Comment by rufus_foreman
7 days ago
>> Dems just need to spin these tariffs as the largest tax increase in US history
And then what? From a quick look at the 2024 Democratic Party Platform:
"Democrats will make billionaires pay a minimum income tax rate of 25 percent, raising $500 billion in 10 years. We’ll end the preferential treatment for capital gains for millionaires, so they pay the same rate on investment income as on wages"
Tax increase.
"We’ll put an end to abusive life insurance tax shelters, and stop billionaires from exploiting retirement tax incentives that are supposed to help middle-class families save"
Tax increase.
"We’ll eliminate the 'stepped-up basis' loophole for the wealthiest Americans"
Tax increase.
"Democrats will close the 'carried interest' loophole"
Tax increase.
"we’ll increase our new stock buyback tax to 4 percent"
Tax increase.
"Trump doesn’t care: he slashed the corporate tax rate to 21 percent, down from 35 percent. President Biden will raise that rate back to 28 percent"
Tax increase.
"And for those billion-dollar tax dodgers, the President signed a historic 15 percent corporate minimum tax into law"
Tax increase.
"He also reached a global minimum tax agreement with 140 countries"
Tax increase.
"Biden will double the tax rate that American multinationals pay on foreign earnings to 21 percent"
Tax increase.
"It means ending special tax breaks for corporate jets, and boosting fuel taxes on corporate and private jet travel"
Tax increase.
"We’ll also eliminate the so-called 'like-kind exchange' loophole that allows wealthy real estate investors to avoid paying taxes on real estate profits, as long as they keep investing in real estate"
Tax increase.
"It offers corporate landlords a basic choice for the next two years: either cap rent increases at 5 percent, or lose a valuable federal tax break"
Tax increase.
"We oppose the use of private-school vouchers, tuition tax credits, opportunity scholarships, and other schemes that divert taxpayer-funded resources away from public education"
Tax increase.
"Democrats will make Medicare permanently solvent, by making the wealthy pay their fair share in Medicare taxes"
Tax increase.
"To cover those costs, the law finally restored a vital 'polluter pays' tax that had lapsed 26 years before"
Tax increase.
"fight for a global minimum tax that ensures corporations pay their fair share"
Tax increase.
Spinning the tariffs as a tax increase will do what for the Dems, exactly? Democrats love taxes on corporations, do they not think the consumer bears much of the costs of those taxes?
Well, tariffs are about as regressive as you can get, so I fail to see the contradiction with advocating higher taxes on the wealthy.
>> Well, tariffs are about as regressive as you can get
I don't know.
I used to be poor, maybe 60% of my income went to housing.
That wasn't imported.
My food was mostly sugar, wheat, corn, and high fructose corn syrup.
Also not imported.
Maybe the car. I had an older car that I worked on myself, but it was made in Japan.
That would be the main one.
The job I had back then is gone, I was a manual laborer and what I did for work in the early 1990's doesn't exist now, it has been automated away.
I don't know if that's a good thing or a bad thing. It was shitty work but I didn't have to talk to anyone. Are tariffs going to bring back shitty work for people like I used to be?
Whatever happened to all those losers of the year?
And it's simplistic analysis like this is why people fall for stuff like this.
Equating a tax on Billionaires to a tax on every import! A tax on corporate jets - it's laughable that people can't see the most basic economic differences in these.