Trump Floats Plan to Eliminate Income Tax and Cover the Losses

June 14, 2024 Mark Wolf US 0

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.

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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.“

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.

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“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.

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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