Donald Trump proposes that his tariffs will generate significant revenue for the U.S. treasury, potentially funding another tax cut primarily benefiting wealthy Americans. However, economic analysis reveals that the burden of these tariffs will largely fall on the working class and poor, exacerbating income inequality. Despite Trump's claims of trillions in revenue, estimates suggest that the tariffs may yield around $120 billion annually. Furthermore, attempts to replace income taxes with tariff revenues are mathematically implausible, given the U.S. government's $3 trillion yearly income tax revenue needs.
Tariffs are about making America rich again and making America great again... We're going to become so rich you're not going to know where to spend all that money.
The goal of the External Revenue Service is very simple: to abolish the Internal Revenue Service and let all the outsiders pay.
If Trump's already-announced tariffs went into effect, they would bring about $120bn a year into the US treasury, and $1.3tn over the course of 10 years.
America raises about $3tn each year from income taxes. The nation also imports about $3tn worth of goods each year.
Collection
[
|
...
]