No more income tax in the USA? Here's what President Donald Trump is proposing
Donald Trump proposed a controversial plan to scrap federal income taxes, as per a report.
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Trump suggested that the US should rely entirely on tariffs for government revenue, reported Fox Business. This was the model the country followed between 1870 and 1913 before income tax was introduced.
Trump's plan
The president said that the richest period in the history of the United States was the period before the income tax, as per the report. Instead of taxing American citizens, he proposed taxing foreign nations through tariffs. Trump claimed that this change could help the US become wealthier and more influential.
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Trump’s plan is to create a new «External Revenue Service». It would be tasked with collecting revenue from tariffs.
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