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He explained thehurdles Trump faces when it comes to replacing income taxes with tariffs.
Tariffs are an inadequate substitute for income taxes as a primary revenue source.
The financial data from 2023 highlights this impossibility.
TheCongressional Budget Officereported $4.4 trillion in revenue for the federal government in 2023.
The largest source of that revenue accounting for $2.2 trillion, or 50% was individual income taxes.
However, he is critical that Trumps policy willhave an outsized benefit for high-net-worth individuals.
Any income tax cuts will have an outsized benefit for the people who pay the most income taxes.
Carrillo believes the TCJA policies will expand class disparities.
Short-Term Pain for Long-Term Gain
Even Trumps advocates are acknowledging that tariffs will bring short-term pain.
Brenda Christensen is the CEO ofStellar Public Relations.
She is also an Inc. 500 Entrepreneur who has a firm grasp of taxes and economic policy.
Christensen has previously worked with Trump, giving her a better perspective on his long-term plans.
The bigger picture is that China is facing a population collapse, which is unsustainable.
She pointed out that this plan aligns with initiatives to secure China-like resources rare earth, etc.
from Canada and Greenland to prepare for the eventual collapse of China.
The population collapse concerns are warranted.
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