Can tariffs truly replace income taxes in today’s economy? In this episode, we examine the bold and controversial proposal from former President Trump to replace income taxes with tariffs. What would this dramatic shift mean for everyday Americans, particularly those with lower incomes? And would it actually work?
To unpack these questions, Kyle Hulehan is joined by Erica York, Senior Economist and Research Director, as they explore the impact of tariffs on household budgets and the economy as a whole. They’ll also revisit the McKinley TariffTariffs are taxes imposed by one country on goods imported from another country. Tariffs are trade barriers that raise prices, reduce available quantities of goods and services for US businesses and consumers, and create an economic burden on foreign exporters. era to see what history can teach us about the possible political backlash and economic consequences.
Links
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- Trump Floats Replacing Income TaxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. with Tariffs See more
- Tracking 2024 Presidential Tax Plans See more
- Harris Tax Plan Ideas: Details and Analysis See more
- Trump Tax Plan Ideas: Details and Analysis See more
- Trump’s Tariff Proposals Would Raise Tariff Rates to Great Depression-Era Levels See more
- How Do Import Tariffs Affect Exports? See more
- Why the Economic Effects of Taxes (Including Tariffs) Matter See more
Note: This episode is part of an ongoing series exploring taxes and the 2024 election. See our related episodes here, here, here, here, and here.
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