The rich when tax cuts go into effect. It’s always been a mass transfer of wealth and the plan from the beginning. It’s why we always knew any bargaining was bull.
Who gets all the tariff money about to be collected from US citizens buying products from Canada?
Submitted 6 days ago by snausagesinablanket@lemmy.world to [deleted]
Comments
infinitevalence@discuss.online 6 days ago
SplashJackson@lemmy.ca 6 days ago
Tariffs are just a way to raise taxes and blame someone else for them
RedEyeFlightControl@lemmy.world 6 days ago
They’re furthermore a way to start fights using someone else’s money, that they can then take with impunity. So effectively US citizens are now getting charged a premium to fight a war they don’t want, without a choice.
I recall a war that started over taxation without representation…
Beetschnapps@lemmy.world 6 days ago
Meh, the country dropped a trillion on fucking around with Iraq and voters kept reelecting republicans.
Trump won and election, no one in the US gives a fuck
Kolanaki@pawb.social 6 days ago
Let’s throw all of Trump’s real-estate into Boston Harbor!
Lasherz12@lemmy.world 6 days ago
The last round of tariffs were paid almost uniformly and directly to large farming conglomerates to keep them silent on the matter. The amount actually left over after paying farmers wasn’t much, certainly not enough to cover the damage it did in other industries. There’s no doubt in my mind that it will be turned into a market manipulation scheme wherein they will invest in the subsidized markets after buying stocks in the relevant corporations once the market settles to its new low state.
snausagesinablanket@lemmy.world 6 days ago
I wonder if it will tie into their new strategy to buy crypto reserves which only make sense if they are going to skim it.
OutlierBlue@lemmy.ca 6 days ago
Having a crypto reserve makes sense if you plan on tanking the economy and US dollar for profit.
cecilkorik@lemmy.ca 5 days ago
Of course. They will pump and dump that too, over and over again, with your tax dollars in the “reserve” taking the hit each time while they embezzle what will probably eventually be trillions, just wait, they will not stop looting America until there is nothing left to loot.
BlameThePeacock@lemmy.ca 6 days ago
The US government, that’s how import tariffs work.
Yerbouti@sh.itjust.works 6 days ago
It’s a form of taxation so the government collects it.
RowRowRowYourBot@sh.itjust.works 6 days ago
That is also my understanding as someone who regularly checks to make sure my boss paid the tariff on the stuff we import. Containers are not removed from ships until you have proven the tariff has been paid.
Professorozone@lemmy.world 5 days ago
Well the US collects taxes and a tariff is a tax so yeah, it will generate funds to run the government. I think this is why Trump likes them. He sees a huge influx in the taxes collected. Plus his followers are so stupid they think China/Canada/Mexico is paying them. Win/win for him. No wonder he thinks it’s the greatest word in the dictionary.
Lightening@lemmy.world 5 days ago
The best way to lower inflation is to pull excess cash out of circulation. It’s a correction for the cash influx that we saw through the COVID relief funds.
It’s not a popular choice, but pulling cash out of circulation is necessary to reduce inflation.
callouscomic@lemm.ee 5 days ago
Remember everyone. View tariffs as kind of a federal sales tax. Sales tax typically affect lower classes more than upper classes. It will also compete with other sales taxes at other government levels.
Meaning, to grossly oversimplify, this will ultimately cost more for people with less wealth, and it will degrade your local governments ability to provide services due to less income.
snausagesinablanket@lemmy.world 6 days ago
What division of the govt gets the money and how is it regulated?
scarabic@lemmy.world 6 days ago
I don’t see any answers to that question at that link. Am I missing something?
konki@lemmy.one 6 days ago
Noone gets it really. The government collects it, but then it “burns” it, just like it does tax revenue.
BossDj@lemm.ee 6 days ago
Give government people credit. They’re smarter than you think. Money that’s “oops” wasted went exactly where it was intended
kibiz0r@midwest.social 6 days ago
Found the Randall Wray enjoyer. :)
You’re not wrong. Burning is what they used to literally do in earlier times, and the conceptual model today is exactly the same even if there’s no literal burning.
People don’t like hearing it though. Idk why.
kibiz0r@midwest.social 6 days ago
No one.
Remember, the government is the issuer of the currency. They don’t need to collect dollars in order to spend them.
Imagine a referee removing a point from a participant.
The point doesn’t go anywhere, waiting to be reused, it just gets deleted. The next point to get added isn’t the “same point” in any sense, even though the point total is the same and maybe even some physical point token got reused.
Conceptually, sovereign currency is always on a one-way trip from being spent into existence to being taxed into annihilation.
RowRowRowYourBot@sh.itjust.works 6 days ago
This is an inaccurate metaphor because the referee doesn’t normally earn points but governments absolutely spend money.
The money is collected by the government and funds budgets.
LastYearsIrritant@sopuli.xyz 5 days ago
The referee assigns points to teams, but doesn’t need to collect those points from another team or earn them to assign them out.
It’s a decent metaphor.
FelixCress@lemmy.world 6 days ago
Remember, the government is the issuer of the currency. They don’t need to collect dollars in order to spend them.
Yup, that worked a treat in Zimbabwe.
kibiz0r@midwest.social 6 days ago
“They don’t need to collect dollars in order to spend them” does not mean “They ought to spend dollars and not collect them”.
I’m only describing that collecting X amount from tariffs does not imply that spending must necessarily increase by X somewhere due to some kind of conservation of dollars that the OP seemed to assume.
otto@sh.itjust.works 6 days ago
Rich people, in the form of massive tax cuts
adarza@lemmy.ca 6 days ago
“then what’s all the cuts to medicaid and snap and other benefits and programs going to?”
more tax cuts for the rich.
“how about all the other ‘savings’ from ‘doge’?”
more tax cuts for the rich.
“then why is the deficit still growing by billions and billions?”
more tax cuts for the rich.
“when is it our turn?”
never!
pip@slrpnk.net 6 days ago
Not to mention Melon Husk is VERY disingenuous about how much money he’s supposedly saving
Lost_My_Mind@lemmy.world 6 days ago
I don’t like this TV show. Change the channel! The show is so depressing that I don’t want to watch. I mean, can you imagine living that way? It would be infuriating!
wildcardology@lemmy.world 5 days ago
Yeah. Remember if you have a side hustle and you get paid over $2500 from Paypal, venmo or cashapp you’ll receive a 1099-k form you have to report it on your tax form. It used to be $20k then it went down to $5k last year and it’s going to go down further to $600 next year.
Yerbouti@sh.itjust.works 6 days ago
This sounds like a cynical answer, but it’s ultimately the correct and most concise one.
skankhunt42@lemmy.ca 6 days ago
So, on import of whatever, the bill is still $xxx but there’s an extra tax line for 25% that adds on top and goes to the government. Now they build a car with that and the car is now ~25% more expensive. The customer pays the +25% for the car.
Government doesn’t need to collect as much tax from people who make over $1,000,000 because they got 25% from that import and so its a tax cut.
Is my smooth brain correct?