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full screenTrump wants to replace tax revenues with higher tariffs. Photo: Alex Brandon/AP
Donald Trump doesn’t like taxes.
Now he is open to scrapping the income tax completely if he wins the presidential election.
Former President Donald Trump has made no secret of his dislike of taxes. He has therefore spent a lot of time in his election campaign coming up with new proposals for tax cuts.
This week he went one step further.
In an interview, he said that if he wins the election, he will look into the possibility of abolishing the income tax completely.
It was on the TV channel Fox News that Trump made his statement.
The ex-president was at a barber shop in the Bronx and answered viewer questions from there.
Model: 19th century
One of the questions came to be about federal taxes. Then Trump said that the country could return to the regulations that applied during the late 1800s. Back then there were no federal taxes.
– Now we have income taxes, and we have people dying. They pay taxes, and they don’t have the money to pay the taxes.
In June of this year, Trump floated the idea of replacing federal revenue from income taxes with money from tariffs.
He did not provide details on exactly how it would work.
It is, according to the New York Timesalso unclear if he wants to eliminate all federal taxes, including corporate and payroll taxes, or just end the individual income tax.
Unlikely
The newspaper also writes that regardless of how Trump intends to dismantle the federal taxes, it will be very difficult to get through.
Both liberal and conservative experts have dismissed his idea as “mathematically impossible and economically destructive.”
Even if Republicans control Congress, they are unlikely to dismantle the income tax system.
Trump’s goal to impose tariffs on all imports into the United States could raise a lot of money for the federal government, writes the New York Times.
But it still wouldn’t be enough to replace income taxes.