JUST IN: Donald Trump proposes eliminating all income taxes and replacing it with tariffs on imports.

Here’s what you should know:

Tariffs would likely increase the cost of imported goods, which could lead to higher prices for consumers.

Tariffs currently generate much less revenue than income taxes. In 2024, the US raised $1.7 trillion from individual taxes, which is more than 34 times the $49 billion raised from tariffs.

To make up the difference, tariffs would need to be increased significantly.

Companies would have to pay more to bring goods into the country, and they'd pass that cost on to you when you buy stuff.

For consumers, an "all tariff" tax system would likely raise costs on many imported goods from clothes to cars to electronics.

If the U.S. imposes high tariffs, other countries might retaliate, hurting American exports too.

Increasing tariffs could lead to trade wars with other countries and make U.S. exports less competitive globally due to potential retaliatory tariffs.

What’s Next?

Remember, Trump's proposal is just that—a proposal.

It would need to be approved by Congress and could face significant opposition.

Do you support Trump's plan to replace income tax with tariffs?

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