Study: How Much Americans Can Save on Taxes If Tariffs Take Over

Contact Your Elected Officials

President Donald Trump has long supported tariffs over taxation to fill the public coffers.

To date, numbers assessing the United Statesโ€™ move to a revenue system based on import tariffs have been scarce, especially compared to the taxation model the country has experienced since 1862.

Now, the numbers are starting to flow in.

Exhibit A is a new study from Dancing Numbers, a Delaware-based bookkeeping and accounting workflow platform, that shows the potential lifetime savings Americans would garner if Uncle Sam switched from an income tax-based levy system to a tariff-based policy.

According to Dancing Numbers, taxpayers would benefit financially from the tariff-based system.

If Trumpโ€™s tariffs replaced income taxes, โ€œan average American could save $134,809 in federal taxes, with potential savings reaching up to $327,106 if all wage-based income taxes were eliminated, effectively eliminating their entire income tax burden,โ€ the study reported.

The study says that the average U.S. taxpayer pays the latter amount of $325,561 throughout his or her lifetime in income taxes. Other taxes bring that number up to $497,804, representing 26.7 percent of $1.87 million in lifetime earnings.

Property ($132,981 for a lifetime) and vehicle taxes ($5,843 for a lifetime) would not be impacted by a shift to tariffs, the study noted.

5 States Where Taxpayers Benefit Most from Tariffs

Four Northeast states and one Midwest state would see the biggest benefit of a tariff over a tax levy system, according to Dancing Numbers. New Jersey tops that list with a lifetime total tax of $755,493, or 38.5 percent of the average Garden State citizenโ€™s lifetime income.

Connecticut (34.5 percent), Massachusetts (32.86 percent), New York (35.9 percent), and Illinois (33.87 percent) make up the rest of the top five states that benefit the most from a tariff-based policy.

High state taxes are a big reason why taxpayers in high-tax locales like New York and California (30.9 percent) are pulling up stakes and moving to tax-friendly states like Florida (with an average 27.1 percent lifetime tax income rate) and Texas (26 percent). That trend would likely accelerate the Dancing Numbers study noted.

โ€œIf Trumpโ€™s proposed tariffs lead to lower federal taxes, this could further incentivize migration by making the overall tax gap between states even more pronounced,โ€ the study reported. โ€œWealthy individuals, small businesses, and millennials looking for financial relief may find relocating even more compelling, boosting no-income-tax states like Florida and Texas.โ€

Byย Brian O’Connell

Read Full Article on NTD.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Media Ignore Trump Successes To Focus On Epstein

Despite President Trump's amazing successes, the media refuse to give credit to the Trump and are continuing to focus on the โ€œEpstein files.โ€

The Vital Importance of Constitutional Rules

Rules have always been important in the determination of what was, and is, good and right and what is conversely evil and wrong in the course of human society.

Armistice and amnesiaโ€ฏย 

In case you missed it too, June 25thโ€ฏmarked the 75th anniversary of the beginning of the Korean War โ€“ the first hot front of the Cold War.โ€ฏ

Candace Owens Gets Sued by Macrons

Candace Owens began a deep dive into the lives of French President Emmanuel Macron, his wife Brigitte, and the story of how they came to be together.

Fluoride โ€˜Tabletsโ€™ For Babies EXPLODE in Popularity Amid Water Fluoridation Rollbacks

Reportedly, NPCs are so distraught that their toddlers wonโ€™t be fed a neurotoxin through the public water supply that theyโ€™ve resorted to fluoride pills.

San Francisco Restricts RV Parking in Effort to Combat Homelessness

San Francisco approved two-hour parking limit on oversized vehicles attempting to prevent homeless people from living in RVs and to reclaim public spaces.

What to Know About Cloud Seeding

80-year-old cloud seeding technology is being used to mitigate droughts and increase water supplies across the country.

Kaiser Permanente Says Itโ€™s Ending Transgender Surgeries for Those Under 19

Kaiser Permanente to cease transgender surgeries for patients under 19 years of age, citing a high-risk legal and regulatory environment under Trump admin.

Education Department Probe Finds 5 Virginia School Districts Violated Title IX

Five school districts in No. VA violated Title IX by allowing students to access โ€œintimate, sex-segregated facilities based on subjective โ€˜gender identity,โ€™โ€

Deputy FBI Director Promises โ€˜Dignified Effort at Truthโ€™ With Ongoing Investigations

FBI Deputy Director said the agency is conducting multiple investigations related to alleged public corruption and weaponization of government.

US Strikes Trade Deal With European Union

After months of negotiation, President Donald Trump said on July 27 that he reached a trade deal with the European Union.

Trump Says Supreme Courtโ€™s Immunity Ruling Likely Helps Obama Following DNI Disclosures

President Trump said Obama likely has immunity following a U.S. Supreme Court ruling in light of a report that was declassified by DNI Tulsi Gabbard.

Ex-DOJ Officials File Lawsuit Against Bondi Over Terminations

Former DOJ officials filed lawsuit against AG Bondi and the fed. govt, saying they were terminated for work on cases related to Jan. 6 Capitol breach.
spot_img

Related Articles