“We’re not out of the woods yet” says ITR Economics’ Brian Beaulieu find out why he says that as he looks at recent economic data and warns that ‘people aren’t liking what they’re seeing about the economy.” Check out his latest “Fedwatch” for more.
Tariffs or Taxes? During the campaign, President Trump made the remarkable suggestion that the IRS and income tax could be abolished and the revenue foregone be replaced entirely with tariffs, replacing the Internal Revenue Service with “The External Revenue Service.”
It’s not a new idea. This was in fact how most of US federal spending was financed….over a hundred years ago.
But things have changed a bit since then and I’m sure that President Trump and all of us might benefit from economist Brian Wesbury’s one page primer on tariffs….and how much the president would have to raise them to replace income taxes. Check out his answer to the question “Can Tariffs Replace the Income Tax?”
