In the early 20th century, before America had an income tax, tariffs paid many of the government’s bills. President Donald Trump wants to revive that approach. He has repeatedly floated the idea of an “External Revenue Service”, under which Uncle Sam would scrap income taxes and instead rely on border levies, with foreigners, at least in theory, funding the American government. “It will be a BONANZA,” Mr Trump posted recently on his social-media site, claiming tariffs could all but eliminate income taxes for people earning less than $200,000 a year.
Trump will be unpleasantly surprised by America’s tariff revenues

Related Posts

Indian state-owned refiners trimmed Russian oil imports by 45% between June and September: Kpler data
October 13, 2025
12:25 pm

Time for sanity in insurance claims
October 13, 2025
6:24 am

DGCA asks Air India to reinspect RAT on planes with replaced PCM
October 12, 2025
6:22 pm