No. of Recommendations: 9
Where's my "Free Market/Laissez-faire" republicans?...Anyone?
Wow, you guys gave up everything you believed in for Trump? Sad!
Folks miss the point. It's about raising enough revenue via tariffs to replace the income tax, which would most benefit people with high declared incomes.
from the net sifter, when asked "did trump say out loud that he wants to raise enough revenue with tariffs to eliminate the income tax?":
Yes, Donald Trump has stated this on multiple occasions. Most notably, in his State of the Union address, he said that he believes tariffs paid by foreign countries could "substantially replace the modern-day system of income tax," taking the financial burden off American citizens
He has also floated the idea at Cabinet meetings and during campaign events, arguing that the U.S. should return to the heavy reliance on tariffs that funded the government in the 19th century
However, nonpartisan policy experts, tax analysts, and economists are highly skeptical about the feasibility of this. For context, individual income taxes bring in roughly \(\$2.5\) trillion annually, whereas tariffs currently bring in a fraction of that amount. Critics point out that replacing the massive revenue generated by income taxes with import duties alone would be mathematically difficult without drastically shrinking the federal budget or implementing significantly higher tariff rates that could increase consumer prices.
Trump doesn't care if tariffs need to go to 50%, or 100%, because he will save more by not paying tax on his declared $2.2B income. And he gives not one whit what Proles pay.
17d chess.
Steve
