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Americans' taxes just went up by $6 trillion. That is a million dollars multiplied by 6 million.
Don't tell me Trump is trying to save anything. This guy is a economy destroyer -- and not just ours.
Glad to see CNN telling the simple truth in this headline:
@dangillmor People don't have an instinctual understanding for large numbers, and often they are easier to understand if we divide by the population. So a billion dollars is about $3 per American, a trillion is $3,000 per American, 6 trillion is $18,000 per American. That is a huge number. What time period are they talking about? Something in that range is believable if the price of everything suddenly jumps.
@not2b That is a much better way of explaining it. Thanks.
@not2b @dangillmor Yeah, and it would probably be even better (depending on the numbers of course) to break it down per year or month.
”It’ll cost you 100 USD every month” (or whatever number it boils down to) makes it very real. That’s your kid not getting lunch at school, you not making rent, you having the car repo:ed.
@not2b @dangillmor so, the 6 trillion is expected over 10 years. Still an incredibly high tax of 1800 per person on average...
https://edition.cnn.com/2025/03/31/economy/tariffs-largest-tax-hike/index.html
@rbmath @not2b @dangillmor It will not be distributed equally. I believe the current consensus is that tariffs are regressive, affecting poorer people more both in percentage terms and absolute terms.
@Z_Zed_Zed @not2b @dangillmor yes, I completely agree. I don't (and I don't think anyone does) have concrete information on how that will be distributed. This is one of the dumbest economic decisions I've seen in my lifetime...
@Z_Zed_Zed @rbmath @not2b @dangillmor I think that's the relevant point. This will relatively benefit the one percent. Another huge increase of the wealth gap.
@eberhofer @Z_Zed_Zed @rbmath @not2b @dangillmor Great policy to support the guillotine makers…
@not2b I think it’s time for me to find an “exit strategy”. I’d rather that than end up living on the street, which is what will happen if I have to cough up nearly $20 grand in a year or even within five years. #SoLongCruelWorld
@dangillmor
@Bookworm33333 @not2b @dangillmor
It's funny how these economic changes always seem to benefit the wealthy and hurt ordinary working people.
My guess is that prices go up alround as this is used as an excuse by business to hike prices.