← Back to context

Comment by reaperman

16 days ago

I'm sorry, what? Federal income taxes have not been eliminated. Trump can't even do that; Congress would have to, and they won't.

The federal government currently collects on the order of $2.5 trillion in income taxes. These tariffs would only generate $500 billion of federal revenue. But in reality they'll generate less, due to any amount of second-order effects where less stuff is imported due to higher costs. It's very myopic to only look at the household finances and not have anything to say about a proposed loss of $2 trillion of federal revenue.

With allies like you in this discussion thread, who needs enemies?