Trump's bold plan: Scrap income tax, boost tariffs instead
Donald Trump has proposed eliminating the federal income tax to return the U.S. to its wealthiest period in history. This idea has sparked mixed reactions among economists and market experts.
During a conference in Doral, Florida, Donald Trump presented his controversial plan to eliminate the federal income tax. According to "Fox Business," Trump argues that, instead of taxing citizens, the country should focus on tariffs that would enrich Americans.
Trump reminded his audience that from 1870 to 1913, the United States relied mainly on tariffs, which made it the wealthiest country in the world. The proposal includes creating a new agency responsible for collecting revenue from tariffs.
However, experts like Erica York from the Tax Foundation warn that tariffs can burden importers, which could negatively impact the U.S. economy.
The idea is not unanimously received
Trump's proposal has elicited a range of opinions. Kenny Polcari from Slatestone Wealth believes that eliminating the income tax and implementing tariffs could stimulate the economy. On the other hand, Taylor Riggs from "The Big Money Show" points out that tariff volatility could complicate planning for companies.
Trump also announced the possibility of imposing high tariffs on goods from China, Canada, and Mexico.
