Quote:
Originally Posted by freebeard
I support tariffs as a means of influencing external actor [nation states].
I recall a[n un-cited] statement from the 1990s that the USofA runs on fees and tariffs, and the income tax goes to service the debt to the Federal Reserve. The relationship between the Federal Reserve and the Treasury seems to have changed of late. I don't pretend to understand the details.
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Your source is very misinformed. Tariffs are a very small portion of Federal income and Federal debt is small portion of spending. The USA spends almost half our budget on programs for the elderly.
On a separate note - corporate income taxes are so low we shouldn't even bother. Tax the capital gains as normal income when they pay out to individuals and eliminate the whole industry of corporate tax avoidance.
