Trump floats eliminating U.S. income tax and replacing it with tariffs on imports
Trump floats eliminating U.S. income tax and replacing it with tariffs on imports
Trump also talked about using tariffs to leverage negotiating power over bad actors, a source told CNBC.
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Someone did the math and realized we would need a 130% tariff on all goods to replace current income tax revenue.
People’s number one concern is inflation. If that tariff is created we will see 100% inflation over night!
Someone did the math and realized we would need a 130% tariff on all goods to replace current income tax revenue.
And probably didn't take into account that actually the tariff would need to be even higher since imports would drop drastically from the current amount.
I believe 130% was the conservative estimate.