U.S. President-Elect Trump Announces New External Revenue Service
President-elect Donald Trump announced plans to create a new government agency called the External Revenue Service (ERS) on January 20th, 2024, the day he takes office for a second term. The ERS will be responsible for collecting tariffs, duties, and all revenue from foreign sources.
Trump stated that Americans have been taxed for too long by the Internal Revenue Service (IRS) and that it is time for a change. He believes that the new agency will ensure that those who make money off of the U.S. through trade will finally pay their fair share.
However, details about the new agency remain unclear. It is unknown whether the ERS will replace existing collection agencies like U.S. Customs and Border Protection or the IRS, or if it will create additional government bureaucracy.
During his presidential campaign, Trump often discussed replacing U.S. income taxes with tariff revenue. However, economists and forecasters believe that the numbers do not support this idea.
Senator Ron Wyden, the top Democrat on the Senate finance committee, criticized Trump's proposal, stating that it is a multitrillion-dollar tax hike on American families and small businesses to pay for tax handouts to the rich.
Trump has proposed various tariffs on global imports, including a 10% tariff on all imports, a 25% punitive duty on imports from Canada and Mexico, and a 60% tariff on Chinese goods. Trade experts warn that these tariffs could disrupt trade flows, raise costs, and draw retaliation against U.S. exports.
11 Comments
Marishka
Creating another bureaucracy doesn't solve the problems with the IRS. It just adds more confusion and inefficiency.
Pupsik
If this new agency is implemented, prepare for sky-high prices and job losses. The economy can't handle it!
Marishka
Trump's 'fair share' rhetoric is just smoke and mirrors to distract from the fact that this plan will mainly benefit the wealthy.
Pupsik
This could lead to a much fairer system where everyone pays their fair share, not just hardworking Americans.
Marishka
This is a textbook example of government overreach and confusion. The last thing we need is another agency crawling through red tape.
Noir Black
I can't believe we’re even considering this. It's clear that this is just for show and not a well-thought-out economic plan.
Loubianka
Senator Wyden is spot on! This is not about reform; it's a scheme to give tax cuts to the rich at the expense of ordinary Americans.
BuggaBoom
We need to send a message that foreign companies taking advantage of Americans will have to pay up!
Katchuka
This proposal sounds like a convoluted mess. We don't need another revenue service; we need to fix the systems we already have.
Eugene Alta
This new External Revenue Service sounds like a recipe for economic disaster. Tariffs will only hurt American consumers and small businesses!
KittyKat
Where's the data to back up Trump’s claims? Economists warn that this could backfire, affecting our economy negatively.