look news india
US President Donald Trump has been in action mode since his victory. He is signing a new order every day and is now preparing to end income tax from the country. Tax cuts are one of Trump’s election promises, but fulfilling this promise can prove to be expensive for the American economy
US President Trump is going to end income tax burden
Trump’s proposal to impose tariffs instead of income tax is an attempt to transfer tax burden from American citizens on foreign imports. However, foreign goods may be expensive after its implementation. Trump had tariffs on some products during his first term.
Trump said in his statement
In such a situation, Donald Trump can impose tariffs instead of income tax. Trump said in his statement that he would start working with MPs to write new tax laws in the coming weeks, including renewing tax cuts signed in 2017.
Tariff will take the location of taxes
Trump’s proposal to replace income tax from tariff is an attempt to transfer tax burden on foreign imports from American citizens. However, once it is implemented, foreign goods can be more expensive and can promote the purchase of American -made products. It is a controversial idea of Trump with both supporters and critics. Opponents of the verdict say that this may lead to retaliation against the US in other countries.
Also, some experts believe that many American companies depend on global supply chains, so increasing the duty on imports can also increase the cost of domestic goods, which can eliminate jobs in some industries.
Trump is preparing to cut
The Trump administration has nominated billionaire investor Scott Besant as its Treasury Secretary. Trump has tasked Scott Besant to cut taxes and curb losses. He insisted on 3 percent annual growth rate, reducing deficit and increasing domestic oil production 30 million barrels per day.