Loading ...Total imports of goods last year was $3tn
Total income tax looted was $2.6tn
So a 90% tariff on all imported goods would replace income tax – for about a month. Because nobody can afford prices to double and imports would collapse. Let’s assume Musk and Co. eliminate $1tn of waste in the first year, you’d still need a 50% tariff on everything, which might work because income tax has gone and people have more money, but as the tariffs start to work by encouraging more production at home then the tariff revenue drops as imports are replaced by local production – which hopefully reduces the need for welfare and helps DOGE. RFK’s Pharmageddon could put a lot of money in people’s pockets through reduced health care costs. How Ronnie reduces the debt and interest, now a $tn a year by itself, will be interesting to see.