US Presidential elections 2024: No income tax for US citizens? Donald Trump says if elected president…

Donald Trump's visit to Capitol Hill involved discussions on implementing an 'all tariff policy' to replace income tax. Broadly substituting tariffs for income tax is a sure way to hit hard, low and middle-income Americans and reward the top earners, experts say.

Livemint
Published14 Jun 2024, 08:29 AM IST
FILE PHOTO: Former U.S. President and Republican presidential candidate Donald Trump speaks to the media following meetings with Republicans on Capitol Hill, at the National Republican Senatorial Committee (NRSC) headquarters in Washington, U.S., June 13, 2024. REUTERS/Evelyn Hockstein/File Photo
FILE PHOTO: Former U.S. President and Republican presidential candidate Donald Trump speaks to the media following meetings with Republicans on Capitol Hill, at the National Republican Senatorial Committee (NRSC) headquarters in Washington, U.S., June 13, 2024. REUTERS/Evelyn Hockstein/File Photo(REUTERS)

US Presidential Elections 2024:  Republican presidential candidate Donald Trump proposed an “all tariff policy” on Thursday to eliminate the need for income tax in the United States, CNBC reported citing sources.

As per the report, Trump discussed utilising tariffs as leverage in negotiations with problematic entities, CNBC reported quoting another source present at the meeting held with GOP lawmakers at the Capitol Hill Club in Washington, D.C.

The comments indicate that Trump, known for promoting tariffs as a versatile tool in foreign policy during his initial term as president, is contemplating a significantly more protectionist trade agenda should he win against US President Joe Biden in November.

Also Read: Trump Tells GOP He Plans to Entirely Reverse Biden’s EV Policy

Trump later mentioned in a Truth Social post on Thursday morning, “lots discussed, all positive,” but did not elaborate further.

Critics swiftly reacted to Trump's suggestion of replacing income taxes with tariffs.

In a post on X, David Kamin, professor at New York University, said, “Here's the thing: The income tax has its flaws. But, the bottom line is it raises ~$2.5 trillion per year in progressive fashion. Broadly substituting tariffs for income tax is a sure way to hit hard, low and middle income Americans and reward top.”

CNBC reported citing Catherine Rampell, an op-ed columnist for The Washington Post, highlighted the potential impact of Trump's tariff proposal, noting that it could effectively result in a substantial tax increase for lower and middle-income classes, stating, “this sounds like a huge tax increase on the lower/middle income classes.”

Also Read: Supreme Court rules California man can't trademark 'Trump too small'

Trump's visit to Capitol Hill to engage with Republican lawmakers and business figures marked his first return to the area since January 6, 2021, when, as president, he encouraged his supporters to rally to contest his electoral defeat to Joe Biden. Rampell's analysis highlights potential concerns regarding the fairness and distributional impact of Trump's proposed tariff policy.

(With inputs from agencies)

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
First Published:14 Jun 2024, 08:29 AM IST
HomeNewsWorldUS Presidential elections 2024: No income tax for US citizens? Donald Trump says if elected president…

Most Active Stocks

Tata Steel

157.75
03:43 PM | 19 JUL 2024
-8.6 (-5.17%)

Tata Power

414.15
03:59 PM | 19 JUL 2024
-15.85 (-3.69%)

Bharat Electronics

306.30
03:45 PM | 19 JUL 2024
-7.2 (-2.3%)

Zee Entertainment Enterprises

137.55
03:57 PM | 19 JUL 2024
-4.9 (-3.44%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Tata Teleservices Maharashtra

102.11
03:59 PM | 19 JUL 2024
4.68 (4.8%)

Rail Vikas Nigam

614.00
03:59 PM | 19 JUL 2024
27.65 (4.72%)

Jubilant Pharmova

752.25
03:43 PM | 19 JUL 2024
25.3 (3.48%)

One 97 Communications

458.70
03:55 PM | 19 JUL 2024
13.65 (3.07%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    76,272.001,173.00
    Chennai
    76,124.001,465.00
    Delhi
    75,533.001,021.00
    Kolkata
    75,089.00-450.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.76/L0.00
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumInstant LoanBudget