Trump wants to ‘abolish’ the IRS and replace it with tariffs. Can it work?
No one wants to pay taxes, and practically every American dislikes the IRS. But, as the saying goes, the only guarantees in life are death and taxes. So the IRS is here to stay.
Trump wants to abolish IRS after tariff revenues make ‘whole economy explode,’ new Commerce secretary Howard Lutnick reveals
President Donald Trump announced a new “External Revenue Service” that would be tasked with collecting revenue from tariffs, and potentially replace the IRS as America has
Commerce secretary shares Trump's 'goal' to abolish the IRS
Newly-confirmed Commerce Secretary Howard Lutnick believes reciprocal tariffs can bring in $700 billion per year and ultimately dissolve the need for the IRS.
Donald Trump's Goal to 'Abolish the IRS'—Howard Lutnick
The commerce secretary said Trump's aim is to "abolish the Internal Revenue Service and let all the outsiders pay."
Trump Wants to 'Abolish the IRS,' New Commerce Secretary Says
Commerce Secretary Howard Lutnick revealed another one of the Trump administration's controversial goals: abolishing the Internal Revenue Service (IRS).
Commerce Secretary Howard Lutnick says Trump wants to abolish the IRS
Commerce Secretary Howard Lutnick revealed Wednesday evening that President Donald Trump’s goal was to abolish the Internal Revenue Service (IRS). Lutnick also added that Trump wanted to create an External Revenue Service to oversee tariffs and other potential foreign revenue.
How Tariffs Work
Understanding who will end up paying for the higher costs means understanding how manufacturing, trade and supply chains ...
Tariffs Can Mess With Tax Reform — It’s Happened Before
Joseph J. Thorndike examines how tariff policy in the 19th century slowed the introduction of the modern income tax.
US tariffs: how Trump’s tax is hitting Big Tech and beyond
President Donald Trump’s sweeping tariff threats have been touch and go. As it stands currently, the 25 percent tax on goods ...
Read My Lips: Tariffs Are Taxes
Tariffs are a tax, one that is—contrary to what you will hear from the former game-show host currently serving (incredible ...
Trump Says Value-Added Taxes Will Be Considered Tariffs: What To Know About His Reciprocal Tariff Plan—And Its Inflation Impact
President Donald Trump revealed his most sweeping economic measure yet Thursday, announcing reciprocal tariffs that could ...
Mises Institute9h
External Revenue or Protectionism: A Tariff Can’t be Both
Either tariffs raise revenue from foreign imports or make imports expensive enough to protect domestic producers, not both. There is nothing magical about ...
Wisconsin’s Democratic governor calls for tax cuts, pushback on Trump’s tariffs
Wisconsin’s Democratic Gov. Tony Evers is proposing cutting taxes by nearly $2 billion, echoing a priority of Republicans.
Trump plans to impose new US tariffs on countries with value-added taxes
President Trump on Saturday announced that value-added tax systems in other countries will be treated like tariffs — and ...
What are reciprocal tariffs and how do they work?
President Donald Trump is taking his enthusiasm for tariffs to a new level. In his latest move, he has announced a policy of ...
VAT Vs. Sales Tax: What We Know As Trump Signs Reciprocal Tariffs
VAT is a consumption tax placed on a product whenever value is added at each stage of the supply chain, from production to ...
Trump says he will introduce 25% tariffs on autos, pharmaceuticals and chips
President Donald Trump is planning to impose 25% tariffs on imported automobiles as well as tariffs at a similar level on ...