logoalt Hacker News

ahallockyesterday at 8:05 PM5 repliesview on HN

Are we getting income tax breaks then?


Replies

kelseyfrogyesterday at 8:29 PM

No.

It's like punching yourself in the face and then taking Tylenol for the pain until your friends do what you want. It's psychotic, doesn't work, and they're probably not going to want to hang out until you get some help.

Ajedi32yesterday at 8:21 PM

Even with 90B in tariffs collected this fiscal year (since October) the government still spent 600B more than they collected.[1][2] Tax cuts would be great, but if you cut taxes without cutting spending you're just borrowing that tax cut from future generations. (270B of that 600B hole is interest payments on debt incurred by previous generations doing exactly that to us.)

[1] https://fiscaldata.treasury.gov/americas-finance-guide/gover...

[2] https://fiscaldata.treasury.gov/americas-finance-guide/feder...

kshri24yesterday at 8:31 PM

Far from getting a break, you guys are paying tax on tax. You indirectly pay for import taxes every time your companies import raw materials needed to finish their goods (added value) and then that final value (cost of import + added value) has its own sales tax. AFAIK there are no input credits for US sales tax. Then you also have VAT but at least VAT is only on the added value.

Income tax is way better as you can reduce the tax burden by including expenses/deductions. You cannot do the same for tariffs, sales tax and VAT as an end consumer. VAT is only beneficial to businesses as they can subtract inputs from outputs.

show 3 replies
hypeateiyesterday at 8:28 PM

In two weeks, just like the DOGE checks. Mark your calendar, two weeks.

show 1 reply
toomuchtodoyesterday at 8:13 PM

Oh no no, we still have tax cuts for the wealthy, $800B in debt servicing, and $1T/year in military spending to pay for. The tariffs were a regressive tax to compensate for the tax cuts for the wealthy.