Former President Donald Trump gives remarks to the press at the National Republican Senatorial Committee building in Washington, D.C., on June 13, 2024.
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Former President Donald Trump’s recent proposal to replace the U.S. income tax with a tariff on all imported goods is a twist on a clarion call from conservatives — and it could come with unintended consequences.
This week, Trump floated the concept of imposing an “all tariff policy,” ultimately to eliminate the income tax, sources told CNBC.
Entities like the Kemp Commission and Steve Forbes have commonly called to replace the income tax with a flat tax.
Historically, that flat tax, as it was proposed in years past, would retain a portion of the mortgage interest deduction and the ability to deduct state and local taxes while also pledging to be revenue-neutral A revenue-neutral flat tax would probably…