To those who still believe that tariffs will improve the economy: Ain’t gonna happen. Never. Not ever. No matter how long you wait. Tariffs are not magic beans from which factories spring. For example, take the Smoot-Hawley Tariff Act of 1930; a depression grew from that.
Tariff revenue goes directly into the U.S. Treasury becoming what is known as a regressive tax, a tax that disproportionately impacts lower-income individuals. That’s because tariffs raise prices on goods to the consumer, and since lower-income Americans spend most of their income on goods — necessities such as food, clothing and shelter — tariffs take much more as a proportion of income out of the pockets of these Americans than they do of wealthy Americans. Furthermore, since tariff revenue goes directly into the U.S. Treasury, this administration can use the revenue tariffs generate to fund tax breaks for billionaires.
To summarize, We the People will put more of our hard-earned money into paying higher prices for goods in order to foot the bill for tariff revenue to pay for tax breaks for billionaires.
A final note: The Constitution grants Congress sole authority to levy taxes, including tariffs. Unfortunately, Congress has passed laws that have allowed the current White House inhabitant to unilaterally threaten and withdraw tariffs, driving stock prices down and up for the profit of those with foreknowledge of the timing.
Kathleen Acklin
Squirrel Hill