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Donald Trump’s proposal to replace the income tax with much higher tariffs to protect domestic businesses sounds like a great idea until you remember the impact Smoot-Hawley Tariff had on the economy in the 1930’s squashing free trade and worsening the Great Depression. And, while we are no fan of the current byzantine tax code that puts the vast majority of the burden squarely on 20% of all taxpayers, you have to note that tariffs raise the price of all goods dramatically shifting the proportionate tax burden to lower income households.