this post was submitted on 31 Jul 2025
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If you took the value (not just available money but full worth) of all billionaires (if they sold everything they had) it wouldn't come close to paying off the debt. It would also significantly affect things way more than taxing the "poor". Tariffs might be able to do it.
Funny you think that taxing the rich is not going help pay off all the debt (no one says that alone will fix the debt problem), but advocating for tariffs is basically taxing everyone across the board. And who is actually going to be hurt by this? The ordinary folks. The rich don't care about paying more for groceries and goods because they can afford to pay more for the extra costs imposed by tariffs.
And since you mentioned about the Great Depression in your other reply, guess which is a contributing factor to the Great Depression? That's right, tariffs. It was imposed over one hundred years ago by none other than the Republican party. Ted Cruz himself said to stop imposing tariffs and shaking up the stock market, or they will lose both the house and senate again for another 60 years like the last time!
Tariffs can generate revenue, but it is a short term solution that will create a long term problem.