Trump doubles down on replacing income taxes with tariffs

In a recent interview with Joe Rogan, former President Donald Trump reiterated his proposal to replace income taxes with tariffs, emphasizing a need to protect American jobs and factories.

He suggested eliminating income taxes on tips, overtime pay, and Social Security, which could cost about $2 trillion over a decade.

To offset this loss, he proposed a 20% tariff on imports, especially from China.

However, tax experts warn that the projected tariff revenue would not come close to covering the lost income tax revenue, potentially expanding the deficit by $3 trillion over ten years, CNBC has reported.

read more: https://www.cnbc.com/2024/10/26/trump-joe-rogan-election-tariffs-income-tax-replace.html

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