Trump, in interview with Joe Rogan, says he would replace income tax with tariffs

Former President Donald Trump stood by his idea of ​​eliminating the income tax and replacing it with tariffs in an interview Friday with Joe Rogan, the host of one of the most listened to podcasts in the world.

“Do you want to just float the idea of ​​removing the income tax and replacing it with tariffs?” » Rogan asked the Republican presidential candidate during their three-hour interview. “Are we serious about this?”

“Yeah, sure, but why not?” Trump responded.

“We will not allow the enemy to come in and take our jobs, our factories, our workers and our families unless they pay a heavy price. And the big price is tariffs.” , added the former president.

A central plank of Trump's economic pitch to voters is a sweeping tax overhaul that includes proposals to erode the income tax system and replace it with harsh tariff policies.

He proposed eliminating income taxes on tips, overtime and Social Security benefits, while renewing his 2017 tax cuts, which expire in 2025. He also said he would consider income tax exemptions for firefighters, police officers and military personnel. and veterans.

Ending taxes on tips, overtime and Social Security alone would cost about $2 trillion over 10 years, according to the nonpartisan think tank Tax Foundation. This cost only increases with the addition of Trump's other tax relief proposals.

Trump sees his aggressive view on tariff policy as a way to offset these costs.

He proposed a 20% tariff on all imports from all countries, with a particularly high rate for Chinese imports.

But tax experts and economic analysts don't think Trump's tariffs would be an adequate counterweight to balance the trillions lost due to the income tax cut.

“It would not be possible to raise tariff rates high enough to cover anywhere near this amount.” [of income tax revenue]”, because imports would decline as tariff rates increase,” Garrett Watson, senior policy analyst at the Tax Foundation, told CNBC earlier this month.

Watson added that Trump's tariffs would likely generate about $3.8 trillion in revenue over 10 years, compared to the $33 trillion that personal income taxes would raise over the same period.

Overall, Trump's overall tax plan, including tariffs, would increase the deficit by $3 trillion over a decade.

“The math doesn’t work,” Watson said.

Additionally, Trump's tariffs would be paid by U.S. importers, raising production costs and potentially leading to higher consumer prices, just as inflation has begun to ease.

In effect, these tariffs could replace the income tax with a kind of new sales tax, thereby shifting more of the tax burden to lower-income people.

Vice President Kamala Harris has adopted economists' analysis of Trump's tariffs as her own campaign argument.

“It would be a sales tax on the American people,” the Democratic candidate said in an interview with MSNBC’s Stephanie Ruhle in September.

“Imposing 20% ​​tariffs on all imports as he has described would essentially amount to a 20% sales tax on basic necessities for the average American worker, the average American family.”

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos