In a Joe Rogan interview, Trump reaffirms his stance on replacing income taxes with tariffs.

• In an interview with Joe Rogan, Donald Trump defended his plan to eliminate income taxes and replace them with tariffs.
• Experts believe that Trump's tariffs would not be sufficient to offset the billions lost due to removing income tax.
• Trump has proposed eliminating taxes on tips, overtime pay, and Social Security benefits, along with a universal tariff policy on all imports.

In a Friday interview with Joe Rogan, the host of one of the most widely listened to podcasts in the world, former President Donald Trump reiterated his plan to eliminate income taxes and replace them with tariffs.

"During their three-hour interview, Rogan asked the Republican presidential nominee if they were serious about replacing income taxes with tariffs."

"Yeah, sure, but why not?" Trump responded.

The former president stated that we will not permit the enemy to seize our jobs, factories, workers, and families unless they pay a substantial price. The big price, according to him, is tariffs.

Trump's economic pitch to voters centers on a comprehensive tax overhaul, which involves eliminating parts of the income tax system and implementing a strict tariff policy.

He has proposed eliminating income taxes on tips, overtime pay, and Social Security benefits, renewing his 2017 tax cuts, which expire in 2025, and considering income tax exemptions for firefighters, police officers, military personnel, and veterans.

The Tax Foundation estimates that ending taxes on tipped income, overtime, and Social Security would cost $2 trillion over 10 years. This cost would increase with the inclusion of Trump's other tax exemption proposals.

Trump views his aggressive tariff policy as a means to offset those expenses.

He has suggested imposing a 20% duty on all imports from all nations, including a significantly higher rate for goods originating from China.

Tax experts and economic analysts believe that Trump's tariffs are not sufficient to offset the trillions of dollars lost due to the elimination of income taxes.

According to Garrett Watson, a senior policy analyst at the Tax Foundation, raising tariff rates to cover a significant portion of income tax revenue would not be feasible as imports would decrease with the increase in tariffs.

According to Watson, Trump's tariffs are expected to generate $3.8 trillion in revenue over 10 years, compared to the $33 trillion that individual income taxes would bring in over the same period.

Over a decade, Trump's overall tax plan, including tariffs, would increase the deficit by $3 trillion.

"The math doesn't work out," Watson said.

U.S. importers would pay for Trump's tariffs, which would increase producer costs and potentially lead to higher consumer prices, as inflation has recently decreased.

These tariffs could potentially serve as a substitute for income tax, resulting in a greater tax burden on low-income individuals through a new form of sales tax.

Kamala Harris has made economists' critique of Trump's tariffs a key part of her campaign messaging.

In an interview with MSNBC's Stephanie Ruhle in September, the Democratic nominee stated that it would be a sales tax on the American people.

"Imposing a 20% tariff on all imports would effectively result in a 20% sales tax on basic necessities for the average American worker and family."