Donald Trump floated a truly bizarre plan during a private meeting in Washington last week.
Donald Trump is known to say some peculiar things, but last week he floated a truly weird idea: repealing all US income taxes and replacing the forgone revenue with income from tariffs.
A number of respected think tanks have evaluated the impact of that plan. The Peterson Institute for International Economics, for instance, calculated the cost for the average middle-income US household at $US1700 a year. Other studies are in a similar ballpark. Trump’s plan would fundamentally damage America’s international relationships, leaving China, led by Xi Jinping, as the dominant geopolitical force.The US Congressional Budget Office has forecast the US government’s individual income tax receipts will be $US2.45 trillion this financial year and $US2.55 trillion in 2024-25. Corporate tax receipts are expected to be $US525 billion this financial year and $US490 billion in 2024-25.
If the tariffs-for-tax swap is unworkable, Trump will have to find another way to fund the extension of his 2017 tax cuts, which expire after 2025. The Congressional Budget Office has projected that an extension of the cuts, which Trump has said he plans to do, would cost $US4.6 trillion over a decade. He debt-financed the existing cuts, which has been a major factor in America’s swollen debt and deficits.
Biden has invested massively in subsidies and other incentives to on-shore strategic industries in order to reduce America’s over-reliance on China for products regarded as central to 21st-century economic development.on Chinese imports of electric vehicles and will probably raise the tariffs on other green technologies to offset the impact of China’s layers of subsidies for strategic products.
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