US Presidential elections 2024: No income tax for US citizens? Donald Trump says if elected president…
6 months, 1 week ago

US Presidential elections 2024: No income tax for US citizens? Donald Trump says if elected president…

Live Mint  

US Presidential Elections 2024: Republican presidential candidate Donald Trump proposed an “all tariff policy” on Thursday to eliminate the need for income tax in the United States, CNBC reported citing sources. As per the report, Trump discussed utilising tariffs as leverage in negotiations with problematic entities, CNBC reported quoting another source present at the meeting held with GOP lawmakers at the Capitol Hill Club in Washington, D.C. Broadly substituting tariffs for income tax is a sure way to hit hard, low and middle income Americans and reward top.” CNBC reported citing Catherine Rampell, an op-ed columnist for The Washington Post, highlighted the potential impact of Trump's tariff proposal, noting that it could effectively result in a substantial tax increase for lower and middle-income classes, stating, “this sounds like a huge tax increase on the lower/middle income classes.” Trump's visit to Capitol Hill to engage with Republican lawmakers and business figures marked his first return to the area since January 6, 2021, when, as president, he encouraged his supporters to rally to contest his electoral defeat to Joe Biden. Rampell's analysis highlights potential concerns regarding the fairness and distributional impact of Trump's proposed tariff policy.

Tax Trump Income Tax Income President Tariff Cnbc  presidential  trump  income  donald  trumps  post  2024  tariffs  policy  tariff  citizens  reported  elected  tax  elections  president

History of this topic

Donald Trump 'Can't Guarantee' Tariffs Won't Cost Americans More
2 weeks, 1 day ago

Donald Trump 'Can't Guarantee' Tariffs Won't Cost Americans More

Huff Post  

LOADING ERROR LOADING Donald Trump says he can’t guarantee his plan to impose sweeping tariffs on America’s top trade partners won’t hurt people’s pocketbooks. I can’t guarantee tomorrow.” But during his first major interview since November’s election, he told host Kristen Welker he still believed imposing tariffs on goods from China, Canada, Mexico and beyond would “cost Americans nothing,” contrary …

Opinion: Trump promised to raise taxes, but Biden and Congress could tie his hands
3 weeks, 1 day ago

Opinion: Trump promised to raise taxes, but Biden and Congress could tie his hands

LA Times  

Coal is loaded onto a barge near the U.S. Steel Corp. facility in Clairton, Pa. During President-elect Donald Trump’s first term, he enacted tariffs on steel from most countries, which he claimed served national security. Although these tariffs would have significant implications for the federal budget and household finances, there is little to stop Trump from unilaterally enacting these taxes …

What Trump 2.0 could mean for trade, migrants, climate change
3 weeks, 6 days ago

What Trump 2.0 could mean for trade, migrants, climate change

Hindustan Times  

By James Oliphant What Trump 2.0 could mean for trade, migrants, climate change WASHINGTON, - Donald Trump's second presidential term could have huge implications for U.S. trade policy, climate change, the war in Ukraine, electric vehicles, Americans' taxes and illegal immigration. While some of his campaign proposals would require congressional approval, here is a summary of the policies he has …

Trump made a lot of tax promises. Can he keep them?
1 month, 1 week ago

Trump made a lot of tax promises. Can he keep them?

CNN  

CNN — Seeking to woo targeted groups of voters during his campaign, President-elect Donald Trump rolled out plans for a sweeping array of tax breaks, including promises to eliminate levies on tips, overtime pay and Social Security benefits, for millions of Americans. “Cutting taxes for the American people, cutting taxes on tips for hard working Americans, on Social Security for …

Tariffs, tax cuts and deportations: What Trump’s policies could mean for America’s economy
1 month, 2 weeks ago

Tariffs, tax cuts and deportations: What Trump’s policies could mean for America’s economy

Firstpost  

Trump campaigned on promises to impose large tariffs on foreign goods, cut taxes for individuals and businesses, and deport millions of undocumented immigrants working in the United States. President-elect Trump has promised to dismantle many of the Biden administration’s policies, pledging substantial tariffs on imports, tax cuts for individuals and businesses, and a crackdown on undocumented immigrants working in the …

Frustrated Americans await the economic changes they voted for with Trump
1 month, 2 weeks ago

Frustrated Americans await the economic changes they voted for with Trump

Associated Press  

WASHINGTON — Fed up with high prices and unimpressed with an economy that by just about any measure is a healthy one, Americans demanded change when they voted for president. Trump policies could boost inflation The Peterson Institute for International Economics, a leading think tank, has estimated that Trump’s policies would slash the U.S. gross domestic product — the total …

