On Tuesday’s broadcast of the Fox Business Network’s “Bottom Line,” Sen. Ron Johnson (R-WI) stated that using tariffs as leverage to get countries to cooperate on the border is sensible, “I’m not sure how” you use them to replace the income tax and a 10% tariff wouldn’t be enough to do that.
Co-host Dagen McDowell said, [relevant remarks begin around 2:55] “Peter Navarro…was talking about tariffs to structurally shift the American economy from one over-reliant on income taxes and the Internal Revenue Service to one reliant on tariff revenue and the External Revenue Service. That’s something that’s going to fall on the House and the Senate when you cobble together a tax reform bill…where, some of it — much discussion about this — some of it could be a flat tariff across the board to raise revenue from foreign companies and importers.”
Johnson…
