Trump Proposes Abolishing Income Tax
Former President Donald Trump, known for imposing tariffs on China during his presidency, is now considering a policy to replace or reduce income tax with tariffs. According to reports from CNBC and discussions with GOP lawmakers, Trump suggested an “all tariff policy.” This approach could involve using tariffs as leverage against adversarial nations and to potentially offset income tax reductions. Reports from Bloomberg added that Trump discussed continuing his 2017 tax cuts, potentially ending taxes on tips, and raising tariffs, especially on adversarial countries, to compensate revenue losses from further tax cuts. This idea received support from various attendees at the meeting, acknowledging tariffs as a balance to free trade while catering to economic strategy. Trump also mentioned a plan to exempt tips from taxation for service industry workers, aiming to benefit low-income Americans in particular. The idea was seen as a way to strengthen connections to this segment of the population and energize them. Meanwhile, The Western Journal, where this information was published, made a plea for donations, citing financial challenges due to restrictions from Big Tech and a reduction in advertisers. They emphasized the need for support to continue their operations and advocacy.
By Jack Davis June 14, 2024 at 7:44am
Former President Donald Trump, who levied tariffs on China during his term in office, is considering using tariffs to reduce or replace the income tax, according to new reports.
Per CNBC, sources in a meeting between Trump and GOP lawmakers said the concept of an “all tariff policy” was brought up by Trump.
Trump also considers tariffs a weapon to use against nations hostile to the United States, CNBC said it was told by another source it did not name.
Tariff increases, a continuation of Trump’s 2017 tax cuts, and an end to taxes of tips were all discussed, according to Bloomberg.
“He does want to look at lowering the income tax, and that could be offset and paid for by some type of tariffs, particularly on adversarial nations,” Republican Rep. Nicole Malliotakis of New York said after the meeting.
Trump: Tariffs give tremendous power over countrieshttps://t.co/CXl8ZsyYvQ
— WideAwakeSharon 📖✝️🇺🇸 (@WideAwakeSharon) June 14, 2024
Republican Rep. Marjorie Taylor Greene of Georgia said Trump is considering using tariffs to address the revenue hole if taxes are cut further.
“President Trump says ‘this is an idea, but I’d love to raise tariffs’ and then he said, ‘and maybe even no income taxes on Americans.’ Everyone was clapping in the room,” she said. “I think that’s a fantastic idea.”
Should income tax be eliminated?
Republican Rep. Jodey Arrington of Texas said he supports free trade, but said tariffs can be useful.
“Republicans who are free trade realize there has to be a balance,” Arrington said, per Bloomberg. “Trump’s message on tariffs has been embraced.“
BREAKING: Trump’s plan to eliminate taxes on tips for restaurant and hospitality workers will influence over 12 MILLION Americans, the majority of which are in larger cities
I predict a few more million voters are switching to Trump because of this one statement
GENIUS pic.twitter.com/YJlDwmZqFr
— George (@BehizyTweets) June 9, 2024
On Sunday, during a rally in Las Vegas, Trump indicated he opposes taxes on tips, which are a major source of income for low-wage workers in the service industry, according to The Hill.
“For those hotel workers and people that get tips, you’re going to be very happy. Because when I get to office, we are going to not charge taxes on tips,” Trump said.
“We’re not going to do it, and we’re going to do that right away, first thing in office, because it’s been a point of contention for years and years and years. And you do a great job of service, you take care of people and I think it’s going to be something that really is deserved,” he said.
President Trump has introduced a plan to not tax tips earned by service industry workers. As someone who used to work in the service industry in my 20s, I can’t tell you how significant this is. Allowing workers to keep more of the money they earn is the most American thing you… pic.twitter.com/VaW2nqFwoZ
— Conservative News Feed (@C_N_F__on__X) June 11, 2024
Republican Sen. Mike Rounds of South Dakota said the idea has merit as the GOP tried to forge stronger connections to low-income Americans, according to Reuters.
“If there was something we could do to really energize that particular segment of the population, that might be a real popular thing to do,” Rounds said.
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