its his National sales tax plan... he promised to replace the sales tax with a national sales tax.. this is how he is putting a sales tax on virtually everyone and every thing..
Another cheap trick. 2024 - 2.2T from individual income taxes.The average yearly increase of individual taxes of about 10% would require at least 810ML tariffs daily. There is no way that amount will be collected and it is still a tax on consumers and companies.
They want to do this because a tariff (which is just a flat consumption tax) is a regressive tax so the wealthy will be taxed less than the poor/middle class.
U.S. Total Value of Imported Goods - 2024 - $3.36 trillion
In FY 2024, about 49%, or $2.4 trillion, of total revenue came from individual income taxes.
So the tariff rate would have to 75% on everything imported from every single country. This rate of tariffs would decrease imports.
That's his main goal. Tax money is handled by the congress. He is however in position to control revenues from tariffs. It has nothing to do with economics, it's about seizing power.
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In FY 2024, about 49%, or $2.4 trillion, of total revenue came from individual income taxes.
So the tariff rate would have to 75% on everything imported from every single country. This rate of tariffs would decrease imports.
#POTUSpig 🐷