Former President Trump said in a private meeting recently that, if he’s reelected in November, he would impose an “all tariff policy.” This would result in no income tax for Americans. During his first term, Trump also favored tariffs when it came to foreign affairs, so it’s no surprise that he would continue to propose tariffs during his second term. In the recent private meeting, Trump also said he would continue to use tariffs as a way to negotiate with “bad actors” abroad.

Not having an income tax seems like it would be an automatic win, but what ripple effects would it have on American workers? What would this mean for the economy, specifically the upper middle class? GOBankingRates reached out to political and financial experts to get their take on what the upper middle class would see if there was no income tax. READ MORE