{"id":118894,"date":"2024-10-27T09:05:44","date_gmt":"2024-10-27T02:05:44","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=118894"},"modified":"2024-10-27T09:05:44","modified_gmt":"2024-10-27T02:05:44","slug":"trump-floats-ending-the-federal-income-tax-heres-what-that-would-mean","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=118894","title":{"rendered":"Trump floats ending the federal income tax.\u00a0Here\u2019s\u00a0what that would mean"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div data-editable=\"content\" itemprop=\"articleBody\" data-reorderable=\"content\">\n<p>\n    <cite class=\"source__cite\"><br \/>\n      <span class=\"source__location\" data-editable=\"location\"\/><br \/>\n      <span class=\"source__text\" data-editable=\"source\">CNN<\/span><br \/>\n        \u00a0\u2014\u00a0<br \/>\n    <\/cite>\n<\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2qpm9nn003c25p5af9p10vk@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            After promising to eliminate taxes on <a href=\"https:\/\/www.cnn.com\/2024\/06\/09\/politics\/donald-trump-nevada-rally\/index.html\">tips<\/a>, <a href=\"https:\/\/www.cnn.com\/2024\/08\/01\/politics\/social-security-benefits-tax-trump\/index.html\">Social Security benefits<\/a> and <a href=\"https:\/\/www.cnn.com\/2024\/09\/12\/politics\/trump-overtime-pay-taxes\/index.html\">overtime pay<\/a>, former President <a href=\"https:\/\/www.cnn.com\/politics\/president-donald-trump-45\">Donald Trump<\/a> is taking aim at the largest levy of them all \u2014 the federal income tax.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2qpnvfl0003356msyjzl04g@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            With Election Day around the corner, Trump talked about his interest in ending the federal income tax in two high-profile interviews this week, harking back to the late 19th century, when the US relied on tariffs to fund federal spending. The former president has vowed to broadly <a href=\"https:\/\/www.cnn.com\/2024\/10\/13\/politics\/donald-trump-tariffs\/index.html\">impose tariffs<\/a>, arguing they can generate trillions of dollars in revenue.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2qpnvfl0004356mwh3p4toi@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Speaking with <a href=\"https:\/\/www.cnn.com\/2024\/10\/18\/politics\/video\/trump-bronx-barbershop-van-jones-lead-digvid\">barbers in the Bronx, New York,<\/a> in a segment aired on Fox News on Monday, Trump said, \u201cThere is a way, if what I\u2019m planning comes out.\u201d\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2qpnvfl0005356m6w18xp3x@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            \u201cWhen we were a smart country, in the 1890s \u2026 this is when the country was relatively the richest it ever was. It had all tariffs. It didn\u2019t have an income tax,\u201d Trump said after a barber asked whether it would be possible to jettison the federal income tax. \u201cNow we have income taxes, and we have people that are dying. They\u2019re paying tax, and they don\u2019t have the money to pay the tax.\u201d\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2qpnvfl0006356mp0x3lb28@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            A few days later, podcaster Joe Rogan asked Trump whether he was serious about replacing federal income taxes with tariffs.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2qpnvfl0007356mysfk61jp@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            \u201cYeah, sure, why not?\u201d Trump said <a href=\"https:\/\/www.cnn.com\/2024\/10\/26\/politics\/trump-joe-rogan-podcast-income-tax-tariffs\/index.html\">during his interview Friday<\/a> on \u201cThe Joe Rogan Experience.\u201d\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2qpnvfl0008356me27b0aec@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Trump, who also floated the idea of ending the federal income tax in June, has not said whether he would eliminate federal corporate income and payroll taxes or just the individual income tax \u2014 which raises about half of the nearly $5 trillion in revenue that the federal government collects.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2qpnvfl0009356mn0iiu7u7@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            By contrast, tariffs bring in about 2% of federal revenue.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2qpnvfl000a356muv2gyesa@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Eliminating the income tax could be a future \u201caspirational goal,\u201d Trump campaign senior adviser Jason Miller told reporters Saturday, noting that the former president\u2019s top priorities would be extending the <a href=\"https:\/\/www.cnn.com\/2024\/06\/13\/politics\/tax-cuts-expiring-trump-biden\/index.html\">expiring provisions<\/a> of his 2017 Tax Cuts and Jobs Act and implementing the <a href=\"https:\/\/www.cnn.com\/2024\/09\/21\/politics\/tax-cuts-donald-trump-election\/index.html\">targeted tax cuts<\/a> that Trump has rolled out.