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@freemo @randahl The demand is inelastic -> it makes up a higher percentage of the spending of poorer households.

Billionares don't spend most of their money, they hoard, invest or donate it, none of that is directly impacted by tarrifs (other than that they could crash the economy if levied on everything from entire countries like china for example).

Income tax on the other hand is usually progressive, so higher income households pay more.

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