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Trump briefly floated the concept of eliminating the income tax and replacing it with tariffs.
This was quickly reported by a slew of outlets, andeconomists and expertshave been opining on the matter since.
And when it comes towhether this could help Americans and the economy, experts are split.
Our total imports are $3.8 trillion, he said.
In this scheme, you would pay no taxes on saved income, he added.
Poorer Americans pay lower taxes and in the case of many low-income seniors, they pay no taxes.
Their income wouldnt change but their bills would double.
And several experts agreed with this premise.
However, a tariff rate of 71% would dramatically reduce the volume of imports.
As a result, the revenue generated would be nowhere close to $2.2 trillion, he said.
According to her, for instance, this could help businesses generate more money to expand and pay wages.
Yet, she also noted that the downside is prices will increase on products relying on imported goods.
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