Trump proposes income tax abolition, experts express concern
Donald Trump has proposed the abolition of federal income tax, a move intended to restore the USA to one of the wealthiest periods in its history. This idea has sparked mixed reactions among economists and market experts.
During a conference in Doral, Florida, Donald Trump presented his controversial plan to abolish federal income tax. According to "Fox Business", the former US President argues that, instead of taxing citizens, the country should focus on tariffs, which he believes will enrich Americans.
Trump noted that between 1870 and 1913, the United States primarily relied on tariffs, which made it the wealthiest country in the world. The proposal includes the creation of a new agency to manage revenue collection from these tariffs.
However, experts such as Erica York from the Tax Foundation warn that tariffs may burden importers, potentially having a negative impact on the US economy.
The idea not unequivocally accepted
Trump's proposal has been met with a variety of opinions. Kenny Polcari from Slatestone Wealth believes that abolishing income tax and implementing tariffs could stimulate the economy. On the other hand, Taylor Riggs from "The Big Money Show" highlights that the volatility of tariffs could make planning difficult for companies.
Trump also announced the possibility of imposing high tariffs on goods from China, Canada, and Mexico.
