Trump Flirts With the Ultimate Tax Cut: No Taxes at All

Published On Oct 24, 2024, 10:41 AM

Former President Donald Trump is proposing significant changes to the U.S. tax system, suggesting the possibility of eliminating federal income taxes altogether and replacing the lost revenue with tariffs. While he refers to historical precedents, many experts, regardless of their political stance, consider these ideas economically unfeasible and potentially harmful. Tariffs generally place a heavier burden on lower-income individuals compared to income taxes, which are progressive.

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Trump's proposal may lead to increased tariffs on imports, which could negatively affect consumer spending and inflation. Consequently, companies relying heavily on imported goods might face rising costs, leading to lower profit margins.

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