Ex-Labor Secretary sounds off: Trump's 'Tax Scam 2.0' is in the works
1 month, 2 weeks ago

Ex-Labor Secretary sounds off: Trump's 'Tax Scam 2.0' is in the works

Raw Story  

Former Clinton administration Labor Secretary Robert Reich fired off a warning on X Thursday about former President Donald Trump's new plans for tax changes, which will reportedly move forward if Republicans secure a majority in the House. These plans, he warned, will be a redux of the first Trump administration's massive tax cuts for billionaires and corporations, the vast majority …

Why Donald Trump’s return to power could make living in America costlier
Trending News
1 month, 2 weeks ago

Why Donald Trump’s return to power could make living in America costlier

Firstpost  

Donald Trump, who will return as the 47th President of the United States, was the clear choice for voters concerned about the economy and inflation. However, experts say Trump’s avowed policies of imposing tariffs on goods from China and Mexico and launching an immigration crackdown on millions of undocumented immigrants are likely to send inflation soaring Donald Trump’s return to …

Trump claims he’ll fight for working-class Americans. His first presidency suggests he won’t
1 month, 2 weeks ago

Trump claims he’ll fight for working-class Americans. His first presidency suggests he won’t

Salon  

ProPublica is a Pulitzer Prize-winning investigative newsroom. ProPublica reviewed Trump’s proposed budgets from 2018 to 2021, as well as regulations that he attempted to enact or revise via his cabinet agencies, including the departments of Labor, Housing and Urban Development, and Health and Human Services, and also quasi-independent agencies like the National Labor Relations Board and the Social Security Administration. …

JD Vance pours cold water on Trump’s talk of abolishing income tax
1 month, 3 weeks ago

JD Vance pours cold water on Trump’s talk of abolishing income tax

The Telegraph  

Donald Trump’s suggestion that he may abolish income tax is not a campaign policy but an “aspirational goal”, his running mate has suggested. The Republican presidential candidate has hinted several times at the idea of ending federal income tax as he competes with Kamala Harris for middle-class voters in the White House race’s final stretch. They’re paying tax, and they …

Trump again pushes no taxes - for anyone - in latest pitch to woo economic support
1 month, 4 weeks ago

Trump again pushes no taxes - for anyone - in latest pitch to woo economic support

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. They’re paying tax, and they don’t have the …

Donald Trump suggests he may abolish income tax
2 months ago

Donald Trump suggests he may abolish income tax

The Telegraph  

Donald Trump has suggested he could scrap federal income tax if he wins the presidency. In his response, the former president made reference to the country’s economic policies of the late 19th century, when funds from income tax were replaced with new trade tariffs. “It had all tariffs — it didn’t have an income tax,” Trump told his audience in …

How Trump’s tariffs would work
2 months, 1 week ago

How Trump’s tariffs would work

CNN  

Washington CNN — When President-elect Donald Trump returns to the White House, tariffs are likely to once again play a major role in his policy agenda. On the campaign trail, Vice President Kamala Harris referred to her then-opponent’s tariff policy as a “Trump Tax.” Several independent studies have found that if Trump implements an across-the-board tariff and increases duties on …

How Trump’s tariffs would work
2 months, 1 week ago

How Trump’s tariffs would work

CNN  

Washington CNN — When President-elect Donald Trump returns to the White House, tariffs are likely to once again play a major role in his policy agenda. On the campaign trail, Vice President Kamala Harris referred to her then-opponent’s tariff policy as a “Trump Tax.” Several independent studies have found that if Trump implements an across-the-board tariff and increases duties on …

Expert: Analysis shows Trump tax plan "taking money" from bottom 95% and "giving it" to richest 5%
2 months, 2 weeks ago

Expert: Analysis shows Trump tax plan "taking money" from bottom 95% and "giving it" to richest 5%

Salon  

Former President Donald Trump's proposed tax plan would create tax cuts for the nation's top 5% of earners while leaving the rest of Americans to shoulder tax increases by 2026, according to a new analysis. We need your help to stay independent Subscribe today to support Salon's progressive journalism The income tax exemptions, green-energy credit repeals and 2017 tax law …

Donald Trump Tax Plans Would Increase Taxes On 95% Of Americans, Analysis Finds
2 months, 2 weeks ago

