But if you replace the income tax with tariffs this profit won't be taxed. Moreover, the profit earned by domestic producers won't come close to the total income (business and individual) being taxed now.
One would think that as domestic goods become less expensive than tariff-burdened foreign goods the consumption of foreign good would decline and the revenue from tariffs would drop accordingly. Where will the needed revenue come from then?
We have long had death and taxes as the two standards of inevitability. But there are those who believe that death is the preferable of the two. "At least," as one man said, "there's one advantage about death; it doesn't get worse every time Congress meets."
Erwin N. Griswold
Taxes: Of life's two certainties, the only one for which you can get an automatic extension.
Anonymous
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