Tuesday, June 19, 2018

Taxes on imports

The money from import taxes goes to the government and is paid for by consumers by way of higher prices. From the government standpoint whats not to love about that. Income tax is money taken from individuals and companies and the money goes to the government. Once again what's not to love. If Germany charges 10% tax on auto imports from the US and the US charges 2.5% on autos imported from Germany is Germany happy with that arrangement. At the G 7 meeting in Toronto Trump suggested that all countries get rid of import taxes so we could have free trade. His suggestion was met with stunned silence. Wonder why?

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