US Presidential Elections 2024: Donald Trump proposed an “all tariff policy”

US Presidential Elections 2024: Republican candidate Donald Trump proposed an “all tariff policy” on Thursday to potentially eliminate the need for income tax in the United States, according to a report by CNBC.

The report indicates that Trump discussed using tariffs as a negotiating tool with problematic entities, quoting a source who attended the meeting with GOP lawmakers at the Capitol Hill Club in Washington, D.C.

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These comments suggest that Trump, who championed tariffs as a foreign policy tool during his first term, is considering a much more protectionist trade strategy if he wins against US President Joe Biden in November.

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Later on Thursday morning, Trump posted on Truth Social, stating, “lots discussed, all positive,” without providing further details.

US Critics quickly responded to Trump’s proposal to replace income taxes with tariffs

Critics quickly responded to Trump’s proposal to replace income taxes with tariffs.

David Kamin, a professor at New York University, commented on X, “The income tax has its flaws, but it raises approximately $2.5 trillion per year in a progressive manner. Replacing income tax with tariffs would negatively impact low and middle-income Americans while benefiting the wealthy.

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CNBC reported that Catherine Rampell, an op-ed columnist for The Washington Post, pointed out the potential impact of Trump’s tariff proposal, noting it could lead to a significant tax increase for the lower and middle-income classes. She stated, “this sounds like a huge tax increase on the lower/middle income classes.”

Rampell’s analysis raises concerns about the fairness and distributional effects of Trump’s proposed tariff policy.