The Internet is roaring with highfalutin experts predicting no end of gloom and doom if Trump were to succeed with his import tariff plans, or if the House Republicans have their way with what they call the ‘Border Adjustment Tax’ – basically not allowing importers to deduct the cost of anything bought overseas.
This from Wall Street’s biggest shill, Steve Forbes, is typical: “let's say a store imports a pair of sneakers for $40 and then sells them for $50, making a $10 profit on which it would owe taxes. Under the Republican plan, however, the retailer wouldn't be able to deduct the $40 it paid for the sneakers. In fact, it would owe taxes on the entire $50! And who, ultimately, pays this tax? You, the consumer, in the form of higher prices or fewer choices of where you can shop. Retailers and their customers will be hit.”
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