US President Donald Trump has rekindled economic debate after stating that his administration could eliminate the income tax entirely and replace it with revenue from import tariffs. According to Trump, increasing tariffs on foreign goods could generate significant government revenue, making it a primary source of federal revenue without burdening citizens with income taxes.
This statement immediately drew scrutiny from economists and market participants. Some considered the idea overly ambitious, given that income taxes are one of the US government's largest sources of revenue. Relying on import tariffs as a replacement also raised concerns that it could trigger price increases, increase consumer burdens, and inflame trade tensions with partner countries.
Nevertheless, Trump's comments continue to attract significant attention ahead of the upcoming economic and political agenda. The idea of eliminating the income tax is considered a populist strategy that can attract voters, especially amidst the high cost of living. Market participants are now waiting to see whether this statement will translate into concrete policy or simply be a political maneuver in the campaign.
Source: Newsmaker.id
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