Donald Trump has teased a tax plan that one finance expert deemed likely impossible.
Ron Insana, a finance reporter, author and former hedge fund manager, appeared on MSNBC on Saturday to discuss Trump's latest policy proposal for eliminating income tax altogether. Trump said the money coming in from tariffs on foreign trade would make up the difference.
When asked by host Alex Witt, "Does this add up for you?" Insana replied, "Not even in the least."
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Regarding Trump's proposal, Insana said, "If we wanted to do that, not that it would be possible," the Trump White House would have to engage in some "fantastical math."
Pointing out that the tariff amount on every nation would have to be incredibly high to pay for what the government gets from income taxes, Insana noted that there would have to be some gymnastics if Trump's administration is going to "make any of those numbers work."
Going even further, Insana said of Trump's ultimate goals, "This is not the way you do it," because the tariffs will also reduce demand "because prices go up and products disappear."
"It doesn't work any way shape or form," he added.
