Trump proposes abolishment of federal income tax, bringing US back to 'richest period' in history
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President Donald Trump proposes to eliminate federal income tax, suggesting a return to a tariff-based system that existed from 1870 to 1913; Trump claims this period was the richest in U.S. history; The first federal income tax was established on February 25, 1913; In 2023, $4.92 trillion was collected in federal income taxes; Trump plans to create an 'External Revenue Service' to collect tariffs; Economists express concerns that tariffs primarily burden U.S. importers; Trump suggested a 10% or 20% tariff across the board and a 60% tariff on Chinese goods; He also threatened a 25% tariff on goods from Canada and Mexico; In 2022, Democrats approved $80 billion for the IRS, including hiring 87,000 new agents.
#Trump #IncomeTax #Tariffs #Economy #Irs #2025 #Republican #TaxReform #Doral #ForeignTrade
https://www.foxbusiness.com/media/trump-proposes-abolishment-federal-income-tax-bringing-us-back-richest-period-history
Fox Business /
npub1kz…z7q84
2025-01-29 15:20:01
Author Public Key
npub1kzmgfzsmp4h5cxr9whu3384t09k4ssg7r5rjqneywqnx706crzqqjz7q84Seen on
wss://nos.lolPublished at
2025-01-29 15:20:01Event JSON
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"content": "Trump proposes abolishment of federal income tax, bringing US back to 'richest period' in history\n==========\n\nPresident Donald Trump proposes to eliminate federal income tax, suggesting a return to a tariff-based system that existed from 1870 to 1913; Trump claims this period was the richest in U.S. history; The first federal income tax was established on February 25, 1913; In 2023, $4.92 trillion was collected in federal income taxes; Trump plans to create an 'External Revenue Service' to collect tariffs; Economists express concerns that tariffs primarily burden U.S. importers; Trump suggested a 10% or 20% tariff across the board and a 60% tariff on Chinese goods; He also threatened a 25% tariff on goods from Canada and Mexico; In 2022, Democrats approved $80 billion for the IRS, including hiring 87,000 new agents.\n\n#Trump #IncomeTax #Tariffs #Economy #Irs #2025 #Republican #TaxReform #Doral #ForeignTrade\n\nhttps://www.foxbusiness.com/media/trump-proposes-abolishment-federal-income-tax-bringing-us-back-richest-period-history",
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