America is 'going broke slowly' says J.P. Morgan, as national debt balloons and tariff revenue looks shaky

[Bernardo de La Paz]

43. Link please. Kelly rightly condemns tariffs for being a regressive tax that hurts the poor

You would not want to be reflexively cynical, would you? So you have some facts before posting before posting, right? Please show your homework.

https://am.jpmorgan.com/us/en/asset-management/adv/insights/market-insights/market-updates/notes-on-the-week-ahead/the-trouble-with-tariffs/

(emphasis added)

Tariffs would provide a new source of revenue for our government. However, if these higher tariffs were used to pay for cuts to income tax, they would be replacing a progressive form of taxation with a very regressive one. That is to say, income taxes disproportionately hurt the rich. Tariffs disproportionately hurt the poor.

Progressive taxation rates are higher on the rich, which is as it should be, disproportionately "hurting" them by design instead of hurting the poor.

If tariffs are levied as a flat-rate import tax on goods, and assuming the import share of goods consumption is the roughly the same for rich and poor, the percent of pre-tax income paid as tariffs by the poorest 90% of households would be more than twice as high, (that is to say in a ratio of 28% to 13%), compared to the top 10%.

For another perspective, here is JP Morgan's 2024 political contribution / lobbying report. See if you can find the word "president" or the word "trump" in there. See if you can find a bias between D versus R in there.
https://www.jpmorganchase.com/content/dam/jpmorganchase/documents/about/political-engagement-report-2024.pdf