Rep. Massie: Trump has proposed eliminating the income tax and replacing it with tariffs

07/02/2024 / By Belle Carter

Former President Donald Trump has proposed eliminating the income tax and replacing it with an “all-tariff” policy on imports, according to a Republican lawmaker.

Kentucky Rep. Thomas Massie disclosed this in a post on X, citing a private meeting Trump had with GOP lawmakers at the Capitol Hill Club last month. “Most intriguing policy idea from the GOP meeting: Trump briefly floated the concept of eliminating the income tax and replacing it with tariffs,” he wrote.

An “all-tariff policy” would ultimately enable the U.S. to get rid of the income tax, as per En-Volve. The former president also reportedly talked about using tariffs to leverage negotiating power over bad actors, according to another source in the room.

“The remarks show Trump, who championed tariffs as a foreign policy multi-tool during his first term in office, is considering a drastically more protectionist trade agenda if he defeats President Joe Biden in November,” CNBC reported.

Georgia Rep. Marjorie Taylor Green also lauded the meeting: “I was thrilled to hear [former] President Trump suggest we raise tariffs and reduce the income tax for Americans to zero as a new tax policy after the tax plan expires this year. This will really help struggling Americans get back on their feet after four bad years of Bidenomics. (Related: Americans are much worse off financially under Biden compared to Trump, survey reveals.)

During the meeting, Trump also urged lawmakers to cut taxes on income from tips. Trump used tariffs aggressively during his first term in office, placing levies of up to 25 percent on a wide range of Chinese products as one of many efforts to thwart competition.

South Dakota Sen. Mike Rounds said cutting taxes on tips could help the GOP win over working-class voters. “If there was something we could do to really energize that particular segment of the population, that might be a real popular thing to do,” he told reporters.

The former chief executive also criticized a $60 billion aid package for Ukraine that recently passed with GOP support. Nebraska Rep. Don Bacon recounted: “He’s like, ‘If Ukraine wins, what will be the benefit?'”

Trump to ease Wall Street from “burdensome regulations”

Back in April, Trump vowed to sharply reduce the power of U.S. financial regulators the second he returns to 1600 Pennsylvania Avenue NW, according to a review of public documents and interviews with people allied with the former president.

According to Reuters, Trump would likely renew his efforts to scale back reforms if elected and pare protections for small-scale investors and borrowers. He would also allow companies to raise money with less scrutiny. The news outlet spoke with about a dozen people who have provided advice or been consulted by Trump or his allies.

Trump has not yet announced a formal policy staff or released detailed positions on how he would regulate Wall Street aside from short videos and snippets in campaign appearances. But the sources said that a constellation of experts and Trump allies are pitching regulatory rewrites, identifying potential staff and floating ideas on TV, in op-eds and directly to Trump at his Mar-a-Lago Club in Palm Beach, Florida.

Some of the ideas in Trump’s current policy orbit have long circulated in conservative economic conversation. They include curtailing the Dodd-Frank Act, a set of post-2008 financial crisis rules intended to reduce systemic risk.

Karoline Leavitt, national press secretary for the Trump campaign, said the former president had success in peeling back regulations during his administration. She stated in an email to Reuters: “Trump’s pro-growth, deregulatory agenda ignited the greatest economy in history.”

Watch the video below about Trump’s tax cuts when he was still president five years ago.

This video is from the NewsClips channel on Brighteon.com.