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Tariffs are "not enough" to cover large offsets from decreasing income taxes https://www.piie.com/blogs/realtime-economics/2024/can-trump-replace-income-taxes-tariffs
And in addition, since income taxes are very progressive (the more you earn the higher the percentage you pay) and tariffs (which are basically consumption taxes) are NOT...
Replacing income taxes with tariffs is VERY regressive taxation, lowering tax rates on high-earns dis-proportionally while increasing them on everyone based on what they buy a little.
While I personally would benefit more from this is this actually what the American people voted for??? To lower tax rates on high-earners while taxing everyone more especially if they shop at Walmart?
Tariffs are not enough. We would need excise and a federal consumption tax to replace income tax
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