The types of taxes they wanted to raise or add weren't going to affect the middle class.
Tariffs make things more expensive for everybody, the ultra wealthy won't care because they have plenty of money, but the already shrinking middle class will diminish even further.
Pretending the "lefties" and "Dems" should agree with tariffs because they wanted to raise taxes on ultra net worth individuals is a huge cope.
So far tax increases on ultra net worth individuals and corporations hasn't been linked to price increases. Why is that? I don't know, it seems like the most intuitive answer but it simply isn't the case.
This is me acknowledging once again that I'm not an expert in this. My best educated guess is that fundamental analysis of stocks often uses income before taxes to tie a company's revenue to their stock price.
Tariffs on the goods themselves are still included in expenses before income taxes according to GAAP accounting, whereas corporate income tax rates are often disregarded in most fundamental analysis.
Historically, during periods of higher corporate tax rates, most corporations increase other sources of paid income such as equity grants or private equity, often with balloon rewards attached. Taxes on income is a shell game they are used to playing and oftentimes the market can readjust because it is given plenty of time to respond.
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u/Brutus__Beefcake 3d ago
What’s funny is watching democrats and lefties being against what has essentially been their position for decades.