tRump's talk of eliminating the income tax is the equivalent of dropping thousands of tRump University applications out of an airplane. It is just another scam in a long line of huckster ideas he floats out there to see who nibbles (and votes for him because of it).
If the 748 billionaires in the U.S. got $2,200,000,000,000 richer under the tRump tax cuts, how does eliminating the federal income tax pencil out for them? As Putin would say, "It pays to keep the oligarchs happy."
Trump Flirts With the Ultimate Tax Cut: No Income Taxes at All - The New York Times
https://www.nytimes.com/2024/10/24/us/politics/donald-trump-tax-policy.html"Mr. Trump has denied that Americans pay the cost of tariffs. He argues that companies overseas bear the cost of tariffs on the products they ship to the United States. Economists largely debunk that argument, companies generally pass along those higher costs to consumers by raising prices.
…..Mr. Trump's goal to impose tariffs on all imports into the United States could raise a lot of money for the federal government, but it would not be nearly enough to replace income taxes. The United States imports roughly $3 trillion worth of goods annually, while the country collected roughly $4.2 trillion in income and payroll taxes last fiscal year.
Overall, his agenda would raise taxes on low-income Americans, provide a tax break for the richest and drastically increase the deficit, according to an analysis from the Institute on Taxation and Economic Policy, a liberal think tank."
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