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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Brumar89 who wrote (1092816)

10/12/2018 12:54:08 PM

From: Brumar89

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sylvester80

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Gerald Whisenant From a news source considered biased towards conservative causes. Further proof (as if we needed it) that Trump is no conservative.

Trump's tariffs now cost Americans more than Obamacare taxes

Washington Examiner Magazine, digital edition: In-depth features, top columnists, policy coverage, weekly video from editor - CLICK HERE

Trump's tariffs now cost Americans more than Obamacare taxes

by Bryan Riley
& Andrew Wilford
| October 10, 2018 01:37 PM

It’s official: The latest round of tariffs now means that the total tax increase on Americans from enacted tariffs exceeds the tax increases from the Affordable Care Act, (un)popularly known as “Obamacare.”

On Sept. 19, President Trump imposed a 10 percent tax on $200 billion of Chinese imports. On Jan. 1, 2019, this tax will rise to 25 percent. But even without that January tariff rate increase, trade taxes on American businesses and consumers will exceed those of the ACA.

With the added $20 billion in trade taxes coming from this latest round of tariffs, the National Taxpayers Union Foundation now estimates the total annual cost of enacted tariffs to be $41.65 billion. That easily outpaces the tax bill from the Affordable Care Act for next year ($34.6 billion) after accounting for recent changes to the ACA.

The $67.2 billion estimated 2019 tax burden of the Affordable Care Act prior to those changes is lower than the cost of new trade taxes once a scheduled $30 billion tariff increase takes effect in January. If every currently proposed tariff is enacted, the total trade tax burden will nearly double even the tax burden of the pre-reform ACA — NTUF estimates the net total of proposed and enacted trade taxes to be $132.55 billion. That would offset more than 70 percent of the $188.8 billion in 2019 individual income tax cuts.