In a recent segment of CNN's The Source, anchor Kaitlan Collins confronted Secretary of the Interior Doug Burgum over President Trump's proposal to replace income tax with tariffs. Collins pointed out the mathematical inaccuracy of Trump's claim, stating that tariffs would need to increase significantly to replace income tax revenues. Burgum responded by asserting that there would still be revenue generated through increased trade and the exploitation of natural resources. However, Collins questioned the feasibility of this approach, particularly in light of potential tariff reductions as trade deals progress.
Well, I'm glad you brought that up, because obviously I mean, tariffs is one thing he made very clear on the campaign trail he was going to do. Maybe people didn't believe him. But he wrote yesterday that many people's income taxes will be substantially reduced, maybe even completely eliminated, once the revenue from the tariffs comes in. But if you're making deals with countries, and you're going to lower those tariffs, how are you going to have the revenue to cover people's income taxes?
There is going to be revenue, two ways. One, in terms of just increased trade, because if we have markets that are open to U.S. company, and more things that are built here, that's a positive for America, because income taxes are one form of tax, but there's also many other forms of revenue that the government can generate.
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