Running the Numbers: Can Tariffs Replace Income Tax Revenue? If you want to raise $2.4 trillion from a roughly $3.5-trillion base of imports, the back-of-the-envelope math suggests you need an average ...
This article originally appeared on PolitiFact. President Donald Trump has recently claimed his tariffs will generate so much money that Americans could soon stop paying federal income taxes. But ...
Tariffs can’t replace income tax: At $195 billion in 2025, customs duties cover only ~7- to 8% of the ~$2.5 trillion collected via federal income taxes. Even under a highly optimistic scenario ...
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