Trump now wants to eliminate income tax, saving people money after, announcing a new strategy to institute a policy on tariffs.
This policy on tariffs would lead to the elimination of the federal income tax, per Yahoo Finance.
Tariffs allow the United States to increase the cost of foreign-made products, particularly those that come from countries that have significantly lower labor and materials costs, or those who allow unfair trade practices.
The effect of a tariff is to level the playing field for domestic companies who keep jobs local and are subject to the labor laws of the United States.
Tariffs are paid to the U.S. government before foreign goods can be brought into the country.
“The additional cost incurred by the foreign manufacturer would then be passed on to the consumer in the form of a higher retail price,” reports Yahoo Finance.
“During Trump’s presidential term, he used tariffs to increase the cost of goods made in China, so that American goods could be priced more competitively.”
The impact of raising costs on tariffs again would mean that prices would rise on all imported goods.
However, Americans would keep more of their hard-earned money if Trump is able to eliminate federal taxes on income.
Less taxes equals more purchasing power, which creates a healthy circulation in our economy.
The increasing odds of a recession in the United States is primarily due to rising layoffs, an increase in bankruptcies, and a decrease in purchasing power.
What are your thoughts on Trump proposing to eliminate income taxes?
Leave your thoughts and opinions below.
Also Read: Donald Trump Now Plans To End Social Security Taxes For Retirees
Other Political and Economy News
Trump now says Harris is promising things she can’t deliver after unveiling a new child tax credit and an ambitious first-time home buyer subsidy.
The child tax credit would provided families with a newborn $6,000.
Harris is also proposing to provide $25,000 grants to over a million first-time homebuyers with a history of timely rent payments.
Former President Donald Trump on Saturday criticized Vice President Kamala Harris’ newly unveiled economic agenda and questioned why she hadn’t implemented her proposals while she was already in office.
“Yesterday, Kamala laid out her so-called economic plan.
She says she’s going to lower the cost of food and housing starting on day one, but day one for Kamala was three and a half years ago, so why didn’t she do it then?” Trump said at a rally in Wilkes-Barre, Pennsylvania.
Trump said, “So this is day 1305, we’re at thirteen hundred and give, so why isn’t she doing it now.
Why doesn’t she get away from her nice little place with her wonderful husband, go to Washington and do it now?
You could do it right now.”
Trump said Harris’ plan is “very dangerous because it may sound good politically, and that’s the problem, and we have to be very careful because when somebody gets up and says we’re going to give you everything, $25,000 for a house, we’re going to give you all sorts of little goodies, free health care, we’re going to give you everything, universal health care, it sounds so beautiful.”
“I told my people, you gotta be very careful. I told the Republican Party, you have to be very careful, she’s giving all this away and somebody that really isn’t into it…
It’s dangerous, because she’s saying that she’s going to give away things that she’ll never be able to get approved,” Trump said.
Harris on Friday proposed a new plan to provide tax relief for more than 100 million middle-class and lower-income Americans and her new economic agenda includes measures aimed at making housing, groceries, health care and child rearing more affordable.
“She’s promising to hand out things she can’t deliver, she can never deliver them, she will never get them approved,” Trump said.
For more political news and updates like this, opt-in for push notifications.
Also Read: Harris Now Aims To Eliminate Billions in Painful Medical Debt
Market News Published Daily 📰
Don’t forget to opt-in for push notifications so you don’t miss a single article!
Be sure to share this article with your community.
Also, thank you to all of our site sponsors.
This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
Our readers can now donate $3 per month to support independent journalism.
For daily news and updates on your favorite stories, opt-in for push notifications.
Follow Frank Nez on X (Twitter), Instagram, or Facebook.
Support Independent Journalism ✍🏻
Support independent journalism for just $3 per month!
Your contributions help power Franknez.com as the cost of widgets and online tools continue to rise.
Thank you for your support!
If Trump likes something, there must be a problem with it. For example, what about the uber rich, who already have a tremendous advantage over everyone else? Are we just going to let them take even more of the country away from the rest of us?
The rich don’t take anything from you — they provide value and create the things you love and use every day. Let’s say you decide to turn your hobby into a business and it starts earning you money — you will then see how government tax is legal theft. The more money and buying power Americans have, the healthier the economy becomes due to monetary circulation from services and goods.
Don’t get me wrong — are there people in power who are super wealthy and take advantage of people, absolutely. But majority of the upper-middle and upper classes aren’t in that category.
If you’re an American, you have an advantage over everyone else — it’s what you decide to do about being an American that gives you an edge. An advantage is gained when you decide to set goals and then take action.
The American people must take accountability — we decide how we want to live our lives.
Leave your thoughts below.
For more news and updates like this, opt-in for push notifications.