Trump floats eliminating U.S. income tax and replacing it with tariffs on imports

CNBC ^ | June 13th, 2024 | Emily Wilkins and Kevin Breuninger

[shadowlands1960]

Key Points

-Donald Trump discussed the idea of imposing an “all tariff policy” that would ultimately enable the U.S. to get rid of the income tax, sources told CNBC.
-He also talked about using tariffs to leverage negotiating power over bad actors, according to another source in the room.
- Trump championed tariffs during his first term in the White House.

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 Republican presidential candidate told CNBC.

Trump, in the meeting with GOP lawmakers at the Capitol Hill Club in Washington, D.C., also talked about using tariffs to leverage negotiating power over bad actors, according to another source in the room.

The remarks show Trump, who championed tariffs as a foreign policy multi-tool during his first term in office, is considering a drastically more protectionist trade agenda if he defeats President Joe Biden in November.

[central_va]

Probably can’t get rid of both federal income taxes and payroll taxes with tariffs. Probably just the income tax. Payroll taxes “pay” for SS and MediScare.

[1Old Pro]

Indeed, the income tax is bad. Not seeing the numbers hear I assume we would still have sales tax (consumption tax) and local property taxes and state taxes and energy taxes etc.

[1Old Pro]

hear = here

[central_va]

Tarriffs WILL raise domestic prices and the more “punishing” the tarrifs (which is what tarriffs meant to replace the income tac would be) the morely that the price of tens of thousands goods will go up. The timing of intoducing them now, and particularly at once, would create a big rcession.

Wrong. The initial increase in the costs will be one time. US Employment will go up because domestic supply will be in HIGH demand. Also, a lot of countries that import to the US market will eat the tariff. People can save money, not spend so much on imported cheap crap and pay down their debts. Re industrializing will improve our national security for generations to come.

Agree, a slow down of imports causes a recession -> "over there". They make the crap they can consume it.

[central_va]

I would prefer to replace the “progressive” income tax with a single, universal FLAT income tax rate, that would apply to everyone

Bad idea because that does NOT promote domestic industry, at all.

[null and void]

Nevada is wealthy by tourism and mining.

[central_va]

Double? How could a flat 20% import tariff double prices? LOL. Some Freepers are really funny people (Free Traitors™)...

[central_va]

I wish Free Traitors™ would start their own thread lamenting the best idea ever.

[central_va]

End H1B PERIOD. Corporate welfare must stop!!!

[central_va]

Read the USA. Tariffs are in it now. ( they were called duties back then )

[central_va]

Dont buy dont pay.

[central_va]

America coming as in small business, the backbone of this country.

In a real war are small businesses goning to build tanks, ships and planes? LOL.

[central_va]

Wow aren't you a nasty little Free Traitor™?

[central_va]

isn’t that what Herbert Hoover did? Smoot Hawley tariff vote in Congress caused the 1929 stock market crash

Oh God not this lie again? Ok, let me get this straight; you think an act passed 2 years AFTER the '29 crash CAUSED the crash? Please do a little research before posting.....

[central_va]

It’s not going to work. The government already owes too much money. Corporations aren’t going to like the tariffs. Stuff would be more expensive for consumers. The rest of the world would turn against us and slap tariffs on our exports. Somebody should explain all that to Trump.

It will work to eliminate the income tax. Payroll taxes we are stuck with for now.

The whole point is to make things we import MORE expensive than domestically produced goods. Again that is the whole point. However, if done right multple domestic suppliers will compete with EACH OTHER lowering the price to almost pre tariff levels. The cost of labor will increase the PER UNIT price by about 5%.

[x]

It’s great that you’ve finally endorsed Abe Lincoln, but things have changed a lot in the last 160 years.

[erlayman]

And you think inflation on the poor is bad now ? If domestic producers can charge whatever they want we will have a choice — less choice and lower quality goods at higher prices.

[central_va]

And you think inflation on the poor is bad now ? If domestic producers can charge whatever they want we will have a choice — less choice and lower quality goods at higher prices.

So let me get this straight. You think that domestic producers will collude and fix prices? Highly illegal. No, they will compete with each other.

I find everything I buy produced domestically; from car parts to clothes is of a higher quality compared to the imported good. By a far margin.

Globalism has so corrupted society that normal people forget how a vibrant DOMESTIC based self sufficient economy works. Sad thing....

[central_va]

Abe Lincoln went both ways, he incorporated a temporary income tax and increased tariffs.

[central_va]

Mr. Trump steal this line: "You cannot import prosperity".