US Presidential Elections 2024: During a private meeting with Republican presidential candidate Donald Trump on Thursday, he proposed implementing an “all tariff policy” to eliminate the need for income tax in the United States, CNBC reported citing sources. As per the report, Trump discussed utilizing tariffs as leverage in negotiations with problematic entities, as reported by another source present at the meeting held with GOP lawmakers at the Capitol Hill Club in Washington, D.C.
The comments indicate that Trump, known for promoting tariffs as a versatile tool in foreign policy during his initial term as president, is contemplating a significantly more protectionist trade agenda should he win against US President Joe Biden in November. Also Read: Trump Tells GOP He Plans to Entirely Reverse Biden’s EV Policy Trump later mentioned in a Truth Social post on Thursday morning, “lots discussed, all positive,” but did not offer further elaboration. Critics swiftly reacted to Trump's suggestion of replacing income taxes with tariffs.
In a post on X, David Kamin, professor at New York University said, “Here's the thing: The income tax has its flaws. But, the bottom line is it raises ~$2.5 trillion per year in progressive fashion.
Broadly substituting tariffs for income tax is a sure way to hit hard low and middle income Americans and reward top.” Here's the thing: The income tax has its flaws. But, the bottom line is it raises ~$2.
5 trillion per year in progressive .
