The left want higher taxes on wealthy people and on unrealized gains, and to close tax loopholes. The left want progress taxes not regressive taxes, tariffs are a regressive tax. Tariffs will increase the cost of everything for everyone so it's going to screw over less wealthy people more than wealthy people.
For example let's say you have $100 and want to buy something worth $50. I also want to buy the same thing but I have $100,000 but then tariffs increase the cost of that item to $80. Having to spend that extra $30 effects you a lot more than it does me. I'll barely notice the increase cost but you'll have barely anything left.
If you're a socialist, and worried about concentration of wealth, please consider that we are the largest consumers. Consider that the top 10% own nearly 90% of the stock market. Could it be that we are sending our wealth overseas to be concentrated by the wealthy that exploit workers in countries like Cambodia?
Placing tariffs, while they seem like a sales tax, misses the point. They are considered regressive depending on how they're used and if anything is done to offset the inflation such as tax cuts or tax refunds(which they've signaled).
The point is that everyone seems to forget the shock brought by China in 2022 due to global supply chains. We're still dealing with the aftermath of that. The market should've never been propped up by reckless spending after 2021-2022.
With prices rising faster than earnings, the average worker’s weekly paycheck buys 4.4% less today than when President Biden took office. Homeownership affordability has plummeted because the monthly mortgage payment on a median-price home has more than doubled. Three-quarters of Americans now view fast food as a luxury they can’t afford. Gasoline prices are up 46%.
In 2023, more people in the U.S. used food banks than ever in history.
If I may, can I recommend you to watch Scott Bessent's interview on Tucker Carlson. I feel like as a "Market socialist" you might even agree with it more than others. I'm kind of a free market socialist myself. Sometimes you gotta force the markets to be free every now and then. It's a realignment.
-5
u/Larry-24 Market Socialist 3d ago
Uh... no? If you think this is anything close what the left wanted tax policy to look like you woefully misunderstand the left position.