Trump: Tariffs Could Replace Income Tax

[The Barbarian]

Remarkable moment in the President’s discussion of tariffs today when he suggested that his tariffs may be able to fund the government in place of income taxes. He references the McKinley era when this was the case, prior to the enactment of a federal income tax. Of course federal expenditures are roughly 10 times (2.2% versus 23% or 24%) higher today as a percentage of GDP. So this is basically insane.
https://talkingpointsmemo.com/edblog/trump-tariffs-could-replace-income-tax

 

[drbrumley]

Remarkable moment in the President’s discussion of tariffs today when he suggested that his tariffs may be able to fund the government in place of income taxes. He references the McKinley era when this was the case, prior to the enactment of a federal income tax. Of course federal expenditures are roughly 10 times (2.2% versus 23% or 24%) higher today as a percentage of GDP. So this is basically insane.
https://talkingpointsmemo.com/edblog/trump-tariffs-could-replace-income-tax

That would work if he cuts spending drastically. But he won't.....

 

[The Barbarian]

That would work if he cuts spending drastically. But he won't.....

You couldn't support half the military budget on tariffs alone, much less anything else.

 

[JudgeRightly]

What needs to happen is that the government needs to cut all tariffs, get rid of all the socialist welfare programs and anything else that doesn't fall into the categories of infrastructure, criminal justice, and military, and drop all taxes except for a 5% income tax, and have the government focus only on infrastructure and criminal justice and military.

Reduce the size of government, and it can focus more on what matters.

Reduce taxes, and people have more to spend, meaning smaller taxes generate more revenue for the government, because there's more to tax.

Eliminate welfare, because it violates God's enduring command "Thou shall not steal."

 

[WizardofOz]

You couldn't support half the military budget on tariffs alone, much less anything else.

Do you agree that the budget should be cut?

 

[The Barbarian]

There's a lot of waste in the budget, mostly pork for wealthy lobbyists. So long as we allow unlimited dark money, there's no hope in ever getting to the worst of it.

The only stuff that ever gets cut is things that benefit the middle class.

 

[drbrumley]

You couldn't support half the military budget on tariffs alone, much less anything else.

Kinda the point!