blackguardxTrump's global tariffs struck down by US Supreme Court
Howard Lutnick and his sons are surely happy about this. It’s almost like Howard Lutnick, the Secretary of Commerce, knew this would happen. His sons, at their firm Cantor Fitzgerald, have been offering a tariff refund product wherein they pay companies who are struggling with paying tariffs 20-30% of a potential refund, and if (as they did today) they get struck down, they pocket the 100% refund.
https://www.finance.senate.gov/ranking-members-news/wyden-wa...
It’s a tax on the US economy. A tax levied by individuals rather than the government itself. An ingenious scheme. Evil, but ingenious.
It is a return of their capital illegally acquired by the federal government.
No the consumers paid the price of the tariffs. These refunds are going to businesses who just passed the price along
"Vote better next time I suppose" is the message to the electorate, because it would be impossible to return the funds to them due to diffusion.
The best you could do is perhaps model the additional per household cost (which has been done) and issue them checks from the Treasury (stimulus check style), but who is going to pay for it? The taxpayer! There is no way to incur this economic cost on the people who incurred the harm (this administration). You could potentially get the funds back from companies through higher corp taxes. Is Congress going to pass that? Certainly not. Them the breaks of electing Tariff Man. Does exactly what it says on the tin.
> ....I am a Tariff Man. When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so. It will always be the best way to max out our economic power. We are right now taking in $billions in Tariffs. MAKE AMERICA RICH AGAIN
9:03 AM · Dec 4, 2018
https://x.com/realDonaldTrump/status/1069970500535902208 | https://archive.today/BBEmH
Historical lesson in governance failure. Can't change history, the outcome is regrettable, we can only try to do better in the future. Onward. Let the lesson not be for naught.
Donald J. Trump (@realDonaldTrump) on X
....I am a Tariff Man. When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so. It will always be the best way to max out our economic power. We are right now taking in $billions in Tariffs. MAKE AMERICA RICH AGAIN
> it would be impossible to return the funds to them due to diffusion.
It's very much possible if money isn't (or only partially) returned to the companies and used for targeted investment benefiting the public. Of course this won't help much if government spending priories and legislative objectives aren't revised, but that's unlikely because there's nobody in government or academia with anything close to a good idea about it.
That allows the illegal tax to continue. The tax has to be returned to the people it was collected from, and that’s the importers.
Otherwise it’s the same as just leaving the illegal tax in effect.
> Otherwise it’s the same as just leaving the illegal tax in effect.
The SCOTUS didn't say that in their decision. No matter how you call it, the tariffs were found in breach with simple law passed by Congress - that is, the undoing of tariffs can be legislated by Congress and it can take any shape they like - it will be legal. Anyway, fine-tuning this is a waste of time, the big problems are elsewhere.
They don't have to say it in their decision. Their only remit was to determine whether the tax was legal or not. It is not. Lower courts will then hear cases about disbursement of the illegitimate takings; those cases will almost certainly not make it up to the Supreme Court.
The money is getting "returned", at least in some fashion. The parent commenter is right.