Oh and we’re not going to tariff luxury cars but do have enormous tariff on jeans and bananas. Wonder who would possibly benefit from such a system design? I’m not very smart so can’t quite put it together, a total mystery.
Comment on FACT FOCUS: Trump says tariffs can eventually replace federal income taxes. Experts disagree
danc4498@lemmy.world 1 week ago
Regressive tax plan. Just like sales tax.
pdxfed@lemmy.world 1 week ago
nova_ad_vitum@lemmy.ca 1 week ago
Even if it wasn’t regressive (which it is) it still wouldn’t work to replace income tax. The tariffs incentivize domestication of production, so people are literally incentivized to circumvent them. That’s also (lol) one of the stated goals here - being back manufacturing. But you can’t use tariffs to both bring back manufacturing and replace income tax or even a substantial part of it in the short term anyways. It’s really just one or the other.