Something like 60% of consumer spending is by the top 5% of income earners.
This is actually a tax on the rich. And they won't care about higher prices.
Something like 60% of consumer spending is by the top 5% of income earners.
This is actually a tax on the rich. And they won't care about higher prices.
It's a tax on everyone. You eat, don't you? Wear clothes? Drive a car?
Rich people will pay more for their food too, but they can afford to - they are rich.
> This is actually a tax on the rich
Nope, it's a tax on everyone. Rich people will pay more of it, but non rich people will be harder hit as % of income. Same as sales tax/VAT.
The wealthier you are, the more flexibility you have in your purchasing decisions as well. It’s easier to accelerate or delay a big purchase to save 30% when it’s not something you need to live, or can’t afford to jump on a purchase last minute.