How Trump Could Upend Taxation in America

Published On Sep 22, 2024, 5:00 AM

Former President Donald Trump has proposed a radical overhaul of the U.S. tax system, suggesting the replacement of income taxes with tariffs on foreign goods. He has floated ideas such as eliminating taxes on tips, overtime, and Social Security benefits while restoring deductions for state and local taxes. These proposals, if enacted, could shift the U.S. closer to a consumption-based tax system, similar to that of many advanced economies.

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If Trump's proposals gain traction, companies that import goods may face higher tariffs, potentially leading to increased prices and reduced consumer spending. This may negatively affect sectors reliant on imports, whereas industries supporting domestic production might benefit from a tariff-driven shift. Investors may want to consider impact on stocks within these sectors.

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