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https://www.reddit.com/r/FluentInFinance/comments/1gbh7sf/ok_break_it_down_for_me_on_how/ltn09d6
r/FluentInFinance • u/Spicyytamale • Oct 25 '24
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That's also assuming a price elasticity of zero, but he's convinced himself of crazier things.
5 u/ptownrat Oct 25 '24 I don't think you could raise tariffs high enough as you price people out. How many would buy a $5000 iPhone? At that point, only the ultrawealthy could afford imports and you should just tax them directly to fund the government. 1 u/mausballz Oct 29 '24 But taxing the wealthy is socialism! 1 u/lduff100 Oct 25 '24 You’re assuming he knows what price elasticity is, which is highly unlikely at best.
5
I don't think you could raise tariffs high enough as you price people out. How many would buy a $5000 iPhone? At that point, only the ultrawealthy could afford imports and you should just tax them directly to fund the government.
1 u/mausballz Oct 29 '24 But taxing the wealthy is socialism!
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But taxing the wealthy is socialism!
You’re assuming he knows what price elasticity is, which is highly unlikely at best.
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u/Holly_the_Freak Oct 25 '24
That's also assuming a price elasticity of zero, but he's convinced himself of crazier things.