Currently 90% of income tax is paid by individuals. Corporations pay these taxes indirectly through higher employee costs - wages must be higher to cover the 25-35% tax burden on employees. If companies could reduce employee costs by 25 to 35% and imports were more expensive due to tariffs, that would incentivize companies to make product in the US. Think of the benefits - companies would make more money and pay more corporate taxes. Employment would rise, reducing social welfare costs. Employees could be paid less by not paying 1/3 of their income to the government, reducing costs and allowing prices of domestic products to be lower, benefitting US consumers and making US products more competitive globally; though I would expect retaliatory tariff to be imposed on US goods by other countries. However, I believe the impact would be biggest on countries with which we have large trade deficits - China ($346B), Mexico ($100B), Japan ($69B), Germany ($67B) and Canada ($27B).

Although it sounds crazy at first, I think this idea deserves some critical analysis. It just might be crazy enough to work!

Plus the tariffs would incentivize companies to make product in the US. Think of the benefits - companies would make more money and pay more corporate taxes. Employment would rise, reducing social welfare costs. Employees could be paid less by not paying 1/3 of their income to the government, reducing costs and allowing prices of domestic products to be lower, benefitting US consumers and making US products more competitive globally; though I would expect retaliatory tariff to be imposed on US goods by other countries. However, I believe the impact would be biggest on countries with which we have large trade deficits - China ($346B), Mexico ($100B), Japan ($69B), Germany ($67B) and Canada ($27B).

Although it sounds crazy at first, I think this idea deserves some critical analysis. It just might be crazy enough to work!