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Trump floats eliminating U.S. income tax and replacing it with tariffs on imports
CNBC ^ | June 13th, 2024 | Emily Wilkins and Kevin Breuninger

Posted on 06/13/2024 5:39:20 PM PDT by 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.

(Excerpt) Read more at cnbc.com ...


TOPICS: Breaking News; Business/Economy; Constitution/Conservatism; Foreign Affairs; Government; Politics/Elections
KEYWORDS: 16thamendment; fakenews; frnaysayers; incometax; neverhappen; pipedream; priceincreases; repealthe16th; rumormongering; salestax; tariffs; tds; trump
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To: Wuli

It sounds great.... for people like myself that actually pay income tax. The problem is there are a lot of folks that already pay nothing because of their low tax bracket and things like the child tax credit.

So you can already hear the dems...it’s a tax break for the rich while the poor will end up paying more in higher costs of goods.

The tax code is so convoluted, (intentionally), that proclaiming something as simple as ‘no more income tax’ is actually not that simple...and let’s face it, we will all pay somehow. Dealing with the debt and taxes is just moving furniture around on the titanic until SPENDING STOPS.

A flat tax might be best but what do you do with tax credits, mortgage deductions, etc.

I’m curious if anyone has run the numbers on what kind of tariffs would be needed to offset all income tax. They would have to be huge.


161 posted on 06/14/2024 9:00:19 AM PDT by BuckeyeGOP ( )
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To: erlayman
Raising trade barriers generates only small gains in the short run at the expense of substantial losses in the long run and when other countries retaliate even those small gains the barriers generate disappear and are replaced by more substantial deficits.

Free Traitor™ lies, transparent sophistry and scare tactics. Go away other countries already tariff our exports....

162 posted on 06/14/2024 9:03:14 AM PDT by central_va (I won't be reconstructed and I do not give a damn...)
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To: aquila48
I doubt very much the Senators from each state would be much different than what we have now.

For better or worse the Senate would be 60-40 R over D right now if the 17th was repealed.

163 posted on 06/14/2024 9:04:48 AM PDT by central_va (I won't be reconstructed and I do not give a damn...)
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To: central_va

That’s a good point.

But you have to wonder, why would people in a state that votes for a republican Legislature vote to send a Democrat senator to congress?


164 posted on 06/14/2024 9:15:49 AM PDT by aquila48 (Do not let them make you "care" ! Guilting you is how they control you. )
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To: aquila48; central_va

The 19th amendment...


165 posted on 06/14/2024 9:17:27 AM PDT by kosciusko51
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To: aquila48
But you have to wonder, why would people in a state that votes for a republican Legislature vote to send a Democrat senator to congress?

Repealling the 17th would make that a moot point.

166 posted on 06/14/2024 9:18:44 AM PDT by central_va (I won't be reconstructed and I do not give a damn...)
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To: central_va

It’s NOT a lie. The market crashed after the House voted for the tariff bill in 1929, then the senate passed it in 1930, and Hoover signed it……and he also raised the top income tax rate from 25% to 65%.


167 posted on 06/14/2024 9:22:13 AM PDT by Beowulf9
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To: E. Pluribus Unum

USA has high corporate income tax rates & no tariffs and no VAT. Other countries hit us with tariffs and a VAT on top of that on our exports, but they have lower corporate income tax rates and do not tax overseas earnings, double tax dividends…….better for us to cut the corporate income tax to 10% at first, let corporations deduct dividends and tax dividends as regular income, then replace the tax on business payrolls with a VAT & not tax multinationals overseas operations earnings. Making the income tax much less steep is the way to unite left wing and right wing populism…..like a 40% tax bracket at $10 million, 30% tax bracket at $1 million, 20% tax bracket at $100,000, 10% tax bracket with a standard deduction equal to the minimum wage in the zip code where the taxpayer resides. child tax credits aren’t good for families, considering that most babies are illegitimate these days and child support is not taxed at all; the child tax credit is a big giveaway to Democrats…unwed mothers,poor immigrants having lots of babies, wives who divorce their husbands. How about making all 401K plans Roth? How about getting rid of the deduction for charitable giving?


168 posted on 06/14/2024 9:32:30 AM PDT by Beowulf9
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To: kosciusko51; central_va

I agree.

Voting for a republican legislature and at the same time a Democrat senator seems rather irrational. And women are not known for their unimpassioned rationality.

So I would name the 16th as the worst amendment and the 19th a close second - I might even give them a tie.

The founders would have a hissy fit if they came back and saw all the “improvements” we made to their constitution!


169 posted on 06/14/2024 9:34:25 AM PDT by aquila48 (Do not let them make you "care" ! Guilting you is how they control you. )
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To: Wuli

How about combining the Fair tax with the flat tax: Replace payroll taxes by a 20% national retail sales tax or VAT, then have a 30% flat tax at $500K income……..you’d pay 15% income tax on your first million only…….then it goes to 30% at the top?


170 posted on 06/14/2024 9:35:55 AM PDT by Beowulf9
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To: shadowlands1960

So trading work for money and trading money for the same work should get taxed 4 times at the federal level, but trading stock or other assets for money should have no tax on it?


171 posted on 06/14/2024 9:42:47 AM PDT by Beowulf9
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To: aquila48

The 17th and 18th were no gems, either. Had none of them passed, our country would be in much better shape


172 posted on 06/14/2024 9:50:26 AM PDT by kosciusko51
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To: FormerFRLurker

Democrats are not “tax and spend liberals” anymore. They are borrow and spend liberals, now


173 posted on 06/14/2024 9:53:20 AM PDT by Beowulf9
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To: kosciusko51

Agreed. But at least the 18th was repealed.


174 posted on 06/14/2024 10:02:42 AM PDT by aquila48 (Do not let them make you "care" ! Guilting you is how they control you. )
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To: shadowlands1960

That will benefit people still working, but will decimate people retired on fixed incomes.


175 posted on 06/14/2024 10:40:40 AM PDT by Albion Wilde (Either ‘the Deep State destroys America, or we destroy the Deep State.’ --Donald Trump)
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To: irishjuggler

What about a flat tax of 15%?


176 posted on 06/14/2024 10:42:04 AM PDT by Forward the Light Brigade (. War is Hell)
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To: irishjuggler

What about a flat tax of 15%?


177 posted on 06/14/2024 10:42:14 AM PDT by Forward the Light Brigade (. War is Hell)
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To: Forward the Light Brigade

Well, it’d be better than what we’ve got now. I always liked Herman Cain’s 9-9-9 idea, too.


178 posted on 06/14/2024 11:23:05 AM PDT by irishjuggler
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To: shadowlands1960

Why stop there?

All of the progressive era amendments should be repealed.

16th, 17th, (18th already was repealed by the 1st), and the 19th.

Wouldn’t fix everything, but our problems would all be much more manageable.


179 posted on 06/14/2024 11:42:34 AM PDT by absalom01 (You should do your duty in all things. You cannot do more, and you should never wish to do less.)
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To: shadowlands1960

I would prefer the Fair Tax so that people would see how much the government really takes from you. Import tax is a hidden tax.


180 posted on 06/14/2024 1:19:10 PM PDT by Blood of Tyrants (Gender dysphoria is now a federally protected mental illness.)
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