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In the early twentieth century, earlier than America had an earnings tax, tariffs paid lots of the authorities’s payments. President Donald Trump desires to revive that strategy. He has repeatedly floated the thought of an “External Revenue Service”, below which Uncle Sam would scrap earnings taxes and as a substitute depend on border levies, with foreigners, not less than in concept, funding the American authorities. “It will likely be a BONANZA,” Mr Trump posted just lately on his social-media web site, claiming tariffs may all however remove earnings taxes for folks incomes lower than $200,000 a 12 months.
