Trump pitch to use tariffs to pay down debt a ‘chancy bet’

Trump pitch to use tariffs to pay down debt a ‘chancy bet’

President Trump and his officials have touted his sweeping tariff actions as tools to not only ensure fairer trade internationally, but also pay down the federal government’s $36 trillion-plus debt. As Trump faces pressure from both sides of the aisle over his trade plan, he and officials have partly defended his tariff actions as a key revenue-raiser that can help tackle the nation’s debt and reduce taxes.  But experts say they wouldn’t bet on …

Trump floats plan to nix federal income tax and replace revenue with money from tariffs

In an interview with Fox Noticias, Trump also said he wants to give money and a flight ticket to undocumented immigrants who “self-deport.”

Trump suggests tariffs could end income tax in the US. Is this possible?

Meta: Though US President Donald Trump has mused about the revenue from tariffs replacing income tax, there are several problems with his theory including the fact that the US Constitution gives Congress the power of the purse and not the president. Experts have poured cold water over his proposal, pointing out that tariff rates would need to be ‘astronomical’ to match the nearly $2.2 trillion in revenue collected from individual taxpayers and t…

Tariffs capable of replacing income tax? Trump says there's a 'real chance'

Drawing on historical precedent, Donald Trump argued that between 1870 and 1913, tariffs served as the primary source of government revenue and coincided with a period when the nation was "relatively the richest".

Donald Trump Suggests Tariffs Capable Of Replacing Income Tax

During this era, the US experienced unprecedented wealth, with Trump noting, "And that's when our nation was relatively the richest. We were the richest."