Research suggests that Trump's tariffs could result in savings for Americans through tax cuts

From Cointelegraph
February 21, 2025 4:20 PM:

The 16th Amendment, ratified in 1913, established a permanent income tax in the United States for the first time. This tax allowed the government to collect revenue directly from citizens’ earnings.

Before the 16th Amendment, the US government relied on tariffs and excise taxes for revenue. The income tax provided a more stable and consistent source of income for the government.

The income tax system established by the 16th Amendment has evolved over the years, with changes to tax rates, deductions, and credits. It remains a crucial source of revenue for funding government programs and services today.

Read more at Cointelegraph: Trump’s tariffs may lead to savings for Americans through tax cuts: Research