support@headlinenews360.com
Trump On Income Tax In US: US President Donald Trump has made such a statement in an interview recently that can lead to a big change in the country’s tax system. He has said that if the government gets enough money from tariff, then income tax can be removed. He said that in the 1800s, the US had taken good financial advantage from the tariff and the country was counted among the richest countries.
In an interview to Fox Noticians, Trump said, “There was no income tax in our country from 1870 to 1913. Then the government used to raise all the money from the tariff, and our country was the richest country in the world at that time.”
Tariff for tax
Trump also said that he wants to adopt tariff based economic models once again in America. He emphasized that this amount can be so high that it can be replaced by income tax. However, he also admitted that the approval of the Congress would be mandatory to implement this change. Efforts to change the tax system have intensified after the Korona epidemic.
90 day import tax
On April 2, the heavy tariff declared by Trump spread nervousness in the financial markets. Due to this, he decided to give a partial discount of 90 days, but also increased the fees on China by 145%.
Income tax status in America
After the 16th amendment of the US Constitution in 1913, the Congress got the right to impose income tax. Currently, many states of America also charge income tax at their level. However, there are 8 states- Alaska, Florida, New Hampshire, Nevada, South Dakota, Tennessi, Texas and Vyoming, where individual income tax is not charged. At the same time, Washington does not impose tax on state wages or salary, but more than $ 270,000 capital income is taxed.
(Tagstotranslate) Us
Source link
