TARIFF TOTALS

There is some talk of replacing 100% of income tax revenue with tariffs on foreign goods entering the US. This will be hard to do. In FY2023 corporate and individual income taxes totaled $2.6 trillion, excluding payroll taxes. Total imports in FY2023 were $3.8 trillion. To raise enough money the average tariff on imports would have to be 68%, assuming, quite unrealistically, no behavioral changes on the part of buyers.