Trump's Tariffs Are Ruled As Unconstitutional

[Everybody Wang Chung]

In a 6-3 ruling handed down today, the Supreme Court declared Trump’s tariffs an unconstitutional presidential overreach. Chief Justice John Roberts, writing for the majority, reminded the administration that the Constitution leaves the power to tax and the power to levy tariffs, firmly in the hands of Congress, not the White House.

The Supreme Court (thanks to Trump) has now effectively opened a massive hole in the federal budget and a windfall for the private sector. The government is now facing a nightmare in figuring out how to refund an estimated nearly $200 billion for companies like Costco and thousands of smaller companies who have spent the last year paying for the President’s tariffs.

https://www.nbcnews.com/politics/suprem ... rcna244827

[Res Ipsa]

I just saw the headline. Reading the opinion is on my list for later today.

[Doctor Steuss]

Without looking, I'm guessing the three are the two bribe-addled justices (Thomas and Alito), and one of Trump's appointees. Gorsuch is a robot, and Barrett seems to still has ethics, so my money is on the fellow sexual predator, Kavanaugh.

*BRB*

ETA: Well, I'd declare myself a prophet, but this is probably on par with guessing the sun will rise tomorrow.

[Res Ipsa]

Without looking, I'm guessing the three are the two bribe-addled justices (Thomas and Alito), and one of Trump's appointees. Gorsuch is a robot, and Barrett seems to still has ethics, so my money is on the fellow sexual predator, Kavanaugh.

*BRB*

ETA: Well, I'd declare myself a prophet, but this is probably on par with guessing the sun will rise tomorrow.

Do you have any predictions for this afternoon's horse races?

[Doctor CamNC4Me]

Trump threw a tantrum and announced another 10% tax hike on Americans. Hey, Magats, are ya winning yet?

[canpakes]

[Res Ipsa]

Whose rights did they buy?

[Doctor Steuss]

In response to the Supreme Court ruling, Trump naturally plans to do even more, by imposing an additional 10% tax on American citizens.

"Today I will sign an order to impose a 10% global tariff under section 122 over and above our normal tariffs already being charged." ~Toddler In Chief

Fox News Link

[canpakes]

Whose rights did they buy?

That information may require a little digging …

The Supreme Court decision striking down Donald Trump’s many tariffs may prove to be a windfall for the family of Commerce Secretary Howard Lutnick, a key architect of Trump’s signature economic policy.

In July, Wired reported that Cantor Fitzgerald, which Lutnick chaired until he was appointed to Trump’s Cabinet, was allowing its traders to purchase the rights to hundreds of millions of dollars of refunds in the event the tariffs were struck down in court. The firm now happens to be headed by Lutnick’s sons Kyle and Brandon.

The magazine cited a letter from the firm explaining how Cantor Fitzgerald was willing to exchange refund rights for 20 to 30 percent of what the companies paid.

“So for a company that paid $10 million, they could expect to receive $2-$3 million in a trade,” a Cantor Fitzgerald representative wrote. “We have the capacity to trade up to several hundred million of these presently and can likely upsize that in the future to meet potential demand.”

The letter indicated that the firm already had one company agree to a deal worth about $10 million. It’s been seven months since then, and Cantor Fitzgerald has had plenty of time to make other such lucrative deals.

“The fact that it’s Cantor Fitzgerald, that raises some questions,” Tim Meyer, a professor of international business law at Duke University School of Law, told Wired. “It’s quite interesting that the commerce secretary’s firm is the one that is betting the tariffs will be struck down. That strikes me as very interesting—and quite telling about what those with connections to the administration think about the merits of the tariffs.”

https://finance.yahoo.com/news/Trump-se ... ccounter=1

[Gadianton]

I wish I could go back in time and delay that Lyft ride by one day.