By Howard Gleckman
Think of the federal income tax as a patient with heart disease. But instead of treating the condition, the hospital removes the oxygen the patient needs to breathe, then fires the doctors who could unblock the clogged arteries.
The actions of President Trump combined with early policy initiatives in Congress threaten to kill the federal income tax. If these efforts continue unabated, the current revenue system could collapse, opening the door to two stated goals of many Trump supporters—deep federal spending cuts and some form of consumption tax.
Such a result would be consistent with multiple initiatives by Trump and his supporters. For example:
- Trump has vowed to replace the income tax with tariffs, though even his most aggressive import taxes would raise far less revenue than the existing system.
- Project 2025, the conservative manifesto for a second Trump term, proposed a two-step process for replacing the income tax with an unspecified consumption tax…
READ FULL ARTICLE HERE… (taxpolicycenter.org)
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