NYT: Trump Considers Plan to Abolish Income Taxes, Replace with Tariffs

Oct 24, 2024, 07:36 PM

Former President Donald Trump is reportedly considering a radical tax plan that would eliminate federal income taxes entirely and replace them with tariffs. Trump has praised historical periods when the U.S. relied on tariffs to fund the government, and he believes this approach could be beneficial today. The proposal includes eliminating taxes on tips, overtime wages, and Social Security benefits. This plan is seen as populist and regressive by some experts, but it could attract business owners and investors to the U.S. economy. Liberal and conservative experts have weighed in on this proposal, which was reported by the New York Times.