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Friday, August 30, 2019

C'mon Yahoo

The anti-Trump campaign at Yahoo Fake News is moving ahead with today's attack being that Trump is a tax raiser.  According to Yahoo, if all the tariffs against China actually go into effect, Trump will have raised taxes.  It's an untrue story based upon erroneous "facts"  Yahoo says Trump will be the first Republican since Bush to raise taxes.  Of course, Trump is the first Republican since Bush, period, but for Yahoo, that doesn't seem to matter.

Let's start with the facts: 

First of all the total cost of the tax cuts passed in Trump's first year is $1.5 trillion according to multiple articles published by, yes-you guessed it, Yahoo News.  That number is too high because it doesn't count the growth in the economy due to the tax cuts, but it's the number Yahoo always uses.

Second, if all the tariffs on China go into effect, the total will not exceed $200 billion.  That means Yahoo is wrong when it says that the tariffs will outweigh the tax cuts.  It's not even close, but that doesn't stop Yahoo.

Third, a big chunk of the tariffs are being paid for by China, not Americans.  Many Chinese exporters are swallowing the tariffs in order to keep their American customers.  China, itself, is manipulating its currency to prevent the tariffs from raising prices for Chinese goods in America.  Chinese consumers, however, will have to pay much higher prices for imports and Chinese factories will have to pay higher prices for raw materials.  That's another way of saying that China and its people will be absorbing the tariffs for the most part.  If Trump imposes a tax on China through the tariffs, it's a lot different than raising taxes on Americans.

So we have a story that makes a claim that isn't even close to being true.  More Fake News from Yahoo Fake News.  It's a disgrace.

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