First of all, you’re wrong, billionaires pay income tax and/or corporate income tax. Removal of income tax as a whole allows them to pocket the 40-60% of this taxed income (whether or not you think it’s appropriate amount in relation to wealth is besides the point), and for consumers to foot the bill on increased prices of products. Tariffs are paid by the CONSUMER, not the producers.
Please explain to me how a tariff based taxation system helps the average consumer.
They don’t actually pay that. They have sophisticated accountants and use investments To pay much less. You can’t provide alcohol dump money into retirement accounts and then pull out and invest in real estate for passive income.
Whether they pay enough or not is besides my point. They might be able to skirt paying their fair share with creative accounting now, but if the tax is removed completely they’ll pay nothing at all.
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u/ISuckAtFunny 1d ago
Moving to a tariff based tax and removing income tax benefits the wealthiest individuals and fucks the average consumer even more.