"No More Income Taxes!" - The 10% Trump Tariff Explained
Published: 2024-12-09
Status:
Available
|
Analyzed
Published: 2024-12-09
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
A 10% tariff on Chinese imports and a 25% tariff on Mexican and Canadian imports are proposed to be enacted via executive order.
"on November 25th it was announced that he would enact an executive order that would create an additional 10% tariff on Chinese Imports as well as an additional 25% tariff on Mexico and Canada"
Pending
The proposed tariffs on China, Mexico, and Canada are contingent on these countries addressing the movement of legal substances and undocumented immigrants across the US border.
"These tariffs would continue until China Mexico and Canada address the movement of legal substances and undocumented immigrants across the US border"
Pending
The proposed tariffs on $1.3 trillion worth of goods from China, Canada, and Mexico could lead to significantly increased costs for consumers.
"and the impacts could be pretty significant as of now we'll import more than $400 billion wor the products from China 400 billion worth from Canada and 500 billion from Mexico meaning there's $1.3 trillion at the goods that pretty soon could start to cost more money than they did before if it goes that far"
Pending
Mexico's president believes that threats and tariffs will not resolve issues of migration or drug consumption.
"even Mexico's president said that neither threats nor tariffs will solve the issue of migration or drug consumption"
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Proposed tariffs are predicted to negatively impact industrial sectors, increase tax burdens by $272 billion annually, raise prices, lift interest rates, and weaken the housing sector.
"it's probably not going to be the economic boom that some people think it would be and it's even said that these measures could hit industrial sectors hard add approximately 272 billion a year to tax burdens raise Goods prices lift interest rates and sap strength in an already vulnerable housing sector"
Pending
US tariffs generated $80 billion in 2022, which was only sufficient to fund the government for 15 days.
"in 2022 they generated $80 billion for the US government which was enough to keep the country running for 15 days"
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It is considered impossible to fund the US government solely through tariffs, and eliminating federal income tax based on tariff revenue is deemed unrealistic.
"this suggests that it's pretty much impossible to fund the government on tariffs alone and any thinking of eliminating the federal income tax is just wishful thing"
Pending
The Smoot-Hawley Tariff Act of the 1930s, intended to help American businesses, led to retaliatory tariffs from other countries, decreased sales for US businesses, increased unemployment, diminished world trade, and worsened the Great Depression.
"The Smoot Hawley Tariff Act... tariffs were placed on foreign Goods to help the livelihood of American businesses and make their products more competitive but in actuality the opposite happened instead of American Products booming other countries just got upset and raised their own taxes on us products this meant that many businesses sold less they downsized and a lot of them went out of business on top of that world trade diminished by a lot because a lot of countries refused to do business with anyone outside of their border and the entire world suffered"
Pending
Historical tariffs aimed at boosting the US economy primarily resulted in increased prices for consumers for the same goods.
"despite trying to raise up the US economy the only thing that went higher were prices this meant that people wound up paying a lot more for the same materials than they did before"
Pending
The speaker believes that proposed tariff increases are primarily a negotiation tactic and the actual implementation will likely be less severe than initially suggested.
"I tend to think that this is more of a negotiation tactic and if we do see increased tariffs it's probably not going to be as severe as he initially proposes"
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Independent research suggests that proposed tariffs could cost the average American family an additional $2,000 to $4,000 annually.
"independent research groups estimate that the proposed tariffs would end up costing the average American family an extra $2 to $4,000 a year"
Pending
Controlling government spending would eliminate the financial need for tariffs.
"if you just got government spending under control tariffs wouldn't need to be used from a financial perspective"
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Significant government waste exists, including $2.7 trillion in payment errors since 2003, $516 billion in appropriations for expired programs (many expired over a decade ago), 88% occupancy rate in federal office buildings, and the cost of producing a penny exceeding its value.
"it's much more impactful to look at wasteful government spending like does I mean just consider this since 2003 the government has spent $2.7 trillion in payment errors they provided 516 billion in Appropriations in 2024 to programs that have expired almost 2third of those have expired a decade ago 88% of federal office buildings are on occupied the cost of making a penny exceeds the value of the actual Penny"
Pending