Trump proposes income tax abolition, stirs economic debate
Donald Trump proposed abolishing the federal income tax, aiming to restore the USA to its wealthiest period. 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 US President argues that instead of taxing citizens, the country should focus on tariffs, which will enrich Americans.
Trump noted that between 1870-1913, the United States relied mainly on tariffs, which made it the wealthiest country in the world. The proposal includes creating a new agency to handle revenue collection from tariffs.
However, experts such as Erica York from the Tax Foundation warn that tariffs may burden importers, which will negatively affect the US economy.
The idea not unequivocally accepted
Trump's idea has met with various opinions. Kenny Polcari from Slatestone Wealth believes that abolishing the income tax and introducing tariffs could stimulate the economy. On the other hand, Taylor Riggs from "The Big Money Show" emphasizes 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.
