In Donald Trump's explosive interview on “The Joe Rogan Experience,” the president-elect floated the idea of not only raising tariffs but also eliminating income taxes.
meanwhile glenn beck President Trump, who has historically opposed heavy tariffs, may have used that explanation to persuade the host of “The Glenn Beck Program.”
“I've always been against tariffs, but I could be wrong,” Glenn says. “Donald Trump makes a good point when he talks about eliminating the income tax, especially since tariffs will raise prices, especially if they do what he says they will do.”
But if President Trump cuts income taxes at the same time, the economy will boom.
“We could make up that deficit and become a very strong country again. Please tell me I'm wrong,” said Glenn, economist and Heritage Foundation visiting fellow Peter St. I disagree with Onge.
“That's right,'' Mr. St. Onge replies. “Most economists are pursuing tariffs and attacking Trump over tariffs, but I think we're seeing the forest for the trees here.”
“If we replace tariffs, which are essentially consumption taxes but focused on imported goods, with reductions, or in our dream scenario, abolition of overall income taxes, that would certainly be rocket fuel for the people. “The economy,'' he explained, noting that Trump's plan is reminiscent of the 1800s.
“This was before the income tax, before the Fed. Back then, the federal government had to live off tariffs,” St. Onge said. “It was the greatest period not only in terms of economic growth but also in terms of culture.”
“That was really the Golden Age of humanity, where the important thing was there was no income tax, there was no regulatory state, there was no Fed. So if Trump takes us back there… “We can, and all we have to do is impose an 8% sales tax on Chinese stocks, and that's the deal of the century,” he added.
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