Right, except that’s self-defeating and won’t work. The idea that we can plausibly generate enough revenue from tariffs to replace the income tax is inherently self-defeating, because if the tariffs work at bringing back manufacturing, we’ll stop imports. If they don’t, we’ll consume significantly less, more people will become poorer, and expenditures will increase as revenues decrease.
Maybe there is an equilibrium in there, but I don’t see it.
Maybe there is an equilibrium in there, but I don’t see it.