QUESTION: Mr. Armstrong, thanks for the WEC. Many individuals really feel this was your greatest. Your answer to save lots of our nation was spectacular, and also you deserved the standing ovation. My query is that you simply stated that Trump and RFK wouldn’t take heed to you regardless of all the things you’ve completed. You didn’t clarify why. Might I ask why?
FP
ANSWER: As I stated, Trump’s plan to eradicate and substitute the earnings tax with tariffs will fail. I perceive those that proposed the thought, citing that the nation was funded by tariffs earlier than the earnings tax, and a return to that funding system could look good in bullet factors, however the economic system is way extra advanced, and the socialistic objectives will be unable to easily be reduce with out resistance. I had additionally warned Maggie Thatcher about imposing a ballot tax. She thought the folks would take the supervisory position as a test on the federal government if they’d pores and skin within the recreation. However I knew from historical past it will not unfold as she had hoped.
Your entire situation is NOT that corporations moved offshore for cheaper labor. That’s the Marxist excuse. They moved due to the taxation. After I restricted main multinational corporations around the globe, we needed to contemplate (1) nation danger, (2) stability in taxation, and (3) taxation on the workforce.
I testified earlier than the Home Methods & Means Committee. Trump can name up my testimony, however these round him won’t enable that to happen. They’ve their answer in play and can by no means enable competitors, regardless of how fallacious they’re. Welcome to politics. I used to be then requested why no American firm had gotten a contract in China to construct the Yellow River Dam. I defined that Individuals are taxed on worldwide earnings, however Germany is just not. Thus, an American company is already 30-35% costlier than a German firm bidding on the identical venture.
Trump is married to the concept that tariffs will deliver again American jobs—corporations left BECAUSE of the taxes. Eradicate the Earnings Tax, finish the borrowing, and do what I stated with Social Safety, and the businesses will return, bringing international corporations with them. You’ll create essentially the most vital financial increase in historical past whereas the remainder of the world completes the financial decline outlined by the Financial Confidence Mannequin into 2028.
Trump is bought on the Tariff concept. He’ll NOT take heed to me. So, sadly, the anticipated financial increase folks may have with Trump might be tempered and never a actuality. Until we have a look at the complete world collectively, we will by no means combat the worldwide pattern. Tariffs will enhance inflation and contribute to the financial decline the world will expertise into 2028.
