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The Todd Herman Show

Could Tariffs Replace the Income Tax With Zach Abraham Ep-2040

The Todd Herman Show

Radio America

News, Society & Culture, Religion & Spirituality, News Commentary

4.81.5K 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?
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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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