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Well... it's Trump... again. #47, here we go.

unapologetic said:
Why are we talking about sales tax?
Prices go up all the time. (inflation)
Sales tax goes up with it.
The issue is, the tarrif is a NEW tax, and much higher. Sales tax is inconstquental in comparison.
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The issue is that the new tax also implies (causes) an increase in Sales Tax.

Consumers pay twice.
 
bilby said:
unapologetic said:
Why are we talking about sales tax?
Prices go up all the time. (inflation)
Sales tax goes up with it.
The issue is, the tarrif is a NEW tax, and much higher. Sales tax is inconstquental in comparison.
Click to expand...
The issue is that the new tax also implies (causes) an increase in Sales Tax.

Consumers pay twice.
Click to expand...
Always have.
 
Spacetime Inhabitant said:
TomC said:
Here's another question.
Here in Indiana, the sales tax on most purchases is 7%.
If I have to pay the sales tax on an item that went up in price due to the Trump Taxes (tariffs), am I not paying a tax on a tax?
WTF
Tom
Click to expand...
I was thinking about this a week or two ago, and did a simple calculation, in which for simplicity of calculation used a sales tax figure of 10%.
Imagine that have a product with shelf price $20, then sales tax is $2, and total price $22.
Now if it has a tariff of 30%, then its shelf price will then be $20 + $6 = $26, and the sales tax will be $2.60, so not only do you get the direct price increase from the tariff, but the sales tax will also rise.
Note that in practice the sales price increase from the tariff could be greater than $6 (30%), due to it causing other increases in costs along the line.
Click to expand...

Tariffs are calculated based on the value on entry into the US. More often than not that would be akin to the wholesale price, not the retail price. But when a consumer buys direct from overseas, that price would be subject to a tariff. Retail markup from wholesale varies widely.

Anyway, in the case of Walmart, the tariff would be based on what Walmart pays. Not the final price that you pay.
 
The sheer multitude of cruel, inane and/or psychotic actions of the Trump Administration make it almost impossible to keep up. Actions that would horrify millions in normal times get overlooked in this crazy time. Rachel Maddow summarizes some stories you may have missed.

  • Trump has legalized machine guns. To "enhance public safety" you can now buy a forced-reset trigger to convert your AR-15 to be fully automatic.
  • Votes to cut Medicaid are scheduled in advance for 1 A.M. to avoid attention.
  • Trump has illegally declared large swathes of border land to be militay no-trespassing zones.
  • Huge amounts of public lands are being sold off.
  • AI chatbots are now answering phones at SocSec; the "chatting" has no purpose except to make callers eventually hang up.
  • Several health programs are being destroyed, e.g. to help babies born with birth defects or to counter deaths from overdosing.
  • 66,000 tonnes of food intended for foreign aid is now rotting in federal warehouses. The food is under the control of one of Musk's goons.
In the last half of the video Ms. Maddow becomes optimistic, pointing to widespread protests, judges who have ruled against the fascists, and so on.
 
All that's happened and absolutely nothing to do about it for another 3.5 years ish. The Dems can't gain the house and stop funding until there is only a year left in this administration. Best case they shut down what's leftover of government just before the next election. Might lose the election doing that so they probably won't.

Now all we can do is wait for the affects of trade and government policy to impact regular people. Enough that it may change the midterms and next presidential election. I have little hope the Dems can or will turn anything around even if they win it all.

10% Tarriffs are still there and higher tariffs will be unpaused soon. Target, Walmart, Amazon and other retailers are starting to talk about higher costs and reduced sales. The market should correct down again soon.

Our projects have started getting the tarrif bill change order estimates. Next year, we'll have to raise electrical rates to compensate. There is no "absorb", that's financially illiterate talk. All corporate taxes (tariffs) have always been paid by consumers. They are business expenses that must be covered to stay in business. It's easier to shed employees, buldings, and other overheads than it is taxes.
 
Markets are reacting poorly to bond auction and reducing demand for US Bonds as apparently everyone else is wondering how America is going to manage their finances in the near future. While the issue of debt is part of the problem, one has to wonder how much the foreign investors are not thinking the US is in a viable long-term strategy under Trump, as Trump's tax cuts which added trillions to the deficit are being EXPANDED by Congress.

