REPORT: Trump Floated Proposal To ELIMINATE Income Tax During GOP Meeting

On a bustling Thursday in Washington, D.C., former President Donald Trump convened with GOP lawmakers at the Capitol Hill Club, floating discussions around trade policies that once defined his tenure in the White House.

Trump’s advocacy for using tariffs as leverage in international negotiations resurfaced during the meeting, as he talked about employing them to gain the upper hand over what he referred to as bad actors on the global stage. This strategy, which he extensively applied during his first term, defines his vision for a significantly more protectionist trade agenda should he succeed against Joe Biden this November.

In the private gathering, Trump introduced a bold proposal—an “all tariff policy” that he suggested could eventually lead to the abolition of the income tax in the U.S., sources told CNBC. While details were scant, Trump later hinted at the productive nature of the discussions in a post on Truth Social, writing “Great meeting with Republican Representatives. Lots discussed, all positive, great poll numbers!”

Nicole Malliotakis (R-NY) discussed fiscal proposals after the meeting, stating, “He does want to look at lowering the income tax, and that could be offset and paid for by some type of tariffs, particularly on adversarial nations.”

Campaign spokeswoman Karoline Leavitt explained, “President Trump simply floated the idea as one of many brought up during the conversation, and he has said many times that as tariffs on foreign countries go up, taxes on American workers can come down. President Trump’s top priority remains making the Trump Tax Cuts permanent.”

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Most intriguing policy idea from the GOP meeting at the Capitol Hill Club this morning:

Trump briefly floated the concept of eliminating the income tax and replacing it with tariffs. 🧐 pic.twitter.com/hw0k8gwlGa

— Thomas Massie (@RepThomasMassie) June 13, 2024

Using tariff increases to offset income taxes would involve a government strategy where taxes on imported goods are raised to generate additional revenue. The approach would make imports more expensive, which could encourage consumers to purchase domestically-produced goods instead. The increased tariff revenue could then allow the government to reduce income taxes.

The shift in taxation aims to stimulate local industries by protecting them from cheaper foreign competitors while also providing relief to taxpayers by lowering their income tax burden. However, the effectiveness of any potential policy depends on various factors including the economy’s reliance on imports, the responsiveness of domestic industries, and the overall impact on consumer prices and economic growth.

During the meeting, Trump delivered a speech covering personal and political issues, while setting forth his policy objectives. He stressed the importance of Republicans addressing the topic of abortion in a way that highlights exceptions to restrictions, especially as Democrats aim to leverage the issue in the upcoming November elections.

“It was a pep rally for President Trump,” Rep. Matt Gaetz told reporters. In his speech, the former president rapidly shifted between subjects, discussing everything from border security and China — “They are ripping us off” — to expressing strong opposition to trans athletes participating in women’s sports.

As Trump’s popularity has surged in the polls, a growing number of business leaders, disenchanted with Biden and concerned about the upcoming expiration of the Trump tax cuts in 2025, are either openly supporting Trump or showing openness to his campaign for a second term according to The New York Times. Behind the scenes, many of these business leaders are beginning to align with Trump, drawn by his campaign’s active efforts to enlist them as donors.

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