Trump on income tax in us: US President Donald Trump has made such a statement in an interview recently that can lead to a big change in the country’s tax system. He has said that if the government gets enough money from tariff, then income tax can be removed. He said that in the 1800s, the US had taken good financial advantage from the tariff and the country was counted among the richest countries.

In an interview to Fox Noticians, Trump said, “There was no income tax in our country from 1870 to 1913. Then the government used to raise all the money from the tariff, and our country was the richest country in the world at that time.”

Tariff for tax
Trump also said that he wants to adopt tariff based economic models once again in America. He emphasized that this amount can be so high that it can be replaced by income tax. However, he also admitted that the approval of the Congress will be mandatory to implement this change. Efforts to change the tax system have intensified after the Korona epidemic.

90 day import tax
On April 2, the heavy tariff declared by Trump spread nervousness in the financial markets. Due to this, he decided to give a partial discount of 90 days, but also increased the fees on China by 145%.

Income tax status in America
After the 16th amendment of the US Constitution in 1913, the Congress got the right to impose income tax. Currently, many states of America also charge income tax at their level. However, there are 8 states- Alaska, Florida, New Hampshire, Nevada, South Dakota, Tennessi, Texas and Vyoming, where individual income tax is not charged. At the same time, Washington does not impose tax on state wages or salary, but more than $ 270,000 capital income is taxed.

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Us President Donald Trump on Venezuela: US President Donald Trump announced on Monday (March 24) that any country buying oil or gas from Venezuela would have to pay 25 percent tariffs on trade with the US. This decision has been taken due to increasing political and economic stress between the US and Venezuela.

Trump wrote on his Truth social platform that Venezuela has great enmity with the US and our supported freeds, therefore, any country that buys oil and or gas from Venezuela will have to pay 25 % tariff on business with America.

Why did America take this step?
The Trump administration has already imposed several restrictions on Venezuela. He has not recognized the government of President Nicolas Maduro. Trump alleged that Venezuela has sent criminals to the US, including the Tren De Aragua gang. The US government has termed it as a foreign terrorist organization. Due to all this, Trump also wants to make Venezuela financially weak.

Does India buy oil from Venezuela?
India is the third largest oil consumer in the world and he imports crude oil from Venezuela.
India’s oil import data from Venezuela (2023-24):
December 2023: India bought 191,600 barrels per day (BPD) oil.
Reliance Industries: 127,000 BPD
Indian Oil Corporation (IOC): 37,000 BPD
HPCL-Mittal Energy: 28,000 BPD
January 2024: India’s imports increased to 254,000 BPD, which was 50 per cent of the total oil exports of Venezuela.
If India continues to buy oil from Venezuela, it may have to pay an additional fee of 25 percent on the trade done with the US.

Trump’s tariff’s global effect
India gets cheaper oil from Venezuela. If the tariff is applied, India may have to buy oil from Saudi Arabia, Iraq or Russia. This can increase the prices of petrol and diesel. This decision of America can increase oil prices. Countries like China and Turkas can also be affected. Venezuela will have to search for new oil buyers.

Venezuela-America relationship will deteriorate
Venezuela has already been imposed US sanctions. The new tariff will spoil the relationship between the two countries. Tram said that this tariff will be implemented on 2 April 2025. On the matter, Trump said that our homeland security, border patrol and other agencies have been informed about this decision.