Mr. Trump's claim about tariffs lowering taxes amounts to "an argument that says, 'If Americans pay more out of their left pocket, the government will be able to put more in their right pocket,'" said Joe Rosenberg, senior fellow at the Urban-Brookings Tax Policy Center, another think tank focused on taxes.

WASHINGTON—President Trump keeps suggesting that tariffs can replace income taxes for most Americans. One big problem: The math doesn’t work.

Janet Yellen warned that the risk of a US recession has “gone way up” after Donald Trump’s sweeping tariffs rattled financial markets, consumers and businesses. The former Federal Reserve chair said in an interview with the Financial Times that the ...

As Mr. Trump implements—granted, haltingly—these economists’ ideas on tariffs, we should take seriously the risk that the administration will push ahead with some of their other ideas ...

"There is a chance that the money from tariffs could be so great that it would replace (the income tax).” The idea may sound appealing, but economists who spoke to USA TODAY say Trump's ...

President Trump says his tariffs may raise enough revenue to replace the income tax, so why is he afraid ... $55.” The idea is to let shoppers know that Washington, not Amazon, has raised ...