Trump Loves Collecting Taxes: Tariffs Equate to Largest Tax Increase Since 1993

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Trump says he loves collecting tariffs. What he really means is he loves to collect taxes.

Trump Loves Big Taxes

If you love big tariffs, you love big taxes, because that's what tariffs are.

Admitting the Obvious

Even Kudlow Admits the Obvious: Trump is Wrong

Tax Cut - Tax Hike Difference

  • Trump's tax cuts went almost entirely to the wealthy.
  • Trump's tax hikes went to all consumers via higher prices.

Currency War

Meanwhile, Trump Asks the Fed Start a Currency War With China

And to top it off, consider the Fed's lie of the day: "Low Inflation is One of the Major Challenges of Our Time"

Yet, economists cannot figure out why the middle class is shrinking.

Go figure.

Mike "Mish" Shedlock

Comments (36)
No. 1-18
Stuki
Stuki

" Tax Cut - Tax Hike Difference

Trump's tax cuts went almost entirely to the wealthy.
Trump's tax hikes went to all consumers via higher prices.

"

Duh! Who can best afford lobbyists, again?

lol
lol

DC is in dire financial straits, A collapsing tax base might trigger a state of emergency declaration!Already seeing local gov't layoffs along with soaring increases in taxes,fee increases.Not only will tariffs increase but look for an emergency tax increase fast tracked into law by summer......and still won't be enough....not even close!

HubbaBuba
HubbaBuba

In the fullness of time getting over the tariffs will also ramp back up the deficit. (Already interest expense alone is roughly TOTAL defense spending.) Actually, it'll probably play out as a bad 1, 2 punch. It could be a bit like the OPEC oil embargo of the late '70s. Inflation ramps up due to the huge price increases playing out, then (somehow) the tariffs roll back and Fed borrowing explodes all the more. And with those higher rates AND ramping back up deficits deficit interest expense explodes even more.

Curious-Cat
Curious-Cat

Mish - I agree he's the master of the tax increase. And no one is in favor of tax increases. (What ever happened to Grover Norquist?) Yet it's six to five and pick 'em whether he will get a second term.

Too bad all the "decent" republicans in Congress are too afraid of being primaried to stand up for traditional republican values.

thimk
thimk

BIG TARIFFS bad, must stop now ! @realThimk