More Liberation came. Turn that pesky 401K into dust.
There was a pop quiz this week. It didn't go so well. Time to relearn....
It appears that Trump wants to replace the personal income tax entirely, and substitute tariffs. That could, and did, work in the 19th Century, a couple of times, but that was before we had a large standing military and an expensive modern state, which includes, among other things, big-ticket items like Medicare. Life changed, and our sources of revenue changed too.
Trump's plan can't possibly work. As others have pointed out, the personal income tax raises about $3 trillion annually. Foreign trade is about $3 trillion too. To replace the personal income tax, tariffs would have to be 100 percent - still higher, because of tax dodging. It's not going to happen.
The rollout of Trump's tariffs seems to be both moronic and disastrous. Trump is projecting that he is both resolute and totally flexible. Nobody believes him. He can't be both - he has to choose. And he's a politician. That means let that flex flag fly.
When you completely lose Jim Cramer, you just lose.
No comments:
Post a Comment