With Major Disdain for Tariffs, a Partial Case for Trump's Tariffs

Let us take up the limited government point of view according to which some small amount of taxation is justified and economically important. At present, relative to tariffs, income taxes reach into the stratosphere. The former is estimated as bringing about 2.5% of all government revenues. There is the eminently reasonable point to be made that our country’s GDP would be higher if the former were lowered and the latter raised. This has to do with the diminishing returns of pretty much everything in economics, at least eventually.