Anti exactly why will taxing big corporations and billionaires more not raise prices?
Let's follow the math.
For the sake of an example, let's say that there's a business that sells widgets. They buy them from China for $1 and sell them for $2... a 100% profit. They sell 1 billion widgets a year, so they make $1 billion and give their CEO $1 million a year.
Now, let's say that Trump's 60% tariff raises their wholesale from $1 to $1.60. They still want to make a 100% profit, so now they sell them for $3.20. Now they make $1.6 billion a year... an extra $600 million profit.
On the other hand, let's say that there's no tariff. The current top tax rate for people making over $609,350 a year is 37%, so the CEO would normally pay $356,840 in taxes...
Kamala's plan would have raised that to 39.6% on incomes over $400,000...
So the same CEO would have paid $409,160... a mere $52,320.
Assuming that the company agreed to give the CEO a $50,000 raise to cover the cost of the new taxes, spread over 1 billion widgets would have increased the price by $0.00005.
In summary... Kamala's tax plan may have raised prices by a fraction of 1%, while Trump's tariff policy will raise them anywhere from 20% to 60%.
