Federal taxes to be 'substantially reduced' once tariffs set in: Trump
The US President previously floated the idea of eliminating the federal income tax altogether and replacing it with import duty revenues.
United States President Donald Trump recently said that federal income taxes would be “substantially reduced” or potentially eliminated once the tariff regime fully sets in.
In an April 27 Truth Social post, Trump added that the focus of the purported tax cuts would be on individuals making less than $200,000 per year.
The US President also said that the “External Revenue Service” — a reference to funding the federal government exclusively through import tariffs instead of the current model of collecting taxes through the Internal Revenue Service (IRS) — is materializing.
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