As Trump Floats Abolishing Income Tax Altogther!
GP: President Donald Trump’s tariff policy is bringing it record revenues to the U.S. Treasury.
According to the department’s October monthly statement, published on Friday, net customs duties totaled $31.4 billion, surpassing all previous totals.
Gross customs receipts totaled $33.1 billion, offset by refunds of $1.7 billion.
Meanwhile, it is estimated that the U.S. has collected $320 billion in customs and excise duties this year, compared with $171 billion over the same period in 2024. more
For comparison I just asked a junior AI what the 2024 income tax revenue was. Answer: $2.4 trillion. We’ve got a way to go before tariffs, customs, and excise will replace that.
My preference, of course, would be for govt spending be chopped back even more than that difference would dictate.
Big guv…stealing your standard of living for a hundred years.
Politicians will see this as a petty cash fund.
At this rate we could pay off the national debt in ten years if the damn government would STOP borrowing and printing money.
And spending reached a record 280 billion………….for the MONTH of Oct
It’s the spending, stupid.
Just thinking out loud here, but what do you think happens when the importing companies have to pay those tariffs? Do they plant another money tree or, I don’t know, maybe raise the retail prices?
Jason
I think you’ll find most of the overseas manufacturers and importers had to drop their price point in order to compete with the American made product. I get a kick out of peeps that are under the impression we don’t manufacturer anything here and are at the total mercy of the Chinese.