Tag:income tax
President Trump Wants to Ban the Federal Income Tax: Its Feasibility, Likelihood, & Possible Outcomes
Amongst some of the recent policy proposals made by the new administration in the White House, President Donald Trump has discussed the possibly of eliminating federal income taxes. He said, “We’re going back to the old days. No income tax, just tariffs. It worked before, and it’ll work again.” This controversial, bold proposal has sparked some significant and intense debate over its potential impacts on the economy, overall feasibility, and likely impacts on everyday Americans. President Trump hopes to replace income taxes with alternative revenue sources including tariffs and consumption taxes. The arguments on both sides are quite interesting.