Congressional records, official government announcements

Trump Proposes Replacing U.S. Income Tax with Import Tariffs if Elected

Jun 14, 2024, 12:31 AM

In a private meeting on Thursday, former President Donald Trump proposed eliminating the U.S. income tax and replacing it with tariffs on imports if elected. The proposal, which signals a more protectionist trade agenda, suggests that the U.S. could leverage tariffs for negotiating power. According to sources, the U.S. collects approximately $2.6 trillion in income taxes annually, while imports total around $3.8 trillion. Implementing this policy would require a 47% tariff on imports to replace the revenue generated by income taxes. Trump's proposal, reported by CNBC, has sparked significant debate and reactions among political and economic commentators.