Quick access to main page (top) Direct access to main contents Quick access to main page (bottom)

Will Trump’s Controversial Trade-Off Lead to No More Income Tax?

Daniel Kim Views  

Janet Yellen, the U.S. Secretary of the Treasury, criticized former President Donald Trump’s proposal to abolish income tax and replace it with tariffs on imported goods, stating it would significantly exacerbate the hardship of Americans.

In an interview with ABC, Yellen discussed Trump’s tax cut idea, stating, “A tariff well over 100% would be necessary,” adding, “It would make life unbearable for American workers and harm American businesses.”

Previously, Trump had revealed his plan to abolish the income tax and offset it with increased tariffs on other countries during a breakfast meeting with Republican House members.

Bloomberg pointed out the impracticality of this idea, noting that “while tariffs only account for about 2% of the federal government’s income, personal income tax accounts for 50%.” The Wall Street Journal (WSJ) also noted that to fully replace income tax with tariffs, a tax rate of over 70% would be necessary, assuming no reduction in revenue due to the increase in tariffs. This is in line with Yellen’s statement that a tariff of over 100% would be needed.

Regarding inflation in the U.S., Yellen acknowledged, “It’s true that prices have risen significantly over the past three years, but the rate of increase is now slowing down to a more normal level.” However, she emphasized, “There is a great deal of concern about the costs that are making life very difficult for Americans,” adding, “This is something the Biden administration wants to resolve.”

When asked about a poll in which Americans indicated they trust former Trump more than Biden on economic issues, Yellen responded, “The COVID-19 pandemic was a very challenging time. Americans are still feeling its impact.”

Daniel Kim
content@viewusglobal.com

Comments0

300

Comments0

[BUSINESS] Latest Stories

  • Delta Air Lines Faces U.S. Investigation Over Mass Flight Cancellations
  • Trump’s Return Could Crush South Korean Steel Industry: Here’s Why
  • Tesla's Humanoid Robot to Transform Industries by 2026
  • What Biden's Exit Means for Bitcoin: A $100K Dream?
  • Tesla Cybertruck Outsells Ford F-150 Lightning in May
  • U.S. vs. China: How Biden's New Rule Crashed the NASDAQ

Weekly Best Articles

  • Apple’s Foldable iPhone: Coming Next Year or Just a Dream?
  • Teen Set on Fire by Classmates For Speaking Indigenous Language in Mexico
  • Will Trump and Kim Jong Un Sit Down Again? North Korea Says It’s Up to U.S. Actions
  • Leidos Hit by Major Hack: Sensitive U.S. Government Documents Leaked
  • China Cracks Down: Teachers and Students Forced to Hand Over Passports
  • Ex-North Korean Diplomat Reveals Why So Many Officials Were Trying to Escape
  • Delta Air Lines Faces U.S. Investigation Over Mass Flight Cancellations
  • Secret Service Chief Resigns After Trump Shooting Incident
  • McDonald’s Extends $5 Meal Deal to Beat Inflation Blues
  • Trump and DeChambeau Break Records and Donate Big: The Golf Match Everyone’s Talking About
  • Kamala Harris Leads Trump in Latest Poll: Is She the New Democratic Darling?
  • China Pushes for a No-First-Use Policy on Nuclear Weapons – Targeting U.S. and Allies?

You May Also Like

  • 1
    New Nasal Spray Shows Promise in Alzheimer’s Treatment

    LIFESTYLE 

  • 2
    China Braces for Chaos: Xi Jinping Warns of 'Black Swan' and 'Gray Rhino' Risks

    ASIA 

  • 3
    New York Says No to Whipped Cream for Teens: What You Need to Know!

    LIFESTYLE 

  • 4
    Shuttlecock Prices Skyrocket: Is Badminton Now a Sport for the Rich?

    hotclick 

  • 5
    Indian Social Media Influencer Dies After Falling 300 Feet While Filming Instagram Video

    ASIA 

Popular Now

  • 1
    Lonely Deaths Hit Younger Generation Hard: Why Are We Seeing a Surge in Tragic Outcomes

    ASIA 

  • 2
    Is Kamala Harris Ready to Break Barriers in the 2024 Election?

    WORLD 

  • 3
    Chinese Media Reacts to Biden's Dropout: 'The Real Fight is Coming!'

    LATEST 

  • 4
    China's Silence on Biden's Exit: What Are They Really Thinking?

    LATEST 

  • 5
    U.S., South Korea, and Japan Forge New Defense Agreements!

    LATEST 

Weekly Best Articles

  • Apple’s Foldable iPhone: Coming Next Year or Just a Dream?
  • Teen Set on Fire by Classmates For Speaking Indigenous Language in Mexico
  • Will Trump and Kim Jong Un Sit Down Again? North Korea Says It’s Up to U.S. Actions
  • Leidos Hit by Major Hack: Sensitive U.S. Government Documents Leaked
  • China Cracks Down: Teachers and Students Forced to Hand Over Passports
  • Ex-North Korean Diplomat Reveals Why So Many Officials Were Trying to Escape
  • Delta Air Lines Faces U.S. Investigation Over Mass Flight Cancellations
  • Secret Service Chief Resigns After Trump Shooting Incident
  • McDonald’s Extends $5 Meal Deal to Beat Inflation Blues
  • Trump and DeChambeau Break Records and Donate Big: The Golf Match Everyone’s Talking About
  • Kamala Harris Leads Trump in Latest Poll: Is She the New Democratic Darling?
  • China Pushes for a No-First-Use Policy on Nuclear Weapons – Targeting U.S. and Allies?

Must-Reads

  • 1
    New Nasal Spray Shows Promise in Alzheimer’s Treatment

    LIFESTYLE 

  • 2
    China Braces for Chaos: Xi Jinping Warns of 'Black Swan' and 'Gray Rhino' Risks

    ASIA 

  • 3
    New York Says No to Whipped Cream for Teens: What You Need to Know!

    LIFESTYLE 

  • 4
    Shuttlecock Prices Skyrocket: Is Badminton Now a Sport for the Rich?

    hotclick 

  • 5
    Indian Social Media Influencer Dies After Falling 300 Feet While Filming Instagram Video

    ASIA 

Popular Now

  • 1
    Lonely Deaths Hit Younger Generation Hard: Why Are We Seeing a Surge in Tragic Outcomes

    ASIA 

  • 2
    Is Kamala Harris Ready to Break Barriers in the 2024 Election?

    WORLD 

  • 3
    Chinese Media Reacts to Biden's Dropout: 'The Real Fight is Coming!'

    LATEST 

  • 4
    China's Silence on Biden's Exit: What Are They Really Thinking?

    LATEST 

  • 5
    U.S., South Korea, and Japan Forge New Defense Agreements!

    LATEST 

Share it on...