Rattner FACT-CHECK's Trump: Tariffs won't 'even come close' to 'replacing income taxes'
February 26, 2026
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2:27Now PlayingRattner FACT-CHECK's Trump: Tariffs won't 'even come close' to 'replacing income taxes'
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as posted by the channelDuring his State of the Union, President Trump suggested tariffs could one day replace income taxes. Morning Joe's Chief Economic Analyst, Steve Rattner, broke down the numbers: tariffs make up about 4% of federal revenue, while individual income taxes account for roughly 51%. He also cited new Federal Reserve research showing, again, that most tariffs are paid by U.S. importers, not foreign countries.
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