Donald Trump, the president-elect of the United States, made ideas to formally establishing a new organization called the External Revenue Service on Tuesday. The company would be in charge of collecting international currency taxes and other revenues.
” We have relied on the Internal Revenue Service ( IRS ) to tax our Great People for far too long.” The American Economy has brought growth and prosperity to the World while taxing ourselves through gentle and pathetic business partnerships. It is time for that to shift. I am now announcing that I will make the EXTERNAL REVENUE SERVICE to gather our Tariffs, Duties, and all Profit that come from European sources”, Trump said on his social media platform, Truth Social.
He asserting his commitment to create the new office he added,” We will begin charging those that make money off of us with Trade, and they will begin paying, FINALLY, their fair share. January 20, 2025, will be the delivery time of the External Revenue Service. MAKE AMERICA GREAT AGAIN!
A bill from Congress may be required to create the new company. Democrats currently control the majority in both the House and the Senate.
Taxes, with possible charges of 25 % on products from friends like Canada and Mexico and 60 % on goods from China, are a vital part of Trump’s financial plan. Trump claimed earlier this month that taxes were the only factor in the country’s significant growth during the Second Industrial Revolution. He emphasized that implementing tariffs would reduce the country’s debts and regain its economic stability.
But. The tariffs are viewed as an inefficient method for institutions to raise funds, according to economists who claim that the charges may be passed on to consumers.
The proposal for an additional revenue service was opposed by Democrat politicians. No amount of pointless restructuring will hide the fact that Trump is planning a multi-trillion-dollar tax increase on British families and small companies to give for another round of duty handouts to the wealthy, said Oregon Senator Ron Wyden, a leading Democrat on the Senate Finance Committee.
Trump, who openly discussed reducing the size of the state, intends to create a new company to take on tasks that are already being managed by existing ones, such as the customs and border protection department, which control duties and revenue collection from other countries.
The president-elect has chosen two well-known business figures to lead his non-governmental task force, which will look for ways to reduce national programs, streamline federal regulations, and name two important business leaders. This program is a key component of his second-term in office’s” Save America” strategy.
Elon Musk, the businessman, and Vivek Ramaswamy, the investor, are in charge of DOGE’s effort to reduce the size and approach of the federal government.
