Has Trump thought his tariff proposal through? Brian gives reasons to doubt that this move would be successful in replacing the income tax or substantially affecting it.
BTW, Brian has migrated from X to Bluesky along with many others in the fields of economics and finance. Links provided at the end of the post.
Bond EconomicsTariffs As A Fiscal Tool?
Brian Romanchuk
3 comments:
“ One of the ugly realities of financial/economic commentary is that a lot of it is the result of starting from the desired conclusions, and then working backwards to find reasons why the conclusions are correct.”
LOL that is the Art degree methodology..
“ In a liberal arts setting, students often learn by starting with a theory or abstract idea. After fully understanding the theory, they then look for problems to understand how the theory applies.”
https://undergrad.wharton.upenn.edu/flexible-curriculum/
Bluesky is where all the lefties have gone?
Personal income taxes for FY 2024 (just concluded) were $1.06T. That is only 3.6% of GDP. Corporation income tax was $540.3 bln. The bulk of tax deposits come from employment taxes. That was $3.23T. So, eliminating personal income taxes should be easy with tariffs. The big tax relief would come from ending employment taxes.
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