Warm Southern Breeze

"… there is no such thing as nothing."

Enjoying Your Trump Tax Cut? You’re Paying The Trump Tax.

Posted by Warm Southern Breeze on Sunday, December 29, 2019

In September of this year alone, Americans paid a record $7.1 billion in Trump Taxes.

That’s tariffs, for those who don’t understand.

And, just to be certain… tariffs are taxes (duties) one nation places upon certain imported goods from another nation(s) which are NOT paid by the nation from where the goods originate (exporting nation), but are paid by the ultimate consumer of the importing nation.

Trump’s little “trade wars” with China, Mexico, Canada, and goodness knows who else, have now been proven to have harmed the American Economy, and the American Employee.

Yes, it’s official – the Federal Reserve published findings of their research “Disentangling the Effects of the 2018-2019 Tariffs on a Globally Connected U.S. Manufacturing Sector” and concluded in part that:

“We find that the 2018 tariffs are associated with relative reductions in manufacturing employment and relative increases in producer prices.

“… the tariffs have not boosted manufacturing employment or output, even as they increased producer prices.”

“…the results indicate that the tariffs, thus far, have not led to increased activity in the U.S. manufacturing sector.

“We find the impact from the… [tariffs] reduced competitiveness from retaliation and higher costs in downstream industries.”

Trump said he cut your taxes, but he only cut them for the wealthy, and their corporations. The working men and women in America didn’t get jack squat from him.

One analysis of Federal data showed that “American consumers and businesses have paid an additional $38 billion since the trade war began in February 2018 through September 2019. This is the first time data has been released that shows the impact of the tariffs on $112 billion worth of mainly consumer-facing goods that went into effect on September 1, 2019. On these tariffs, Americans paid an additional $905 million in the first 30 days of these tariffs being implemented.”

 

 

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