$BTC # Trump's Bold Plan: No More Income Tax in the Future? Tariffs to Replace Tax System Sparks Outrage!
President Trump directly made a shocking statement: "It won't be long before everyone no longer has to pay personal income tax!" His core plan is quite straightforward—relying on expanding and increasing tariff revenue to completely replace federal personal income tax, allowing government operations to be funded solely by import taxes, and ensuring that American wages can be received in full.
If this truly comes to fruition, it would be a disruptive change in American financial history! For ordinary people, receiving full wages without income tax deductions is exciting to think about. However, this move has sparked intense controversy, with both sides in heated debate.
Supporters firmly believe this can boost domestic production, activate the economy, and significantly increase disposable income for households; but experts have thrown cold water on this idea: to fill a $2 trillion income tax gap through tariffs, based on 2023 data, the tariff rate would need to skyrocket to 69.9%, which is simply unrealistic! Moreover, it would raise the prices of imported goods and exacerbate trade friction, directly impacting companies reliant on the global supply chain.
It is important to note that when tariffs dominated finances in the last century, federal spending accounted for only 2% of GDP; now it has soared to 22.7%, times have changed. But Trump repeatedly emphasizes this idea, claiming that historically, America has achieved prosperity through tariffs and is confident that tariffs can reshape the tax system.
Whether this plan will succeed remains uncertain, but it has already stirred up a storm in the financial world—excitement, skepticism, and uncertainty are intertwined. Investors, economists, and ordinary citizens are keeping a close watch, as once implemented, the work, income, and lifestyle of Americans could be completely rewritten!
