As he attempts to reclaim his old job, former President Donald Trump teased a new tax plan this week that would see the personal income tax abolished and replaced by an increase in tariffs.
Trump has an interesting history with tax policy. He notably signed a massive tax cut for individuals and corporations in 2017. But tariffs have always been a focus of his policies since his first presidential campaign in 2016. During his term in office, he notably started a trade war with China after placing tariffs on several of the country’s imported goods.
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