June 16, 2024 ☼ yellen ☼ trump ☼ taxes ☼ tariffs
Source: POLITICO (Link)
During private meetings with GOP lawmakers on Capitol Hill last week, former president Trump proposed eliminating federal income taxes and instead implementing high tariffs on imports to replace the lost revenue. The cost of the tariffs, however, would undoubtedly be passed on to consumers, resulting in significantly higher prices on any type of product that is imported.
U.S. Treasury Secretary Janet Yellen said former President Donald Trump’s plan to replace federal income taxes with tariffs would “make life unaffordable” on Sunday morning.
“It would require tariffs well over 100%,” Yellen said when Jonathan Karl asked about the plan on ABC’s “This Week.” “The impact would be to make life unaffordable for working class Americans and would harm American businesses.”