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| Exactly, it goes into general funds and offsets loss of revenue from income tax cuts. It follows since the tax cut was most favorable to the wealthiest individuals, some of the tariffs are going into Trump's pocket. (Also, some of the smart marketers on here are indirectly benefiting from the tariffs. ;-)
https://upload.wikimedia.org/wikipedia/commons/thumb/e/e0/Federal_ta...
https://en.wikipedia.org/wiki/History_of_taxation_in_the_United_Stat... :
"Tariffs have played different roles in trade policy and the economic history of the United States. Tariffs were the largest source of federal revenue from the 1790s to the eve of World War I, until it was surpassed by income taxes. Since the revenue from the tariff was considered essential and easy to collect at the major ports, it was agreed the nation should have a tariff for revenue purposes."
I would like to know how Trump can enact these tariffs without any debate in congress. Congress, by playing party politics, is permanently ceding a lot of power to the president. | |
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Tariff money collected. Where does it go?
