Part 3/9:
The speakers debate the likelihood of such a sweeping change. One analyst pointed out that the federal government establishment is generally resistant to abolishing income taxes, considering it a vital tool for revenue. The notion of eliminating income taxes perfectly aligns with Trump’s vision but faces staunch opposition from entrenched powers who benefit from the current system.
Furthermore, the conversation highlights that getting rid of income taxes would not be simple or swift. The process would require significant political capital, favorable congressional elections, and an economic environment that supports high tariffs without risking damaging trade wars or economic slowdown.