Trump's vision for a new tax system focuses on replacing income taxes with tariffs on imported goods, fundamentally altering federal revenue sources and taxation methods.
Erica York notes the piecemeal policies could lead to a significant tax overhaul, suggesting that Trump is strategically targeting specific income types to reshape the tax landscape.
The proposed elimination of income tax through a combination of policies would align the U.S. with other advanced economies, which primarily rely on value-added taxes.
Experts are skeptical about the feasibility of Trump's tax ideas, pointing to the complexities and potential loopholes of a system that would tax consumption rather than income.
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