During a recent appearance on Joe Rogan's podcast, former President Donald Trump expressed openness to the idea of eliminating income taxes in favor of tariffs. Trump highlighted his support for tariffs and praised the economic policies of the late 19th century, particularly referencing President McKinley as the 'tariff king'.
When asked about the possibility of replacing income taxes with tariffs, Trump responded affirmatively, stating, 'Yeah, sure. Why not?' He pointed to the historical wealth of the United States during the 1880s and 1890s as evidence of the effectiveness of tariffs in boosting the economy.
Trump criticized the shift to income taxes in the early 1900s, attributing it to pressure from other countries to avoid tariffs. He suggested that foreign influence played a role in the decision to adopt income taxes, which he viewed as a detrimental policy shift.
Throughout the interview, Trump reiterated his plans to implement tariffs on imports, including a proposed across-the-board tariff of either 10% or 20% on all imports entering the US. He also emphasized his intention to impose a higher tariff, potentially reaching 60%, on Chinese imports in an effort to promote domestic manufacturing.
Trump's discussion on tax policy and tariffs reflects his ongoing advocacy for protectionist trade measures and his belief in the economic benefits of tariffs. While his proposals have sparked debate and controversy, they underscore his commitment to reshaping trade policies to prioritize American interests.
