DNA TV Show: What is US President Donald Trump’s no income tax plan?
According to this plan, no US citizen will have to pay tax on his income, but those who are coming from outside and working in US will have to pay tax.
US President Donald Trump made such an announcement that left the world stunned. Trump has announced that income tax will not be taken in the US. What is Trump’s tariff plan after which the people of the country will not have to pay income tax?
NO INCOME TAX — This is the latest milestone in the list of Trump’s rapid decisions and as soon as Trump signs the order, the citizens of the US will stop paying income tax. If tax is not taken, how will the government treasury be filled? Trump has prepared a plan for this too. What is Trump’s no income tax plan?
According to this plan, no American citizen will have to pay tax on his income, but those who are coming from outside and working in America will have to pay tax. Also, those US citizens who are earning extra income through overtime or tips will also not have to pay tax on that income. So Trump plans to exempt US citizens from income tax, but what is its alternative? According to Trump, the alternative to income tax is tariff, i.e. business tax.
According to Trump’s plan, tariffs will be increased on countries exporting to US and foreign companies doing business in the US. If a country sells its product in America, duty will be increased on it and if a company does business in America, it will also have to pay more tax to the government.
Trump argues that by eliminating income tax and increasing tariffs on other countries, he will make America rich, just like it happened in 1912-13. But is this formula successful in today’s era? A lobby of experts in America is opposing this decision. It is claimed that removing income tax will benefit the rich people of America.
