Former President Donald Trump has proposed a significant overhaul of the U.S. tax system, suggesting the elimination of federal income tax in favor of funding government operations solely through tariffs on imports. During a DC meeting with House Republicans, Trump discussed his pitch to eliminate taxes on tips and replace income taxes with tariffs, a system that was used to fund government operations before World War I. This proposal, if implemented, would inject uncertainty into global trade and consumer prices as Congress debates a tax code overhaul next year. Economists have estimated that such a shift would require an average tariff rate of 133 percent to replace current income tax revenues. Reps. Hern and Bacon were among those who discussed the proposal with Trump.