Rep. Massie: Trump has proposed eliminating the earnings tax and changing it with tariffs – NaturalNews.com

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July 3, 2024

Rep. Massie: Trump has proposed eliminating the earnings tax and changing it with tariffs

Former President Donald Trump has proposed eliminating the income tax and replacing it with an “all-tariff” policy on imports, in keeping with a Republican lawmaker.

Kentucky Rep. Thomas Massie disclosed this in a put up on X, citing a personal assembly Trump had with GOP lawmakers on the Capitol Hill Membership final month. “Most intriguing coverage concept from the GOP assembly: Trump briefly floated the idea of eliminating the earnings tax and changing it with tariffs,” he wrote.

An “all-tariff coverage” would in the end allow the U.S. to eliminate the earnings tax, as per En-Volve. The previous president additionally reportedly talked about utilizing tariffs to leverage negotiating energy over unhealthy actors, in keeping with one other supply within the room.

“The remarks present Trump, who championed tariffs as a international coverage multi-tool throughout his first time period in workplace, is considering a drastically more protectionist trade agenda if he defeats President Joe Biden in November,” CNBC reported.

Georgia Rep. Marjorie Taylor Inexperienced additionally lauded the assembly: “I used to be thrilled to listen to [former] President Trump recommend we increase tariffs and cut back the earnings tax for People to zero as a brand new tax coverage after the tax plan expires this 12 months. This may actually assist struggling People get again on their ft after 4 unhealthy years of Bidenomics. (Associated: Americans are much worse off financially under Biden compared to Trump, survey reveals.)

Through the assembly, Trump additionally urged lawmakers to cut taxes on income from tips. Trump used tariffs aggressively throughout his first time period in workplace, putting levies of as much as 25 % on a variety of Chinese language merchandise as one in every of many efforts to thwart competitors.

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South Dakota Sen. Mike Rounds mentioned slicing taxes on suggestions might assist the GOP win over working-class voters. “If there was one thing we might do to essentially energize that exact section of the inhabitants, that is likely to be an actual common factor to do,” he informed reporters.

The previous chief govt additionally criticized a $60 billion support package deal for Ukraine that not too long ago handed with GOP assist. Nebraska Rep. Don Bacon recounted: “He is like, ‘If Ukraine wins, what would be the profit?'”

Trump to ease Wall Road from “burdensome rules”

Again in April, Trump vowed to sharply reduce the power of U.S. financial regulators the second he returns to 1600 Pennsylvania Avenue NW, in keeping with a evaluate of public paperwork and interviews with folks allied with the previous president.

In response to Reuters, Trump would seemingly renew his efforts to cut back reforms if elected and pare protections for small-scale buyers and debtors. He would additionally enable corporations to lift cash with much less scrutiny. The information outlet spoke with a couple of dozen individuals who have offered recommendation or been consulted by Trump or his allies.

Trump has not but introduced a proper coverage workers or launched detailed positions on how he would regulate Wall Road apart from quick movies and snippets in marketing campaign appearances. However the sources mentioned {that a} constellation of specialists and Trump allies are pitching regulatory rewrites, figuring out potential workers and floating concepts on TV, in op-eds and on to Trump at his Mar-a-Lago Membership in Palm Seaside, Florida.

A few of the concepts in Trump’s present coverage orbit have lengthy circulated in conservative financial dialog. They embrace curbing the Dodd-Frank Act, a set of post-2008 monetary disaster guidelines supposed to cut back systemic threat.

Karoline Leavitt, nationwide press secretary for the Trump marketing campaign, mentioned the previous president had success in peeling again rules throughout his administration. She said in an e-mail to Reuters: “Trump’s pro-growth, deregulatory agenda ignited the best economic system in historical past.”

Watch the video under about Trump’s tax cuts when he was still president five years ago.

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