Add in the issue of the tariffs and the gross uncertainty on its impact on the US economy, shit appears to be getting real right now. The US has gotten this far by not fucking with major economic institutions. But Trump threatens The Fed, widespread nonsensical tariffs, and trade policy that can't trusted. Our economy is the one thing that allows us to obtain the debt. And Trump's policies are putting our economy at notable risk... at a time when it shouldn't be.

No one is reporting on it or suggesting it, but I have to wonder whether bond investors are wondering whether they can trust Trump not to default on bond payments itself.
 
Jimmy Higgins said:
Markets are reacting poorly to bond auction and reducing demand for US Bonds as apparently everyone else is wondering how America is going to manage their finances in the near future. While the issue of debt is part of the problem, one has to wonder how much the foreign investors are not thinking the US is in a viable long-term strategy under Trump, as Trump's tax cuts which added trillions to the deficit are being EXPANDED by Congress.

Add in the issue of the tariffs and the gross uncertainty on its impact on the US economy, shit appears to be getting real right now.

No one is reporting on it or suggesting it, but I have to wonder whether bond investors are wondering whether they can trust Trump not to default on bond payments itself.
Click to expand...

The debt is rolling over to the new rates. So interest and debt payments will go up. The extra $175 billion for defense will put Defense above $1Trillion/year. SS/Medicare/Debt payment/Military will absorb a large majority of US taxes. I bet they eventually go after SS/medicare. Definately starting to look at Medicad, SNAP, etc.
 
ImGod said:
The plane is stupid. I bet it takes 2 years to tear it down and sweep it's electronics for listening devices and transponders.

There is a reason for using AF1 instead of private planes.
Click to expand...
Add to that the reality that Air Force One isn't even an airplane, but rather a flying military communications fortress. I can understand why some nefarious international players would prefer Trump fly on that thing.
 
Jimmy Higgins said:
ImGod said:
The plane is stupid. I bet it takes 2 years to tear it down and sweep it's electronics for listening devices and transponders.

There is a reason for using AF1 instead of private planes.
Click to expand...
Add to that the reality that Air Force One isn't even an airplane, but rather a flying military communications fortress. I can understand why some nefarious international players would prefer Trump fly on that thing.
Click to expand...

Maybe let him?
 
ImGod said:
Jimmy Higgins said:
Markets are reacting poorly to bond auction and reducing demand for US Bonds as apparently everyone else is wondering how America is going to manage their finances in the near future. While the issue of debt is part of the problem, one has to wonder how much the foreign investors are not thinking the US is in a viable long-term strategy under Trump, as Trump's tax cuts which added trillions to the deficit are being EXPANDED by Congress.

Add in the issue of the tariffs and the gross uncertainty on its impact on the US economy, shit appears to be getting real right now.

No one is reporting on it or suggesting it, but I have to wonder whether bond investors are wondering whether they can trust Trump not to default on bond payments itself.
Click to expand...

The debt is rolling over to the new rates. So interest and debt payments will go up. The extra $175 billion for defense will put Defense above $1Trillion/year. SS/Medicare/Debt payment/Military will absorb a large majority of US taxes. I bet they eventually go after SS/medicare. Definately starting to look at Medicad, SNAP, etc.
Click to expand...
Indeed, right now, the Fed Rate is the second most important rate for the US. Our bond rates are being driven up by the dumbest fucker ever to be President, and it is going to cost us tens to hundreds of billion. More than DOGE will ever save.
 
ImGod said:
Jimmy Higgins said:
ImGod said:
The plane is stupid. I bet it takes 2 years to tear it down and sweep it's electronics for listening devices and transponders.

There is a reason for using AF1 instead of private planes.
Click to expand...
Add to that the reality that Air Force One isn't even an airplane, but rather a flying military communications fortress. I can understand why some nefarious international players would prefer Trump fly on that thing.
Click to expand...

Maybe let him?
Click to expand...
We are stuck with the bitter Vance pill. He'll be even worse, though maybe he'll stop with the tariff shit.
 
Trump peddles Stormfront white supremacist conspiracies in the oval office to another head of state. This should be a bigger story but I guess it's just another normal day in AmeriKKKa

www.reuters.com

A check of Trump's false claims about white genocide in South Africa

Trump made several false statements and misrepresented some facts during a contentious Oval Office meeting on Wednesday with President Cyril Ramaphosa.
www.reuters.com www.reuters.com

 
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