FACT FOCUS: Trump says tariffs can eventually replace federal income taxes. Experts disagree
Fashion
President Donald Trump has long praised tariffs as key to increasing wealth in the United States, idealizing Gilded Age policies that preceded the implementation of a modern federal income tax. Among the potential benefits, Trump claims, is the ability to replace revenue from federal income taxes with money the U.S. is taking in from tariffs — a concept he has touted since his 2024 presidential campaign, most recently at a Cabinet meeting Tuesday. But tariff revenue doesn’t even come close to
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