Here’s another way to think about it.
We import roughly $3.25 trillion in goods every year.
Income tax receipts total roughly $2.2 trillion.
So we’d need a universal tariff rate of, give or take, 65% to be able to do away w the IRS.
But…
1/2
@carlquintanilla.bsky.socialA 10% universal tariff on $3.25 trillion of annual US merchandise imports would potentially raise ~$300 billion.
Last year, US personal income tax brought in nearly 30x that.
