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Trump Proposes Tariffs as Alternative to Federal Income Taxes
Trump Proposes Tariffs as Alternative to Federal Income Taxes
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Former President Donald Trump is advocating for a radical shift in U.S. fiscal policy, proposing aggressive tariffs on imported goods as a means to reduce or eliminate federal income taxes for individuals earning less than $200,000 annually. His plan includes the creation of an "External Revenue Service" to replace the IRS, arguing that increased disposable income and domestic manufacturing would spur economic growth.
Economists remain skeptical, pointing to the vast disparity between annual U.S. imports ($3 trillion) and reported income ($15 trillion). The feasibility of tariffs replacing federal tax revenue appears mathematically untenable, casting doubt on the proposal’s viability.
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