Reported 8 months ago
Former President Donald Trump is considering implementing tariffs that would lead to the removal of federal income taxes. While this idea may sound appealing, it would have significant impacts on the economy and individual wallets. Tariffs are taxes on imported goods that aim to level the playing field for domestic companies. If all imports faced increased tariffs, prices would rise, demand for foreign goods would decrease, and consumers, especially lower-income individuals, would bear the brunt of these higher costs. The substitution of tariffs for income taxes could benefit the wealthy more than middle- and lower-income taxpayers in the long run.
Source: YAHOO