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According toForbes, Trump floated the idea of eliminating income taxes during a private meeting with GOP lawmakers.
Although it hasnt been stated as an official campaign party policy, its an interesting proposal.
Instead of paying taxes on income, he suggested an all-tariff policy which would see import prices soar.
Here are five ways the elimination of income taxescould negatively affect the wealthy.
Wealthy individuals often spend large sums of money onluxury items and goodsimported from other countries.
This shift in consumer behavior could have far-reaching consequences.
Wealthy individuals often have diverse investment portfolios that include stocks, bonds, real estate and other assets.
This could lead to a decrease in overall wealth and limit their ability to invest in new opportunities.
From the legal system to public safety, the wealthy benefit from astable and well-functioning government.
Eliminating income taxes could lead to budget shortfalls, forcing the government to cut back on essential services.
This could lead tohigher property taxes, sales taxes and other forms of taxation that disproportionately impact the wealthy.
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