Former President Donald Trump just pitched a game-changing idea: completely end federal income taxes. Speaking at a Bronx barbershop on Fox News, Trump suggested bringing America back to the pre-1913 eraāwhen tariffs, not income taxes, funded the government. He claims this could ease the tax burden, proposing special tax breaks for groups like police, military, and firefighters.
Can tariffs replace income tax revenue? But the numbers donāt quite add up. Income and payroll taxes raked in around $4.2 trillion last year. Even if tariffs were imposed on all $3 trillion of U.S. imports, they wouldnāt fully cover the revenue gap. Plus, tariffs generally drive up prices, hitting everyday Americans hard, especially those on lower incomes. Economists warn this approach could make essentials like food and clothing more expensive, causing pain for households already facing a tight economy.
Muskās Millions Fueling the Campaign Meanwhile, Elon Muskās America PAC is funneling cash into Trumpās campaign, pouring in $44 million in October alone. With aggressive spending in battleground states, theyāre even offering $1 million daily giveaways to registered voters. This massive spending blitz has caught the Justice Departmentās attention, with concerns over the legality of cash giveaways for voter engagement.
The Final Push With both Trump and Harris campaigns firing on all cylinders, the financial race is heating up. Trumpās team spent $88 million just in early October, with only $36 million remaining for the final stretch. Harrisās campaign, however, is financially stronger, raising $97 million and holding $119 million in reserves.
Stay tuned as this bold tax proposal and high-stakes funding race unfolds!
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