Trump Wants to Repeal the Income Tax — NYP
Yesterday, the presidential candidate returned to the Capitol and spoke to like-minded members of the Republican Party. One of the ideas Donald Trump voiced was to repeal the income tax, reported Republican Thomas Massie.
Trump proposed abolishing the income tax. In return, he wants to impose tariffs and duties, a practice that was in place in the US before the 16th Amendment was ratified.
Economists were skeptical of this idea. Many experts argue that nothing can replenish the budget like the income tax.
Additionally, the implementation of tariffs will lead to an increase in import prices and the dollar exchange rate. Sales and earnings of U.S. exporters will drop significantly.
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Yesterday, the presidential candidate returned to the Capitol and spoke to like-minded members of the Republican Party. One of the ideas Donald Trump voiced was to repeal the income tax, reported Republican Thomas Massie.
Trump proposed abolishing the income tax. In return, he wants to impose tariffs and duties, a practice that was in place in the US before the 16th Amendment was ratified.
Economists were skeptical of this idea. Many experts argue that nothing can replenish the budget like the income tax.
Additionally, the implementation of tariffs will lead to an increase in import prices and the dollar exchange rate. Sales and earnings of U.S. exporters will drop significantly.
INSIDER USA 👉🏼 Subscribe