philgarland on Nostr: ...

quoting nevent1q…h3uu

Austrian economist Bob Murphy weighs in on Trump's tariffs: "historically, tariffs only bought in a small fraction of what income taxes currently yield, meaning federal spending would have to be sharply cut in order to phase out the income tax"

Tariffs could work in the late 19th century because government spending was a fraction what it is today. D.O.G.E. and Congress would have some serious cutting to do to make them work, absent an income tax.

https://fountain.fm/episode/mGZekFYo6bhO2yV6cFf8