Donald Trump Tax Plans Would Increase Taxes On 95% Of Americans, Analysis Finds

Huff Post  

LOADING ERROR LOADING Former President Donald Trump’s domestic policy agenda would amount to a tax increase on the vast majority of American households, according to a new analysis by a Washington, D.C., think tank, thanks largely to his proposed tariffs on imported goods. “We’re doing tariffs on other countries.” The conservative Tax Foundation has said Trump’s tariffs would essentially be …

Experts: More tariffs will be costly to US consumers
3 months ago

Experts: More tariffs will be costly to US consumers

China Daily  

American consumers could soon be stung with rising costs for buying imported goods, warn economists and retail trade organizations, after the Biden administration finalized tariff increases on certain products made in China. "Lower-income US consumers will face the biggest consequences from the new tariff hikes," Thomas Fullerton, an American economist and economics professor at the University of Texas at El …

Trump likely wouldn’t need Congress to approve his most controversial trade policy
3 months, 1 week ago

Trump likely wouldn’t need Congress to approve his most controversial trade policy

CNN  

New York CNN — It’s easy to dismiss many presidential candidates’ campaign promises as empty, because Congress would need to approve them. ‘Crazy’ proposal on tariffs Although he cautioned that it’s unclear under what conditions Trump would impose 100% tariffs, Obstfeld said such high levies would raise prices on consumers – especially if they were applied widely. Christine McDaniel, a …

Column: Trump and Vance are dead wrong — economists unanimously agree that U.S. tariffs are a tax on American consumers
3 months, 2 weeks ago

Column: Trump and Vance are dead wrong — economists unanimously agree that U.S. tariffs are a tax on American consumers

LA Times  

Despite strong evidence that the average voter in the presidential election doesn’t care a hoot about international trade policy, Donald Trump and his running mate JD Vance have been promising to step up Trump’s tariff war with China. — Vice-presidential candidate JD Vance gets the impact of tariffs completely wrong Questioned during an appearance on NBC’s “Meet the Press” on …

One law could make Trump’s tariff threat a reality
3 months, 3 weeks ago

One law could make Trump’s tariff threat a reality

Politico  

The International Emergency Economic Powers Act gives the president sweeping authority to control economic transactions after declaring an emergency. | Alex Brandon/AP First term flirtation: Trump nearly became the first president to use IEEPA to impose tariffs in 2019, when he threatened a gradually increasing tariff, starting at 5 percent, on Mexican goods unless the country stemmed illegal migration into …

Trump’s plan for tariffs criticized as 'excellent plan to ruin our economy'
4 months ago

Trump’s plan for tariffs criticized as 'excellent plan to ruin our economy'

Raw Story  

Economic experts are ripping apart one of Donald Trump's latest false claims. In 2018, Urban Institute and Brookings Institution's Tax Policy Center senior fellow Howard Gleckman wrote: A tariff is a tax on imported goods. American consumers will pay the tariffs on foreign goods AND they will pay more for domestic goods as producers raise prices to just below the …

The Scary Truth Behind Donald Trump's Promises To Workers
5 months ago

The Scary Truth Behind Donald Trump's Promises To Workers

Huff Post  

This article is part of HuffPost’s biweekly politics newsletter. JD Vance, the Ohio senator Trump tapped to be his running mate, made this abundantly clear in a Wednesday acceptance speech that railed against “Wall Street barons” and “America’s ruling class in Washington,” in defense of “the working man.” This is not the sort of rhetoric you would have heard at …

The Trump economy: Slower growth, higher prices and a bigger national debt
5 months, 1 week ago

The Trump economy: Slower growth, higher prices and a bigger national debt

Al Jazeera  

Plans to hike tariffs, tighten immigration and cut taxes are likely to crimp growth and fuel inflation, experts say. “A tariff increase covering nearly all goods imports, as Trump recently proposed, goes far beyond any previous action,” Moody’s Analytics said in its report. “There are three main tenets of Trump’s campaign, and they all point in the same inflationary direction,” …

Trump's "all-tariff" proposal would increase middle-class taxes by up to $8,500 a year: analysis
6 months ago

Trump's "all-tariff" proposal would increase middle-class taxes by up to $8,500 a year: analysis

Salon  

Donald Trump last week floated the idea of an "all-tariff policy" that he told Republican senators would enable the U.S. to get rid of its income tax." Trump's separately proposed 10% tax on all imports, and 60% tax on all imports from China, specifically, would also raise costs for average Americans, according to the analysis, amounting to a $2,500 annual …

Will Trump abolish income tax? Here's what US economy may look like if he wins
6 months, 1 week ago

