In a private meeting on Thursday, former President Donald Trump proposed eliminating the U.S. income tax and replacing it with tariffs on imports if elected. The proposal, which signals a more protectionist trade agenda, suggests that the U.S. could leverage tariffs for negotiating power. According to sources, the U.S. collects approximately $2.6 trillion in income taxes annually, while imports total around $3.8 trillion. Implementing this policy would require a 47% tariff on imports to replace the revenue generated by income taxes. Trump's proposal, reported by CNBC, has sparked significant debate and reactions among political and economic commentators.
BREAKING: Donald Trump proposes eliminating income tax and replacing revenue with tariffs on imports
Looks like Trump just proposed eliminating all income tax and replacing it with tariffs on imports. - $2.6 trillion in income taxes a year - $3.8 trillion in imports a year => eliminating income taxes would require a 47% tariff on imports. LOL
Looks like Trump just proposed eliminating all income tax and replacing it with tariffs on imports. - $2.6 trillion in income taxes a year - $3.8 trillion in imports a year. => eliminating income taxes would require a 47% tariff on imports. LOL
TRUMP FLOATS ELIMINATING U.S. INCOME TAX AND REPLACING IT WITH TARIFFS ON IMPORTS (CNBC) Donald Trump on Thursday brought up the idea of imposing an “all tariff policy” that would ultimately enable the U.S. to get rid of the income tax, sources in a private meeting with the… https://t.co/9nNjdF9sEu
JUST IN: Donald Trump has suggested eliminating U.S. income tax and replacing it with tariffs on imports, per CNBC.
Taxing consumption > taxing production https://t.co/30zoBuJqQf
DO IT PRESIDENT TRUMP!!!! ELIMINATE THE INCOME TAX!!!
Cut spending and replace it with nothing. https://t.co/t7uE35zbe9 https://t.co/CWjCg1xqwu
BREAKING: Donald Trump says he may eliminate all income tax and replace it with tariffs on imports if he is president. 🤯🤯🤯 This dude be saying and doing whatever to get them votes! Let’s see how this pans out. What do yall think? https://t.co/vNITj7fhBy
Dumbest of his dumb ideas. https://t.co/Q2YytOGeva
🚨🇺🇸BREAKING: TRUMP FLOATS 'ALL TARIFF POLICY' TO REPLACE INCOME TAX In a private meeting, Trump reportedly proposed an "all tariff policy" to replace the U.S. income tax, leveraging tariffs for negotiating power. This signals a more protectionist trade agenda if he wins in… https://t.co/kv5YyzhU2N
JUST IN: 🇺🇸 Donald Trump proposes eliminating all income tax and replacing it with tariffs on imports if elected President.
Donald Trump promises to cut taxes and regulations in pitch to top US CEOs @FT scoopsters @arogDC @stephengandel and @AntoineGara, among others, get inside the room for Trump’s big meeting today with US corporate bosses https://t.co/VkvdgoU09o
🚨 BREAKING: Trump floats eliminating U.S. income tax and replacing it with tariffs on imports https://t.co/8fR9aPLImN
Rounding up Trump's day with Hill Rs which included: - Airing political + legal grievances -Suggesting to replace income tax code with tariffs - Pitching eliminating tax on tips - Birthday cake - Bashing Milwaukee https://t.co/ryHaw45xME
BREAKING: Donald Trump floats eliminating U.S. income tax and replacing it with tariffs on imports
BREAKING: Trump floats eliminating U.S. income tax, replacing it with tariffs on imports — CNBC