Paywalled.
Humorously, this fits the topic quite well
Judge orders government to begin refunding more than $130B in tariffs
41–50 of 843 posts
Re: Judge orders government to begin refunding more than $130B in tariffs
#42Private businesses get refunded and a payday, prices for the consumer stay high (because consumers have proven that they can bear them), and inflation goes up.
Clearly, this makes America great again. /s
Re: Judge orders government to begin refunding more than $130B in tariffs
#43[flagged]
...? No, this is the consequence of having an actual stupid person in the Oval Office and the majority party being half coerced and half committed in cultlike devotion to POTUS. Obviously the US has economic weapons. It's the largest economy in the world. If anything this signals that POTUS himself cannot wield those weapons though, and the American public, political, and business apparatuses have little appetite for…
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Re: Judge orders government to begin refunding more than $130B in tariffs
#44Cantor Fitzgerald, formerly led by Commerce Secretary Howard Lutnick and is now run by his son, went to various companies that were affected by tariffs and bought the rights to their potential tariff refunds for 20% of the value on the expectation that it'd be struck down by the courts. Now they stand to make huge returns of 3 to 5x for being correct on that bet, while, of course, consumers get nothing. Now if this i…
This assumes companies would have refunded consumers.
Obviously if a company did this, refunding consumers was the last thing on their mind.
Re: Judge orders government to begin refunding more than $130B in tariffs
#45Cantor Fitzgerald, formerly led by Commerce Secretary Howard Lutnick and is now run by his son, went to various companies that were affected by tariffs and bought the rights to their potential tariff refunds for 20% of the value on the expectation that it'd be struck down by the courts. Now they stand to make huge returns of 3 to 5x for being correct on that bet, while, of course, consumers get nothing. Now if this i…
That’s smart though. If you don’t want to lose your rights to tariff refunds, don’t sell them. Would the alternative be to forbid companies from selling those rights in this case?
As for whether consumers should get anything, I’m sympathetic. It’s a matter of implementation though. How would you refund so many people? You’d have to quantify how much overhead they’ve paid in tariffs, and that seems like an IRS-scale job. Dealing with it at the scale of individual companies is at least tractable.
Re: Judge orders government to begin refunding more than $130B in tariffs
#46Cantor Fitzgerald, formerly led by Commerce Secretary Howard Lutnick and is now run by his son, went to various companies that were affected by tariffs and bought the rights to their potential tariff refunds for 20% of the value on the expectation that it'd be struck down by the courts. Now they stand to make huge returns of 3 to 5x for being correct on that bet, while, of course, consumers get nothing. Now if this i…
I believe, with huge disappointment, that this level of corruption has been normalised in this administration and that nothing will come out of this.
Yea, I'm done hearing "the wheels of justice turn slowly..." bullshit. People have had their lives ruined, far quicker, for far less.
Re: Judge orders government to begin refunding more than $130B in tariffs
#47Cantor Fitzgerald, formerly led by Commerce Secretary Howard Lutnick and is now run by his son, went to various companies that were affected by tariffs and bought the rights to their potential tariff refunds for 20% of the value on the expectation that it'd be struck down by the courts. Now they stand to make huge returns of 3 to 5x for being correct on that bet, while, of course, consumers get nothing. Now if this i…
That’s smart though. If you don’t want to lose your rights to tariff refunds, don’t sell them. Would the alternative be to forbid companies from selling those rights in this case? As for whether consumers should get anything, I’m sympathetic. It’s a matter of implementation though. How would you refund so many people? You’d have to quantify how much overhead they’ve paid in tariffs, and that seems like an IRS-scale j…
> That’s smart though. If you don’t want to lose your rights to tariff refunds, don’t sell them. Would the alternative be to forbid companies from selling those rights in this case?
Definitely smart, but also sure looks like an insider play / corruption / self-dealing.
Re: Judge orders government to begin refunding more than $130B in tariffs
#48Re: Judge orders government to begin refunding more than $130B in tariffs
#49[flagged]
Even in the US, I don't think right wing == capitalist. There are the people in it for the economics and others for the ideas/values.
Re: Judge orders government to begin refunding more than $130B in tariffs
#50Cantor Fitzgerald, formerly led by Commerce Secretary Howard Lutnick and is now run by his son, went to various companies that were affected by tariffs and bought the rights to their potential tariff refunds for 20% of the value on the expectation that it'd be struck down by the courts. Now they stand to make huge returns of 3 to 5x for being correct on that bet, while, of course, consumers get nothing. Now if this i…
That’s smart though. If you don’t want to lose your rights to tariff refunds, don’t sell them. Would the alternative be to forbid companies from selling those rights in this case? As for whether consumers should get anything, I’m sympathetic. It’s a matter of implementation though. How would you refund so many people? You’d have to quantify how much overhead they’ve paid in tariffs, and that seems like an IRS-scale j…
Wasn't the whole point of selling your right to refunds that the initial tariff was so onerous to businesses that they needed a cash injection to stay afloat.
Don't sell your right to your tariff refund is one of those things that sounds good in principle, but falls apart when you apply some sense to it.