Could Tariffs Replace the Income Tax With Zach Abraham Ep-2040
The Todd Herman Show
Radio America
4.8 • 1.5K Ratings
🗓️ 31 January 2025
⏱️ 49 minutes
🧾️ Download transcript
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The second I saw Trump talking about replacing the income tax with tariffs, I knew I had to get Zach Abraham on. Plus, does Mexico actually sustain our economy?
Episode Links:
- JUST IN: President Trump appears to call for the end of federal income tax, says it’s time America returns to the “system that made us richer.” - “It's time for the United States to return to the system that made us richer and more powerful than ever before.” - “Instead of taxing our citizens to enrich foreign nations, we should be taxing foreign nations to enrich our citizens.”
- BREAKING: Mexico's President Claudia Sheinbaum condemns Donald Trump's attacks on immigrants and stresses: "The Mexicans there sustain the economy of the United States -- in the countryside, in services, everywhere!"
- Elon Musk’s X begins its push into financial services with Visa deal
- Nvidia plunged 17% on Monday, but blindly buying the dip ‘could be problematic,’ says investing chief—what to know first
Transcript
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| 0:00.0 | Second, I saw this, I couldn't wait to talk with Zach Abraham Chief Investment Officer, |
| 0:04.2 | Bulwark Capital Management about this. |
| 0:06.0 | President Trump talking about maybe it's time to end the income tax. |
| 0:10.1 | He's going to be very rich again, and it's going to happen very quickly. |
| 0:13.7 | It's time for the United States to return to the system that made us richer and more |
| 0:17.8 | powerful than ever before. |
| 0:19.2 | Do you know, the United States in 1870 to 1913, all tariffs, |
| 0:25.1 | and that was the richest period in the history of the United States, relatively speaking. |
| 0:29.9 | In other words, relatively. |
| 0:31.8 | And they set up the great tariff commission of 1887, and this commission had one function, |
| 0:41.9 | what to do with all the money that we took in. It was so enormous that they had no idea. |
| 0:47.0 | It was a blue ribbon committee. It was set up 1887, and what to do with all of the money |
| 0:52.6 | that we had. And again, Teddy Roosevelt was a beneficiary because when McKinley was killed, |
| 1:00.7 | he took over this vast sum of money, and he did all of those national parks and all of the other things. |
| 1:06.6 | And I'm not knocking him, but he was given a vast amount of money. |
| 1:10.4 | And that was all made through tariffs as we had no income tax. |
| 1:13.5 | The income tax came in in 1913. |
| 1:16.1 | As I said in my speech last week, instead of taxing our citizens to enrich foreign nations, |
| 1:21.3 | we should be tariffing and taxing foreign nations to enrich our citizens. |
| 1:26.4 | Does that make sense, right? |
| 1:28.5 | Provocative, interesting idea. We'll talk with Zach about this. Someone's going to pay the tariffs. |
| 1:34.1 | And traditional conservative thought is that consumers do. Maybe that's true. But maybe other |
... |
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