Trump Proposes Replacing Income Tax With Tariffs After Court Ruling

Donald Trump announced a plan to replace individual income taxes with revenue from global tariffs during his State of the Union address.The move follows a Supreme Court ruling that struck down previous emergency tariffs as an overstep of constitutional powers.Treasury Secretary Scott Bessent indicated the administration will use the Trade Act of 1974 to implement a 15% global levy.Maya MacGuineas warned federal revenue could fall by $1.9T as Goldman Sachs predicted that consumer prices will remain high.