Trump promised voters tariffs are a panacea for the economy, but Walmart finance chief John David Rainey warned they will be inflationary for customers.
They are effectively a tax and are collected by the federal government. One of Trump’s yapping points is to get rid of income tax and use the money from tariffs to replace that lost tax income. This will hurt 90% of people in the US because the amount they will pay in higher product costs due to tariffs will be higher than the cost of the taxes they pay. The wealthy on the other hand won’t have to pay their fair share.
They are effectively a tax and are collected by the federal government. One of Trump’s yapping points is to get rid of income tax and use the money from tariffs to replace that lost tax income. This will hurt 90% of people in the US because the amount they will pay in higher product costs due to tariffs will be higher than the cost of the taxes they pay. The wealthy on the other hand won’t have to pay their fair share.