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Trump wants to 'abolish' the IRS and replace it with tariffs. Can it work?

The article from MSN discusses former President Donald Trump's proposal to abolish the Internal Revenue Service (IRS) and replace the income tax system with tariffs on imported goods. This idea, which Trump has floated before, aims to eliminate the need for individual and corporate income taxes by imposing high tariffs, potentially up to 10% on all imports. Critics argue that this plan could lead to several economic issues, including higher costs for consumers, retaliation from trading partners, and a significant reduction in federal revenue, given that tariffs currently account for only a small fraction of government income compared to income taxes. The proposal would drastically alter U.S. trade policy, potentially sparking trade wars and affecting global trade dynamics. Economists and policy analysts have expressed skepticism about the feasibility and economic implications of such a drastic shift, pointing out that it could lead to inflation, disrupt supply chains, and might not generate enough revenue to replace the income tax system entirely.

Read the Full CNN Article at:
[ https://www.msn.com/en-us/news/politics/trump-wants-to-abolish-the-irs-and-replace-it-with-tariffs-can-it-work/ar-AA1zsiGB ]