re talking last year’s soybean marketing assistance program, that’s all there was to it, prove production, get paid per bushel. There were two payments because they were holding off the second payment seeing if China was going to play nice or not. The first payment came in less than 2 weeks. No mystery about it, I left the office knowing exactly what I would be paid and when it would come. If a person has waited until now, there may be some issues because multiple deadlines have passed, been extended and passed again. Either that or your local guy doesn’t understand or is whining about the registration process.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote steve(ill) Quote  Post ReplyReply Direct Link To This Post Posted: 09 Jun 2019 at 9:48am
Lou, on Tariffs, many were setup BY THE USA to favor 3rd world countries... It was our way of giving FOREIGN AID, without directly transferring money to them.. The idea is to boost their manufacturing and startup businesses and send their trinkets to the USA to sell.. We did that with India, Packistan, then many South EAst Asia countries ( Viet Nam, Cambodia) trying to get their countries going... The idea is AFTER they get up and going, the TARIFF LAWS should change to be more fair.......... China, India, Mexico, and others are now in that boat......... Should have been done 25 years ago.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Lonn Quote  Post ReplyReply Direct Link To This Post Posted: 11 Jun 2019 at 8:05am
Originally posted by chaskaduo chaskaduo wrote:

I wonder how much more tax payer are gonna get hit just for the free cheesers coming into this country in the last year alone. They also breed and create more.   Build the wall, enforce all the laws.

Originally posted by LouSWPA LouSWPA wrote:

I'm not an expert on tariff's, but I question why any country would have no or much lower tariffs than other countries but agree to pay higher tariffs to those same countries.
Let us not get crazy with the questions guys Wacko
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