The Daily Money: Could tariffs replace income tax?
Good morning! It’s Daniel de Visé with your Daily Money.
President Donald Trump has high aspirations for his tariffs, going so far as to suggest increased taxes on imports could replace income taxes.
"There's a real chance," he told Fox Noticias on April 15. "There is a chance that the money from tariffs could be so great that it would replace (the income tax).”
The idea may sound appealing. Would it actually work?
Shein, Temu to raise prices
Chinese e-commerce sites Shein and Temu will soon raise prices due to recent tariff increases.
Both companies issued notices announcing the price increases, which will take effect April 25. Click here for details.
A coming crisis in jobless benefits?
During the COVID-19 recession, 22 million laid-off workers sought unemployment benefits, sparking chaos in the payment system and compounding the financial woes of jobless Americans.
Five years later, with many forecasters predicting another downturn, a far less burdened benefits system remains plagued by myriad problems that could hamper payments to Americans who lose their jobs.
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About The Daily Money
Each weekday, The Daily Money delivers the best consumer and financial news from Paste BN, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.
Daniel de Visé covers personal finance for USA Today.