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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsHow do we know that the money we get from the tariffs goes directly to the farmers affected by
the trade war, or kept in a separate account? an account with special "rules" unique to this account only?
curious?
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How do we know that the money we get from the tariffs goes directly to the farmers affected by (Original Post)
Demonaut
Aug 2019
OP
A tariff is a tax, so money collected on imported goods goes to the same place
The Velveteen Ocelot
Aug 2019
#3
onecaliberal
(32,777 posts)1. That's not how any of this works.
Drahthaardogs
(6,843 posts)2. Who cares?
The vast majority of them vote Republican. I couldn't care less.
The Velveteen Ocelot
(115,584 posts)3. A tariff is a tax, so money collected on imported goods goes to the same place
that other tax revenue goes, that is, to the general fund of the U.S. Treasury. The money for the farmers isn't in a special fund but it's accounted for. Unfortunately, the tariffs are taking in less money than is being paid to bail out the farmers:
... In 2018, the U.S. government committed to paying American farmers $9.6 billion to offset their losses from Chinese tariff retaliation. This is about $1 billion more than it took in all year from Trumps China tariffs. Tariffs, therefore, ending up not just harming American companies and consumers, but costing the government money. More money left U.S. coffers to offset farm losses than came into them from U.S. importers....
...Trumps tariff deficit has only ballooned further. The Department of Agriculture just unveiled a new $16 billion bailout for farmers hit by the trade war. After just ten months of a trade war with China, subsidies to farmers are set to drain over $25 billion from U.S. coffers for damage done to date. China tariffs, meanwhile, have so far brought in just over $19 billion in tax payments from U.S. importers$6 billion less than authorized farmer payments.
https://www.cfr.org/blog/130-percent-trumps-china-tariff-revenue-now-going-angry-farmers...Trumps tariff deficit has only ballooned further. The Department of Agriculture just unveiled a new $16 billion bailout for farmers hit by the trade war. After just ten months of a trade war with China, subsidies to farmers are set to drain over $25 billion from U.S. coffers for damage done to date. China tariffs, meanwhile, have so far brought in just over $19 billion in tax payments from U.S. importers$6 billion less than authorized farmer payments.
Joe941
(2,848 posts)4. I wonder if tRump isn't profiting by this somehow...
Could he be skimming some money off the top?