President Trump: «The United States will be very rich again, and it will happen very quickly.
It’s time for America to return to the system that made us wealthier and more powerful than ever before. You know, the United States between 1870 and 1913 was all about tariffs, and that was the richest period in American history—relatively speaking. In other words, relatively.
They established the Great Tariff Commission of 1887, and this commission had one function: what to do with all the money we were collecting. It was so massive they had no idea. It was a high-level committee, established in 1887, and it was to decide what to do with all the money we had.
Once again, Teddy Roosevelt was a beneficiary, because when McKinley was assassinated, he took control of that great sum of money and created all those national parks and all those other things. And it’s not that I’m criticizing him, but he was given an enormous amount of money, and all of that was generated through tariffs. We had no income tax. Income tax started in 1913.
As I said in my speech last week, instead of taxing our citizens to enrich foreign nations, we should be taxing foreign nations to enrich our citizens. Makes sense, right?»
During his second term, President Donald Trump pushes an initiative to eliminate several taxes, focusing on reducing the tax burden on businesses and individuals. This initiative aims to stimulate economic growth and foster job creation. Trump proposes a series of tax cuts, including a significant reduction in corporate taxes and the simplification of the tax system to facilitate compliance with tax laws.
Trump argues that eliminating taxes will benefit both the middle class and businesses, increasing investment and improving the economic competitiveness of the United States in the global arena. Additionally, he defends that the cuts will serve as a tool to revitalize the economy, especially after the economic impacts of the COVID-19 pandemic. The initiative also includes an emphasis on removing fiscal regulations that, according to the president, are hindering economic growth.
Although the tax cuts are widely supported by Republicans, there are criticisms from opponents who believe these cuts mainly benefit the wealthiest individuals and increase the fiscal deficit.
