Trump Floats Replacing Income Tax With Tariff Revenue
Former President Donald Trump, meeting with Republicans in Congress June 13, told them he would consider eliminating the income tax and replacing it with tariff revenue if he is reelected. While Trump has floated putting a 10% tariff on all imports, and a 60% tariff on Chinese imports, but that would not raise enough revenue to replace the income tax.
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According to Brian Riley, director of the free trade initiative at the National Taxpayers Union, to replace "$2.2 trillion in individual income tax revenue would require a 70% tariff that resulted in no decrease in our $3.1 trillion imports."