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Under Trump 1.0 tariff revenues increased from ~$37 billion to $74 billion annually between 2017 and 2020, now at ~$77b. By comparison, in FY 2024, the IRS collected more than $5.1 trillion in tax revenue, while the US federal budget was $6.75 trillion. So, no, tariffs can't replace taxes.
May 6, 2025, 5:33 PM
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