Trump: Tariffs Could Replace Income Tax

Remarkable moment in the President’s discussion of tariffs today when he suggested that his tariffs may be able to fund the government in place of income taxes. He references the McKinley era when this was the case, prior to the enactment of a federal income tax. Of course federal expenditures are roughly 10 times (2.2% versus 23% or 24%) higher today as a percentage of GDP. So this is basically insane.

There were two other moments I wanted to flag your attention to.