US Treasury yields surged as a US appeals court ruled most Trump-era tariffs illegal, raising fiscal uncertainty and the prospect of government refunds; UK and French bond yields also climbed amid worsening fiscal outlooks in Europe.
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.
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 Trump administration imposed nearly $80 billion worth of new taxes on Americans by levying tariffs on thousands of products in 2018 and 2019, amounting to one of the largest tax increases in decades. The Biden administration has kept most of the Trump administration tariffs in place
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
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