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Can Tariffs Replace Income Taxes?

by Peter Zeihan on February 19, 2025

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Imagine never paying income tax again. Sounds damn nice to me too. That’s until reality kicks in and you start looking at the math on how large the tariffs would need to be to replace those taxes…

Tariffs on imported goods would need to be roughly 50-65% and you could imagine the fallout that would have. Trade with key partners would collapse, prices would surge, supply chains would be disrupted, and energy supplies would take a hit. Tariffs once worked as a revenue source for the US, but with all the current programs and expenses, they barely scratch the surface.

In theory, there could be a way to make this work; like implementing entitlement programs, so a lower tariff would suffice. However, that would require some massive political changes that the US just isn’t ready for.

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YouTube Video Link: https://youtu.be/stEp9qaSFfs

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