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Many people are wondering whether or not U.S. President Donald Trump is going to attempt to completely abolish the IRS and replace income taxes with tariffs. He hinted at doing this multiple times on the campaign trail. However, some are wondering now whether that was just campaign rhetoric, or whether he will actually try to go through with it.
In this video, tax expert Karlton Dennis breaks down some of Trump’s latest comments on the issue of tariffs vs. income taxes. He also gives his interpretation of what is likely to happen, given Trump’s comments. Karlton also explains the tariffs that Trump recently launched on Canada, Mexico, and China.
If Trump does end up abolishing the IRS and replacing income taxes with tariffs, it would drastically change taxation in America. There is historical precedent for this, however. This is because federal income taxes were even created in America until the year 1913. Before that, America heavily depended on tariffs as a revenue source.
CHAPTERS:
0:00 Intro
0:19 New Tariffs
4:13 Why Is All This Happening?
5:15 Where Does Trump Stand Now?
6:05 What Does This Mean?
6:32 Will Trump Replace the Income Tax with Tariffs?
9:09 Subscriber Question!
10:58 Outro
*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
#trump #tariffs #tradewar
