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Donald Trump – Tax Plans
Could Trump Replace Income Tax with Tariffs? CPA Explains the Likelihood. Apply to Become a Client: https://mycpacoach.com/contact/
The Trump campaign has floated the idea of eliminating income tax which is gaining a lot of attention right now.
Basically instead of having an income tax, his campaign is suggesting to raise tariffs on foreign producers to raise revenue for the federal government.
On his website, his proposal specifically states that “As Tariffs on Foreign Producers Go Up, Taxes on American Workers, Families, and Businesses can come down”
This idea has raised a number ranging from if this could actually pass Congress to how it could affect the economy, inflation, and ultimately – is this actually a legitimate possibility or just smoke in mirrors?
So as a CPA that has reviewed Trump’s tax proposal in detail and as someone who tax plans everyday at mycpacoach.com, I want to provide you with a very simple understanding of this concept, my thoughts on if it actually will pass, and the potential impacts to you if it does.
So let’s jump right into it. Go ahead and drop a comment as you watch this to let me know what you think and let’s dive right in.
- Eliminating Income Tax: (0:00)
- Tariff for Tax Cuts: (1:20)
- Tariffs Example: (1:54)
- US History with Tariffs: (2:40)
- History of Income Tax: (3:15)
- Challenge 1 – Tax Revenue: (4:30)
- Challenge 2 – The Deficit: (5:35)
- Challenge 3 – National Debt: (6:30)
- Potential Solutions: (7:35)
- Cutting Government Spending?: (8:03)
- Opinions: (9:20)
Kamala Harris – Tax Plans