Ladies and gentlemen, the genius economic prowess of Matthew Yglesias:
@Mikexxxx1 No. Taxes are paid on profits not sales. It’s irrelevant to pricing.— Matt Yglesias (@mattyglesias) July 30, 2013
Cue the virtual eye-rolls on Twitter:
Economics blogger Matt Yglesias lacks the business know-how possessed by a six-year-old running a lemonade stand in her driveway.— SunnyRight (@sunnyright) July 30, 2013
You guys, @MattYglesias is the smart one. What would all you people who have actually run a business know about how all this works?— RB (@RBPundit) July 30, 2013
BRB guys, I'm dropping all our prices to cost. @mattyglesias— Travesham (@Travesham) July 30, 2013
H/T Twitchy for flagging the econo-stupidity. See more reactions here.