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RR Phantom

RR Phantom

Location : Wabbit Hole
Job/hobbies : Cayman Islands Actuary

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PostSubject: This Is How a Nationalist Raises Your Taxes   This Is How a Nationalist Raises Your Taxes Icon_minitimeTue May 14, 2019 7:01 pm

America’s trade war has entered its second year, with a resolution between the U.S. and Chinese governments looking further away than ever. A bilateral freeze in tariff hikes in December brought some hope that the already costly conflict would not continue to snowball.

This Is How a Nationalist Raises Your Taxes Donald-trump-snl-baldwin-twitter-690x450

The 2018 tariffs imposed by President Trump on imports from China and other countries had already resulted in the direct transfer of tens of billions of dollars from U.S. businesses to government coffers. Now, renewed escalation initiated by the White House team all but ensures increased taxation of billions more.

When my colleague Peter C. Earle and I looked in depth at the trade war’s first year in March, we estimated that new tariffs by the U.S. government from U.S. businesses would carry an annual bill of $45 billion. The President has now made good on his threat to raise the tariff rate on a long list of products imported from China from 10 percent to 25 percent, raising the estimated annual tax bill on U.S. businesses to $75 billion, approximately the same amount saved by Americans from the 2017 income tax cuts.
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