Last week, former President Trump took his affinity for tariffs much further, floating the possibility of entirely replacing the federal income tax with new tariffs. He also raised other ideas like eliminating taxes on tipped income and lowering the corporate tax rate by one percentage point. Rather than constituting a fiscally responsible and coherent tax reform plan to boost growth and competitiveness, the latest ideas lack seriousness and merit. If pursued, they would fall well short of fundamental tax reform while hurting American workers and businesses. Here are five things to know about Trump’s tax and tariff ideas.
1. The Math Doesn’t Work
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Behind Trump’s Proposed $4,000 per Household Tax Increase
by Bryan Riley February 06, 2024
https://www.ntu.org/publications/detail/behind-trumps-proposed-4000-per-household-tax-increase