Donald Trump has suggested a shift from income tax to broad tariffs on foreign goods, aiming to alter the U.S. taxation system significantly.
The proposals put forth by Trump, including ending taxes on Social Security and restoring state tax deductions, could lead to major loopholes in the current tax system.
His tax strategies may push the United States towards a model resembling that of other advanced economies, which predominantly utilize value-added taxes.
Analyst Erica York commented that if all of Trump's proposals were implemented, they could effectively eliminate income tax, prioritizing tariffs instead.
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