Trump also suggested he would eliminate income tax and institute higher tariffs to fund the Government. That has raised quite a few hackles & naysayers. However those naysayers are not used to thinking outside the box.
Eliminating the IRS would save a great deal of money. Eliminating a few other Departments like the Department of Energy would save more. The $ spent on tax prep, tax planning & tax attorneys would plummet.
A tax on purchases with shielding of groceries, necessities, and non luxury goods would generate federal $ with a very small bureaucracy and would encourage savings.
The tariffs would shield American industry and encourage foreign companies to build plants in the USA with resultant job creation and cheaper goods since they would not need to be shipped internationally.
“Trump also suggested he would eliminate income tax and institute higher tariffs to fund the Government”
The federal government spends about $6 trillion/year.
That’s about $20,000/year/American citizen.
Taxing $15 Big Macs or even two million $60,000 Teslas is not going to cover that amount of spending.
This is the problem other politicians have with this idea. Similar to when Bush suggested Tort Reform to limit liabilities that insurance companies pay.
To lower medical costs for everyone. Meaning it is bad for ATTORNEYS.
Almost ALL politicians are attorneys. Very few are businessmen or entrepreneurs like Trump. They make money by suing people like Trump. So, they do not like anything that possibly limits how much money an attorney can make.