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 the Knockout Barbershop. Currently, tariffs make up 2 per cent of federal income, compared with payroll taxation bringing in 94 per cent.

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History of this topic

Can Donald Trump enact tariffs without Congress? And can anyone stop him?
3 weeks ago

Can Donald Trump enact tariffs without Congress? And can anyone stop him?

Al Jazeera  

Raising tariffs on US goods may hurt the economy, but can Trump push them through anyway? “While some argue that it would be a stretch for Trump to claim that all imports are a threat to US national security under Section 232, the courts have routinely deferred to presidents on foreign affairs and trade policy, and legal challenges to the …

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 …

Trump tariffs: It’s one of Trump’s most controversial promises. This is how he might carry it out.
54 years, 11 months ago

Trump tariffs: It’s one of Trump’s most controversial promises. This is how he might carry it out.

Slate  

This article was originally featured in Foreign Policy, the magazine of global politics and ideas. But tariffs are also touted by Trump’s trade sherpas, such as former U.S. Trade Representative Robert Lighthizer, as a way to force manufacturing back to the United States by discouraging pricier imports. If tariffs are just a threatened big stick to get better trade terms …

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 …

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 …

A 'Trump economy' robs from the American people to enrich the elite
1 month, 4 weeks ago

A 'Trump economy' robs from the American people to enrich the elite

LA Times  

If Donald Trump retakes the White House, he would resume serving billionaires such as Vladimir Putin. Believing Donald Trump will be better for the economy than Vice President Kamala Harris is like thinking you’re a dinner guest when you’re actually the main course. When Trump slashed the corporate tax rate, his Council of Economic Advisers promised American workers would see …

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 …

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 …

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 …

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 …

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 …

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 …

What would Trump's 10% tariff on all imports mean for you? Ex-president's plans would cost American families $1,500 and lead to a $90 tax increase on food, progressive group claims
8 months, 3 weeks ago

What would Trump's 10% tariff on all imports mean for you? Ex-president's plans would cost American families $1,500 and lead to a $90 tax increase on food, progressive group claims

Daily Mail  

Former President Donald Trump has signaled he would introduce new tariffs should he be elected president for a second term, but a new study by a left-leaning organization shows his tariffs would raise costs for American families. A new analysis from the Center for American Progress Action Fund, which was founded by Democrats, found the tariff would amount to a …

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 …

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 …

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