Trump suggests ending federal income tax with tariff replacement
In a recent episode of the Joe Rogan Experience, former President Donald Trump discussed his plan to eliminate federal income tax in the United States, proposing that tariffs on imports could replace the revenue stream.
Drawing on historical policies, Trump cited former President William McKinley’s tariff strategies in the 1890s, describing them as highly effective and beneficial for the country.
Trump emphasised how McKinley’s tariffs generated significant revenue, recalling, “We were so rich. We had so much money. We didn’t know what to do, so they set up a blue ribbon commission on tariffs.”
Trump suggested that adopting similar policies today could create revenue without traditional income taxes.
Critics of the proposal argue that imposing tariffs would lead to higher prices on goods, effectively acting as a hidden tax on consumers.
However, Trump contends that tariffs would not only boost demand for the US dollar but also protect domestic jobs and enhance the competitiveness of US exports.
In another notable suggestion, Trump hinted at using Bitcoin (CRYPTO:BTC) to address the $35 trillion national debt during a discussion with Fox News’ Maria Bartiromo.
He mentioned the possibility of repaying creditors with Bitcoin, suggesting it could “wipe away our $35 trillion.”
Asset manager Bryan Courchesne commented on the idea, noting that while challenging, creating a Bitcoin strategic reserve is not impossible.
He explained that the US Department of Justice could transfer its seized Bitcoin holdings, estimated at around 200,000 BTC, to the Treasury to initiate the reserve.
Trump is not the only figure exploring Bitcoin as a strategic asset.
Earlier in 2024, former presidential candidate Robert F. Kennedy Jr. also proposed establishing a Bitcoin reserve to bolster the US dollar before dropping out of the race.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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