Former President Donald Trump has proposed a significant overhaul of the U.S. tax system, suggesting the elimination of federal income tax in favor of funding government operations solely through tariffs on imports. During a DC meeting with House Republicans, Trump discussed his pitch to eliminate taxes on tips and replace income taxes with tariffs, a system that was used to fund government operations before World War I. This proposal, if implemented, would inject uncertainty into global trade and consumer prices as Congress debates a tax code overhaul next year. Economists have estimated that such a shift would require an average tariff rate of 133 percent to replace current income tax revenues. Reps. Hern and Bacon were among those who discussed the proposal with Trump.
WASHINGTON — Trump floats eliminating U.S. income tax, replacing it with tariffs on imports.
REPORT: Trump Floated Proposal To ELIMINATE Income Tax During GOP Meeting https://t.co/mc9nfe9QvK
⚠️ELECTION NEWS: TRUMP FLOATS THE IDEA OF ABOLOSHING THE INCOME TAX FOR ALL AMERICANS https://t.co/ArZ8G5Jv4k
Trump Drops Bombshell Proposal: Allegedly Suggests Eliminating Income Tax in Favor of High Import Tariffs During DC Republicans Meeting READ: https://t.co/XuBVVgWo5m https://t.co/NndpA2VL5K
BREAKING: Today at the DC meeting with Republicans, Trump floated the idea of eliminating the income tax and funding the federal government with trade tariffs instead Trump has been on a roll recently, first he said he would eliminate taxes on tips and now this? I LOVE THIS https://t.co/SzsU5c9eCp
NEW: Trump Proposes TOTALLY Scrapping Income Tax. Here's How It Would Work... https://t.co/Ima0OFCJHv
NEW from @thenatpulse: Trump Proposes TOTALLY Scrapping Income Tax. Here's How It Would Work... Former President Donald J. Trump—the pre...... READ ON: https://t.co/LpZ0qGu5rm
Donald Trump floated the idea of using tariff hikes as a way to pay for some income tax cuts, a move that would inject uncertainty into global trade and consumer prices as Congress debates a tax code overhaul next year. https://t.co/wiDIzIMWCO
BREAKING: Donald Trump in DC today floated the concept of completely eliminating the Federal Income Tax if elected President.
Trump floats an idea whereby all taxes will be eliminated, with gov't revenue generated only via tariffs https://t.co/Y3ccLDtDkd..
Trump: Replace the income tax with an all-tariff revenue system 🥳 https://t.co/3fzGsBynr8
Donald Trump floated the idea of using tariff hikes as a way to pay for some income tax cuts https://t.co/jMeYUvXJix
Trump has reportedly floated the idea of replacing income taxes with tariffs. I’ll have to write this up in detail, but my first-pass estimate is that this would require an *average* tariff rate of 133 percent.
Econ takeaways from Trump’s meeting with House Rs: Trump brought up his pitch to eliminate taxes on tips, per Reps. Hern and Bacon. He also mentioned levying tariffs as a tool to counter adversaries and how it used to be key in funding government operations before WWI.
Econ takeaways from Trump’s meeting with House Rs: Trump brought up his pitch to eliminate taxes on tipped wages, per Reps. Hern and Bacon. He also mentioned levying tariffs as a tool to counter adversaries and how it used to be key in funding government operations before WWI.
Trump floats 'all tariff policy' to replace income tax, sources say https://t.co/b3LXENlTmd