ABC News: Top Stories | General Motors says it expects $500 million tariff refund after SCOTUS ruling

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General Motors announced it expects to receive roughly $500 million in refunds after the Supreme Court ruled that the International Emergency Economic Powers Act did not give President Trump authority to impose the contested tariffs, and the government has opened a portal for companies to claim the money. CEO Mary Barra said the refund will allow GM to raise its full‑year profit forecast by $500 million, citing strong sales of its full‑size pickup trucks—including the off‑road‑focused Colorado ZR2—despite rising fuel prices. The automaker joins more than 330,000 importers who paid the now‑invalidated IEEPA tariffs, which totaled about $166 billion.

Read more: https://abcnews.com/Business/general-motors-expects-500-million-tariff-refund-after/story?id=132447958

#GeneralMotors #MaryBarra #DonaldTrump #SupremeCourt #SCOTUS #TaxFoundation #ChevroletColorado #IEEPA #business

Oops! A #Rich-People-Friendly #ThinkTank Confirms Our #Richest Pay Under 1 Percent of Their #Wealth Annually in #Tax

A new #TaxFoundation analysis also inadvertently shines a light on the uselessness of ‘adjusted gross #income’ as an indicator of actual #billionaire #economic income.

https://inequality.org/great-divide/oops-a-rich-people-friendly-think-tank-confirms-our-richest-pay-under-1-percent-of-their-wealth-annually-in-tax/

It's easy to see why #Trump wants to raise #tarrifs and reduce #incometax; it would be a transition to the #flattax that billionaires have always wanted. The #TaxFoundation wrote a pretty good analysis of how the previous and new tariffs did/will harm the economy:

https://taxfoundation.org/research/all/federal/trump-tariffs-biden-tariffs/

The #TaxFoundation’s #TaxEDU curriculum, backed by the #Koch network and major corporations, is promoting pro-business tax policies in public schools. Critics argue that this curriculum misleads students about tax burdens and economic impacts, favoring corporate interests and undermining efforts to make the wealthy pay their fair share. The initiative is part of a broader strategy to shape future taxpayers' views and influence tax policy in favor of the rich.

https://jacobin.com/2024/07/tax-foundation-public-schools-indoctrination