Trump's PLAN could change INCOME TAX forever - Livestream Replay
Ken McElroy Show
Ken McElroy
4.8 • 692 Ratings
🗓️ 4 February 2025
⏱️ 37 minutes
🧾️ Download transcript
Summary
Ken and Danille discuss President Trump's proposal to replace the U.S. income tax with tariffs on foreign imports—but is it really possible? This video breaks down the numbers, the economic consequences, and the potential impact on inflation, wages, and global markets, while also diving into how this strategy could strengthen the U.S. dollar and reshape international trade.
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Transcript
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| 0:00.0 | Instead of taxing our citizens to enrich foreign nations, we should tax foreign nations to enrich |
| 0:09.7 | our citizens via President Trump. So, Jerry, play clip one really quick before we jump into tariffs. |
| 0:17.0 | Taxes for the American people. He even floated the idea of abolishing the federal income tax |
| 0:23.4 | altogether. You know, the United States in 1870 to 1913, all tariffs, and that was the richest |
| 0:30.8 | period in the history of the United States. The income tax came in in 1913. As I said in my speech |
| 0:37.0 | last week, instead of taxing our citizens to enrich foreign nations, |
| 0:40.7 | we should be tariffing and taxing foreign nations to enrich our citizens. |
| 0:45.8 | The president says that he plans to impose tariffs on a list of imports, |
| 0:49.6 | steel, aluminum, copper, computer chips, semiconductors, pharmaceuticals, all to boost domestic production. |
| 0:57.3 | So he is not messing around with this tariff stuff, right? |
| 1:00.7 | This is what he talked about during his campaign. |
| 1:03.4 | So, you know, if he wouldn't have done it, he would have got criticized for not doing it. |
| 1:09.0 | He's just following through on what he said he was going to do. |
| 1:11.7 | Well, everyone's really, you know, confused on the tariff plan. |
| 1:14.8 | And I think, you know, obviously tariffs are going to cause inflation in the short term, |
| 1:19.8 | but it's much bigger than that. |
| 1:21.5 | It's going to affect our economy, Canada, and Mexico all very differently. |
| 1:27.0 | And that's kind of what we're going to dive into today. |
| 1:29.3 | Yeah. And let's let's real quick talk about what a tariff is. It's simply just a tax placed on goods imported to the U.S. |
| 1:36.6 | And it's it's taxed on the domestic importer. So it's either 10% or 25%. |
| 1:45.5 | And it's actually paid to the U.S. Customs and U.S. Border Patrol. |
| 1:50.7 | So that's basically what this is all about. |
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