Will Trump abolish income tax? Here's what US economy may look like if he wins

Firstpost  

The abolition of US federal income tax would lead to a shortfall of $2.1 trillion in government revenues, according to an expert Former US President Donald Trump has proposed abolishing federal income tax if he wins the US presidential election. 🧐 pic.twitter.com/hw0k8gwlGa — Thomas Massie June 13, 2024 Separately, in a meeting with business leaders, Trump has said he would …

Trump’s newest policy proposal would be 'huge tax increase' for the middle class: analysis
6 months, 1 week ago

Trump’s newest policy proposal would be 'huge tax increase' for the middle class: analysis

Raw Story  

Presumptive 2024 GOP presidential nominee Donald Trump has promised to impose new tariffs if he defeats President Joe Biden in November and returns to the White House next year. CNBC's Emily Wilkins, tweeted, "Trump brought up the idea of an 'all tariff policy' that would lead to getting rid of the income tax, per sources in the room…. Also discussed …

Trump's idea to replace income taxes with tariffs is a "sure way" to hurt the poor and help the rich
6 months, 1 week ago

Trump's idea to replace income taxes with tariffs is a "sure way" to hurt the poor and help the rich

Salon  

Former President Donald Trump on Thursday proposed a new solution to getting rid of the U.S. income tax: an “all tariff policy," the preemptive Republican nominee told GOP lawmakers, according to CNBC. In the meeting, Trump's first visit back to Capitol Hill since Jan 6, 2021, Trump attended a Republican "pep talk" in which he reiterated his belief that import …

Trump Floats One Weird Idea To Replace The U.S. Income Tax
6 months, 1 week ago

Trump Floats One Weird Idea To Replace The U.S. Income Tax

Huff Post  

LOADING ERROR LOADING Former president Donald Trump on Thursday raised the prospect of scrapping the U.S. income tax system and replacing it with something very different: much higher tariffs on imported goods. “Most intriguing policy idea from the GOP meeting at the Capitol Hill Club this morning: Trump briefly floated the concept of eliminating the income tax and replacing it …

The inflationary consequences of Trump's planned immigration crackdown
6 months, 2 weeks ago

The inflationary consequences of Trump's planned immigration crackdown

Salon  

The 2024 election cycle will likely be one of the closest in recent memory, coming down to the smallest of margins of victory. Worse, his current economic plans, raising tariffs across the board by 10% and creating a deportation force, would increase inflation, raise costs, and hurt working people. Under Trump's law, according to the non-partisan Tax Center, workers who …

Column: Trumponomics? He would impose the equivalent of a huge tax hike
9 months, 4 weeks ago

Column: Trumponomics? He would impose the equivalent of a huge tax hike

LA Times  

Former President Trump calls himself a “Tariff Man.” But economists say his tariff proposals would take money out of consumers’ pockets. “And they’re going to be strategic; they’ll pick industries where the U.S. will lose huge market share, because the retaliatory tariffs will drive the price of American products up.” Politics Trump as the candidate of stability? “Import tariffs on …

‘Stupid’ and ‘insane': Some billionaires vent over tax plan
3 years, 1 month ago

‘Stupid’ and ‘insane': Some billionaires vent over tax plan

Associated Press  

Elon Musk isn’t happy. “Eventually,” he tweeted Monday, “they run out of other people’s money, and then they come for you.” The Democratic proposal, unveiled Wednesday by Sen. Ron Wyden, would tax the gains of people with either $1 billion or more in assets, or three consecutive years of income of $100 million or more, at the capital gains tax …

What President Trump's Tax Returns Reveal About The Tax Code : 1A
4 years, 2 months ago

What President Trump's Tax Returns Reveal About The Tax Code : 1A

NPR  

What President Trump's Tax Returns Reveal About The Tax Code Enlarge this image toggle caption BRENDAN SMIALOWSKI/BRENDAN SMIALOWSKI/AFP via Getty Images BRENDAN SMIALOWSKI/BRENDAN SMIALOWSKI/AFP via Getty Images This week, a report from The New York Times revealed that Donald Trump paid $750 in federal income taxes in 2016 and 2017. In the presidential debate, he responded to a question about …

Trump’s Tax Revelation Could Tarnish Image That Fueled Rise
4 years, 2 months ago

Trump’s Tax Revelation Could Tarnish Image That Fueled Rise

Huff Post  

LOADING ERROR LOADING WASHINGTON — The bombshell revelations that President Donald Trump paid just $750 in federal income taxes the year he ran for office and paid no income taxes at all in many others threaten to undercut a pillar of his appeal among blue-collar voters and provide a new opening for his Democratic rival, Joe Biden, on the eve …

Discover Related