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2qpnvfl000c356mmzq2zgd2@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Sweeping tariffs are a cornerstone of Trump\u2019s economic platform for a second term, if he is elected. He has called for an across-the-board tariff of either 10% or 20% on all imports into the US, as well as a tariff upward of <a href=\"https:\/\/www.cnn.com\/2024\/02\/04\/politics\/china-trump-tariffs-taiwan\/index.html\">60% on all Chinese imports<\/a>.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2qpnvfl000d356mp6dn12sh@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            The former president argues that tariffs, which he imposed to a lesser extent during <a href=\"https:\/\/www.cnn.com\/2024\/03\/18\/politics\/donald-trump-tariffs-trade-war\/index.html\">his first term<\/a>, would pay for his <a href=\"https:\/\/www.cnn.com\/interactive\/2024\/04\/politics\/trump-campaign-promises-dg\/\">pricey array of proposals<\/a>. He has repeatedly denied that <a href=\"https:\/\/www.cnn.com\/2024\/09\/05\/business\/trump-economy-tariffs\/index.html\">American consumers<\/a> would bear the brunt of the tariffs, <a href=\"https:\/\/www.cnn.com\/2024\/09\/09\/politics\/fact-check-trump-vance-tariffs\/index.html\">inaccurately claiming<\/a> that foreign countries would pay the levies.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2qpnvfl000e356mu5kko93a@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Many federal budget experts, however, have poured cold water on the notion that tariffs could replace income taxes.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2qpnvfl000f356m5g5ridk6@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            \u201cIt\u2019s an absurd idea for many reasons, the biggest being that it is mathematically impossible\u00a0to replace the income tax with tariffs,\u201d Erica York, senior economist and research director at the right-leaning Tax Foundation, told CNN. \u201cImports are a much smaller tax base than taxable income, and there\u2019s no way to squeeze enough revenue from taxing imports to fully replace taxing income.\u00a0A swap like this would hike taxes on working-class taxpayers and invite harmful retaliation against US exports.\u201d\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2qpnvfl000g356mhgs3q0ii@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Increasing tariffs would likely prompt Americans to purchase fewer imported goods, canceling out at least part of the hoped-for revenues, Brian Riedl, a senior fellow at the right-leaning Manhattan Institute, told CNN.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2qpnvfl000h356m6ceikwkg@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            \u201cAt first blush, fully replacing $2.4 trillion in income taxes would require a 75% tariff on America\u2019s $3.2 trillion in annual imports,\u201d he said. \u201cHowever, even that unrealistically assumes that Americans continue purchasing the same imports at nearly double the price.\u201d\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2qpnvfl000i356m3f2sr12y@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            What\u2019s more, Trump had to spend part of the revenue raised from the tariffs he imposed in his first term bailing out industries, including <a href=\"https:\/\/www.cnn.com\/2019\/07\/25\/politics\/farmers-trade-aid-trump\/index.html\">agriculture<\/a>, that were hurt by other nations\u2019 retaliatory actions, Riedl said.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2qpnvfl000j356midorstnv@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            \u201cSo even the new revenues from Trump\u2019s next round of tariffs may not provide much net budget savings,\u201d he continued.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2qpnvfl000k356mqxuw39le@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Even without eliminating the federal income tax, Trump\u2019s economic package would <a href=\"https:\/\/www.cnn.com\/2024\/10\/07\/politics\/debt-harris-trump-proposals\/index.html\">increase the national debt<\/a> by $7.5 trillion over a decade, according to a recent analysis by the Committee for a Responsible Federal Budget. The nonpartisan watchdog group estimates that his tariffs proposal would bring in $2.7 trillion over 10 years.\n    <\/p>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cnn.com\/2024\/10\/26\/politics\/trump-income-taxes-tariffs\/index.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CNN \u00a0\u2014\u00a0 After promising to eliminate taxes on tips, Social Security benefits and overtime pay, former President Donald Trump is taking aim at the largest levy of them all \u2014 &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=118894\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8629],"tags":[],"class_list":["post-118894","post","type-post","status-publish","format-standard","hentry","category-u-s","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/118894","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=118894"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/118894\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=118894"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=118894"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=118894"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}