Tariffs equivalent to large tax increase

[transporter]

The title of the article should not come as a surprise...well to those who actually are informed and possess a rudimentary level of education/intelligence.

Trump’s tariffs are equivalent to one of the largest tax increases in decades

• The combined $72 billion in revenue from all the president’s tariffs ranks as one of the biggest tax increases since 1993, according to CNBC analysis of data from the Treasury Department.
  [*]The tariff revenue ranks as the largest increase as a percent of GDP since 1993 when compared with the first year of all the revenue measures enacted since then, according to the data.
  [*]But there are key differences between a tax cut and tariffs.

What is the key difference?

Such a large revenue measure, according to Pomerleau, if it were a tax, would have been subject to considerable economic analysis from the Congressional Budget Office or the Joint Committee on Taxation for the potential effects on growth, inflation and jobs. No such analysis has been offered or is believed to have been conducted by the administration regarding the current tariffs.

And the revenue measure is by far the largest enacted without congressional approval. Congress, in a series of laws, has ceded to the president vast powers to levy tariffs.

 

[PeoplesElbow]

Not really, you can choose to not buy whatever it is thats price increased.

You can't pick and choose which taxes to pay.

 

[TCROW]

Not really, you can choose to not buy whatever it is thats price increased.

You can't pick and choose which taxes to pay.

Not completely true. Demand is inelastic for many of these items being taxed by way of tariffs.