Can Tariffs Replace Income Tax?

Can tariffs replace income tax in the U.S.? This video explores how tariffs funded the government in the past, why they’re used to protect industries today, and why they can’t cover the modern budget.

Tariffs are taxes on goods coming into a country from other places. Some people wonder if the United States could use tariffs instead of income tax to pay for government programs. To understand this, we need to look at how the U.S. used tariffs in the past, why tariffs are put in place, and how much money they bring in compared to income taxes today.

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All videos on the Boring Finance Guy channel do not constitute financial advice and are intended for informational purposes only.