💥🦁💰 Trump Drops Bombshell Proposal: Allegedly Suggests Eliminating Income Tax in Favor of High Import Tariffs During DC Republicans Meeting 💥🦁💰
(www.thegatewaypundit.com)
🏁 - A WINNING MOVE - 🏆
Can't, the math doesn't work. In 2024 Federal spending is $6.5 TRILLION. In 2022 TOTAL US imports totaled $3.2 trillion.
How much money do you think a 200% tariff will raise? Nowhere near enough because a $10 item from China becomes a $30 item after you add the tariffs, so people will buy the $25 American produced version and avoid the tariff. Plus if you slap that kind of tariff on other nations they'll retaliate and crush your exports.
Oh, and about 27% of those imports are from Canada and Mexico, so you're going to have to scrap NAFTA to impose those tariffs.
https://www.cbo.gov/publication/59946 https://ustr.gov/countries-regions
$6.5 trillion is not the correct number. Most of the Federal budget was borrowed. So nothing changes there. You still either need to learn to live within your means or you don't.
Total income taxes paid by individuals was only $2.2 trillion, substantially less.
Of actual taxes (that would be affected by eliminating the income tax) 40% goes to pay interest on the debt, so simply allowing this to default recovers a lot. And you can bet the budgets for a lot of the Federal programs are going to be heavily slashed. The entire Dept. of Education for one is going to be eliminated.
It is possible. You have to consider what is going to be thrown out though.
Absolutely - entire Federal departments can either be eliminated (Dept of Ed is a great example) or have their budgets cut by a substantial amount. Government(s) are incredible wasteful. And as far as foreign items costing more it will motivate American companies to produce the same product(s) here.
Spending didn't fall under Trump the first time, so I don't know why I'd expect it to be different this time around. The Senate isn't going to pass any budget that kills the Department of Education unless some radically different kind of Republicans get elected in number we haven't seen before.
It would be interesting to see how much of the 6.5 trillion budget is spent on Americans. For example, I recall the covid relief bill sent 93% of the money overseas to be laundered.
My number may not be exact but it was a huge percentage like that.
There is massive spending on pork projects, i.e. payback payments for being "selected" in "elections."
With such a huge budget, why aren't our roads, bridges, and airports pristine? 🤔