Donald Trump's Income Tax Cut Would Cost Average Family $5,000—Economist

[NakedHunterBiden]

Former President Donald Trump's idea of imposing tariffs in order to abolish income tax could raise taxes for a typical American family by $5,000, according to an economist from the Center for American Progress Action Fund.

Brendan Duke made the claim in posts on X, formerly Twitter, on Thursday following reports that Trump had raised the idea of using tariffs to replace income tax revenues. Duke served as senior policy adviser at the White House National Economic Council and a volunteer on the Biden-Harris transition team.

The former president reportedly floated introducing an "all-tariff policy" that would allow the federal government to eliminate income tax during a private meeting with Republican lawmakers at the Capitol Hill Club in Washington, D.C., on Thursday.

Donald Trump's income tax cut would cost average family $5,000—Economist

The former president reportedly suggested replacing income tax by introducing tariffs on imports into the U.S.

www.newsweek.com

 

[cawacko]

The subject line is rather confusing. He's not proposing an income tax cut (in the sense we think of tax cuts as reducing the percentage that we pay). He's proposing eliminating income tax period, and replacing it with basically an all tariff policy.

And this is just personal to me but even someone with an economist background wears a different hat when they are working for a campaign. There are plenty of economists not associated with either Biden's or Trump's campaign that we can turn to for a reaction on this.

And that reaction is this is a terrible idea. (Since this will never happen it's basically an academic argument but still an interesting one to have.) Those who remember the Smoot-Hawley tariffs and the huge role they played in the Great Depression. Won't be much different with this. There would be massive retaliation globally causing an economic slowdown and prices to rise. And yes, the 'regular' folks who rely on cheap goods would get hit hardest.

 

[Lionfish]

Former President Donald Trump's idea of imposing tariffs in order to abolish income tax could raise taxes for a typical American family by $5,000, according to an economist from the Center for American Progress Action Fund.

Brendan Duke made the claim in posts on X, formerly Twitter, on Thursday following reports that Trump had raised the idea of using tariffs to replace income tax revenues. Duke served as senior policy adviser at the White House National Economic Council and a volunteer on the Biden-Harris transition team.

The former president reportedly floated introducing an "all-tariff policy" that would allow the federal government to eliminate income tax during a private meeting with Republican lawmakers at the Capitol Hill Club in Washington, D.C., on Thursday.

Donald Trump's income tax cut would cost average family $5,000—Economist

The former president reportedly suggested replacing income tax by introducing tariffs on imports into the U.S.

www.newsweek.com

Dear,

Go Figure: Federal Revenues Hit All-Time Highs Under Trump Tax Cuts​

"The Treasury Department reported this week that individual income tax collections for FY 2018 totaled $1.7 trillion. That's up $14 billion from fiscal 2017, and an all-time high. And that's despite the fact that individual income tax rates got a significant cut this year as part of President Donald Trump's tax reform plan."

Despite CBO’s Predictions, Trump Tax Cuts Were a Boon for America’s Economy and Working Families​

"The truth is, the Trump tax cuts resulted in economic growth that was a full percentage point above CBO’s forecast, and federal revenues far outpaced the agency’s predictions. In fact, under Trump tax policies in 2022, tax revenues reached a record high of nearly $5 trillion, and revenues averaged $205 billion above CBO predictions for the four years following implementation of the law."

 

[NakedHunterBiden]

Dear,

Go Figure: Federal Revenues Hit All-Time Highs Under Trump Tax Cuts​

"The Treasury Department reported this week that individual income tax collections for FY 2018 totaled $1.7 trillion. That's up $14 billion from fiscal 2017, and an all-time high. And that's despite the fact that individual income tax rates got a significant cut this year as part of President Donald Trump's tax reform plan."

Despite CBO’s Predictions, Trump Tax Cuts Were a Boon for America’s Economy and Working Families​

"The truth is, the Trump tax cuts resulted in economic growth that was a full percentage point above CBO’s forecast, and federal revenues far outpaced the agency’s predictions. In fact, under Trump tax policies in 2022, tax revenues reached a record high of nearly $5 trillion, and revenues averaged $205 billion above CBO predictions for the four years following implementation of the law."

Yes we know you are a troll. Nobody cares

 

[cawacko]

Former President Donald Trump's idea of imposing tariffs in order to abolish income tax could raise taxes for a typical American family by $5,000, according to an economist from the Center for American Progress Action Fund.

Brendan Duke made the claim in posts on X, formerly Twitter, on Thursday following reports that Trump had raised the idea of using tariffs to replace income tax revenues. Duke served as senior policy adviser at the White House National Economic Council and a volunteer on the Biden-Harris transition team.

The former president reportedly floated introducing an "all-tariff policy" that would allow the federal government to eliminate income tax during a private meeting with Republican lawmakers at the Capitol Hill Club in Washington, D.C., on Thursday.

Donald Trump's income tax cut would cost average family $5,000—Economist

The former president reportedly suggested replacing income tax by introducing tariffs on imports into the U.S.

www.newsweek.com

You may not have strong feelings about this one way or the other, but since it's related to the topic I'll ask.

What are your thoughts on our current tariffs on China?