Trumpwatch 2.0

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Might as well try to chronicle some of the things that happen as the US Government undergoes an actual fundamental transformation into.. something.

First off the bat… Susie Wiles will be Chief of Staff. She was his campaign manager.

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Fed Chair Jerome Powell will not leave if asked to resign by Trump and further stated that it would be illegal for Trump to attempt to fire him or any of the other Fed governors.

[Matt]

I would have called this Trump Watch 2.0

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I would have called this Trump Watch 2.0

Good idea I’ll change it.

Elise Stefanik is a leading candidate for UN Secretary. Senator Bill Hagerty of Tennessee is a leading candidate for Secretary of State. The DOJ transition head says they believe Trump has the right to be involved in cases and decisions about them and Trump sees mass deportations of all 11 million people here illegally as essential no matter the price tag. It is said to be a $315 Billion proposition.

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Tariff and tax cut legislation is already being readied per Politico:

Advisers close to President-elect Donald Trump have been in discussions with House Ways and Means Chair Jason Smith (R-Mo.) on a broad tax package that is partially paid for by tariffs approved by Congress, according to two people familiar with the conversations who were granted anonymity to describe the internal discussions.

As part of those conversations, staffers and advisers close to the Trump team have also investigated whether House rules need to be changed to use tariffs as offsets for tax cuts, those people say.

A Ways and Means Committee spokesperson declined to comment.

The discussions come as Republicans are gearing up to pass a massive tax bill, which would include $4.6 trillion of expiring Trump tax cuts and potentially several other tax proposals floated by Trump on the campaign trail. They include Trump’s ideas to remove “tax on tips” and eliminate taxes on Social Security, among many others.

Trump repeatedly pledged on the campaign trail to use tariffs to help pay for those tax cuts, and the conversations signal that congressional Republicans could be open to imposing tariffs on Trump's behalf via legislation.

However, Congress has not raised tariffs through legislation in almost 100 years — through the Smoot-Hawley Tariff Act of 1930 — and that has led to some confusion over how lawmakers should handle the issue as part of a broader tax package, the people said.

“We’re likely to see in a reconciliation bill … that’s raising revenue through tariffs on imports and taking that savings and using it to cut taxes and create incentives for domestic production,” said a person directly familiar with conversations between Trump’s advisers and Congress.

Reconciliation — a budget procedure possible only if Republicans sweep Congress — would allow Republicans to pass the tax cuts and tariffs without Democratic support and with only simple majorities in both chambers. But those rules and other House rules around bills that lose revenue can be exceedingly complex.

It’s very unlikely that tariffs could help pay for a significant portion of any tax cuts, though — despite Trump’s flirtation with the idea of using tariffs to completely eliminate the income tax. In fiscal year 2020, U.S. Customs collected $74.4 billion in tariffs, accounting for only roughly 2.2 percent of total federal revenue, according to the Congressional Research Service.

According to estimates by the Tax Foundation, the U.S. would need to implement an across-the-board tariff hike of 69.9 percent to completely replace income taxes.

I’m no expert here (MW may have some insight) but wasn’t Smoot-Hawley seen as worsening the Great Depression? An idea to replace income taxes with tariffs seems whackadoodle. I’d love to hear a take from someone somewhat versed in this stuff.

[audiophile]

Link?

"...would need to implement an across-the-board tariff hike of 69.9 percent..."

That statement sounds like it was written to scare. They should work for Monsters, Inc and bottle the Dean Scream

Seriously, going from 10% would 20% would be a 100% increase,

So, a 69.9% increase isn't all that bad compared the fact US have to pay a lot more in employee SSI (7+%), federal Income tax (21%), state income tax (4%) and property tax(?).

If China wants to dump their cheaply made wares here, you need to pay some tax, like domestic companies do. The pillaging of manufacturing jobs this country is an outrage!

[zzand]

Those jobs are gone forever. The companies won't pay the fees, we will and everything will be more expensive. You think prices are high now, just wait until the normal person has to choose between food and shelter. But hey, your guy won and that's all that matters.

[audiophile]

Those jobs are gone forever. The companies won't pay the fees, we will and everything will be more expensive. You think prices are high now, just wait until the normal person has to choose between food and shelter. But hey, your guy won and that's all that matters.

Such fatalist thinking. America still has a lot of potential.

Food is mostly (or can be) a domestic product, so is wood for homes.

[zzand]

An economist, not politically affiliated, said Orange man's tariffs will cost the average person an extra four thousand dollars a year. Do you have an extra four grand to spend? Most don't but his friend Elon Musk did say we will all have to suffer financially, and we will will.

[audiophile]

An economist, not politically affiliated, said Orange man's tariffs will cost the average person an extra four thousand dollars a year. Do you have an extra four grand to spend? Most don't but his friend Elon Musk did say we will all have to suffer financially, and we will will.

You know about opinions - everyone has one. Musk said in the short run.

You actually believed those Ads you ran from Voters of These 50 States?

If we drop the price of fuel(s), you'll easily get the $4k back. We're keeping much of Europe from freezing to death, that has driven the price of fuels worldwide. End Ukraine conflict, and improve domestic production, that will drop overnight.

[zzand]

hahaha, you're high or drunk.

[audiophile]

Neither

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An economist, not politically affiliated, said Orange man's tariffs will cost the average person an extra four thousand dollars a year. Do you have an extra four grand to spend? Most don't but his friend Elon Musk did say we will all have to suffer financially, and we will will.

You know about opinions - everyone has one. Musk said in the short run.

You actually believed those Ads you ran from Voters of These 50 States?

If we drop the price of fuel(s), you'll easily get the $4k back. We're keeping much of Europe from freezing to death, that has driven the price of fuels worldwide. End Ukraine conflict, and improve domestic production, that will drop overnight.

You’re not dropping the price of gas. We can’t refine American oil into gasoline. We already produce a record amount of domestic oil and are energy independent.

[zzand]

ok then misguided. What happens to the USA companies who export when they are hit with new tariffs to pay Orange man back for his? A good guess is lays offs, shut downs and higher inflation.

[Rate This]

Link?

"...would need to implement an across-the-board tariff hike of 69.9 percent..."

That statement sounds like it was written to scare. They should work for Monsters, Inc and bottle the Dean Scream

Seriously, going from 10% would 20% would be a 100% increase,

So, a 69.9% increase isn't all that bad compared the fact US have to pay a lot more in employee SSI (7+%), federal Income tax (21%), state income tax (4%) and property tax(?).

If China wants to dump their cheaply made wares here, you need to pay some tax, like domestic companies do. The pillaging of manufacturing jobs this country is an outrage!

No… the tariff would need to 69.9% of on every import. Mathematically the price of imported goods would nearly double. You would also piss a bunch of other countries off. This is the kind of wreckless stuff we are gonna get for the next 4 years having just elected a bunch of people with no business being near the levers of power. A hard right turn into the ditch. Those jobs aren’t coming back and more manufacturing jobs have been lost to automation and consolidation than outsourcing anyways. This whole Trump movement is based on fantasy.