In Donald Trump’s bombshell interview on “The Joe Rogan Experience,” the president-elect floated the idea of abolishing the income tax as well as raising tariffs.
While Glenn Beck has historically been against heavy tariffs, Trump may have won “The Glenn Beck Program” host over with his explanation.
“I’ve always been against tariffs; however, I might be wrong,” Glenn says. “Donald Trump is making a good case when he’s talking about getting rid of the income tax because tariffs will raise the prices of things, especially if he does it the way he’s talking about doing it.”
However, if Trump lowers the income tax simultaneously, the economy would boom.
“We could make up that deficit and become a very powerful nation again. Tell me I’m wrong,” Glenn challenges economic expert and Heritage Foundation visiting fellow Peter St Onge.
“That’s absolutely correct,” St Onge replies. “The vast majority of economists go after tariffs, they attack Trump over tariffs, and I think they are looking at the trees for the forest here.”
“If you replace a tariff, which is basically a sales tax, but it’s one that focuses on imported goods, if you replace that with either reducing or, in our dream scenario, abolishing the entire income tax, it is absolutely rocket fuel for the economy,” he explains, noting that Trump’s plan is reminiscent of the 1800s.
“That was before we had an income tax, was also before we had a Fed, and back then, the federal government had to live off tariffs,” St Onge says. “That was the greatest period not only of economic growth but of cultural achievement.”
“It was really the golden age of humanity, and the key there was that we did not have an income tax, we did not have a regulatory state, we did not have a Fed. So if Trump can take us back there, and all we have to do is like an 8% sales tax on Chinese stocks, that is the deal of the century,” he adds.
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