Justin Sullivan/Getty Images News Donald Trump suggested implementing an "all tariff policy" as a means to eventually eliminate the income tax in the U.S., according to a media report dated Thursday.
The Republican presidential candidate also proposed using tariffs as a tool to leverage negotiating power over parties acting unfavorably, CNBC reported, citing sources in a private meeting with Trump and GOP lawmakers in Washington, D.C. His comments on replacing income taxes with tariffs promptly sparked criticism.
“Broadly substituting tariffs for income tax is a sure way to hit hard low and middle income Americans and reward top,” David Kamin, a professor at the New York University School of Law, wrote in an X post . He added that the income tax raises about $2.5T a year "in progressive fashion.
" Reuters reported in mid-April that Trump is in favor of a new middle-class tax cut if he's elected in November, a move that could further widen the U.S.'s already massive budget deficit.
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