One week from today, America will decide the course of its future. Among the many things that will be decided by the next administration, along with the next Congress, is how the government collects revenue. And the debate on that issue has taken an interesting turn.
Former President Donald Trump has increasingly favored the use of tariffs over the past several months while calling for an end to certain taxes on income. Trump has proposed no taxes on tips, no taxes on Social Security, and no taxes on overtime, and plans to use tariffs to offset these revenue losses. Trump used tariffs to some extent in his first term, but is expected to expand their use if reelected.
This has drawn criticism from some Democrats, but the Biden-Harris administration just last month increased tariffs on China. CNN reported, “The Biden administration said Friday that it has finalized tariff hikes on certain Chinese-made products that the president first announced in May. The tariff rate will go up to 100% on electric vehicles, to 50% on solar cells and to 25% on electrical vehicle batteries, critical minerals, steel, aluminum, face masks and ship-to-shore cranes beginning Sept.
27, according to the U.S. Trade Representative’s Office.
” Critics argue tariffs would put a burden on the consumer, but in reality, tariffs give consumers a choice. After all, do you really need to buy the latest Chinese-made electronic gadget, or is it simply a luxury? Taxes on income or Social Security burden taxpa.
