Trump Promised to Abolish Income Tax - Professor Explains How That Would Work

Trump promises to abolish the Income Tax, which this economy professor says is going to put an average of $30,000 a year in the pockets of American families. #Agenda47

Here’s how:

1. The current income tax costs the American people $2.4 trillion a year.

2. Trump proposes to replace the income tax with tariffs:
- 20% tariff on everybody except China
- 60% tariff on China

3. The tariffs are expected to bring in about $900 billion a year.

4. This tariff system is predicted to:
- Grow the American economy by 20% in the near term
- Provide a $15,000 raise for the typical American family
- Save the typical American family $18,000 in income tax
- Result in a net additional income of about $30,000 for the typical American family

5. The economic growth under this system could potentially double, reaching 5% annual growth as the new normal.

6. Comparing to countries like Singapore, the U.S. could save around $2 trillion or more.

7. There is an expectation of strong Congressional support for this proposal due to the significant economic benefits and potential for voter approval.

8. The proposal includes action items for the President, economic team, trade team, finance team, and policy team to implement and analyze the impacts of the tariff system.