Monday, August 19, 2024

Meet Donald Trump, "colossal moron" (taxes and tariffs edition)

 
Quoted from AlterNet, 8/18/2024
During the ex-president's Pennsylvania rally Saturday, he said, "A tariff is a tax on a foreign country. A lot of people like to say it’s a tax on us. No. It’s a tax on a foreign county. It's a tax that's ripping us off and taking our jobs. And it's a tax that doesn’t affect our country." 
In 2018, Urban Institute and Brookings Institution's Tax Policy Center senior fellow Howard Gleckman wrote: 
A tariff is a tax on imported goods. Despite what the [former] President [Trump] says, it is almost always paid directly by the importer (usually a domestic firm), and never by the exporting country. Thus, if the US imposes a tariff on Chinese televisions, the duty is paid to the US Customs and Border Protection Service at the border by a US broker representing a US importer, say, Costco.


Related posts:
July-August 2024
Donald Trump:  "Losing his marbles" and in need of help. (8/8)

January-June 2024

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