Saturday, July 13, 2024

Trump Floats Eliminating U.S. Income Tax in Meeting w/ Congressional Republicans

'This will really help struggling Americans get back on their feet after 4 bad years of Bidenomics...'

(Headline USA) Former President Donald Trump reportedly suggested to congressional Republicans this week that one of his legislative priorities would be eliminating the U.S. income tax if he wins the White House in November.

The presumptive GOP presidential nominee brought up the proposal during his meeting with GOP lawmakers on Capitol Hill on Thursday, according to Rep. Thomas Massie, R-Ky.

“Most intriguing policy idea from the GOP meeting at the Capitol Hill Club this morning,” Massie wrote on X. “Trump briefly floated the concept of eliminating the income tax and replacing it with tariffs.”

The 16th Amendment gives Congress the power to levy taxes on income. But prior to its passage, the federal government’s main source of revenue was tariffs.

Rep. Marjorie Taylor Greene, R-Ga., confirmed the report.

“I was thrilled to hear President Trump suggest we raise tariffs and reduce the income tax for Americans to zero as a new tax policy after the tax plan expires this year. This will really help struggling Americans get back on their feet after 4 bad years of Bidenomics,” she wrote on X.

Economists expressed skepticism of Trump’s plan, arguing increased tariffs would not generate enough revenue to match revenue brought in by income taxes, and would potentially hurt the U.S. dollar’s global standing.

The Trump campaign has not yet commented on the former president’s comments. But Trump repeatedly has made clear on the campaign trail that he intends to increase tariffs, especially on Chinese goods. He’s even floated tariffs of 60% or higher on all Chinese imports.

“They’ve also got to do it on other vehicles and they have to do it on a lot of other products,” he said last month after the Biden administration announced its own tariffs on Chinese electric vehicles. “Because China’s eating our lunch right now. … They have to do it on much more than electric vehicles.”

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