Those numbers are monthly and include services, but summing up the US imports over the same period (October 2024-February 2025) we get $1.86 trillion dollar. To replace our income tax revenue over this period we'd need a 50% tariff on all imported goods and services.
What level of tariffs should we aim for so that we can reduce our federal income tax rates and increase or maintain overall revenue as you claim will happen?
So far this FY we're at $959 billion in revenue from income tax.
https://tradingeconomics.com/united-states/imports
Those numbers are monthly and include services, but summing up the US imports over the same period (October 2024-February 2025) we get $1.86 trillion dollar. To replace our income tax revenue over this period we'd need a 50% tariff on all imported goods and services.
What level of tariffs should we aim for so that we can reduce our federal income tax rates and increase or maintain overall revenue as you claim will happen?