Posted on 12/03/2025 2:32:15 AM PST by Libloather
President Donald Trump suggested Tuesday that Americans may "not even have income tax to pay" in the near future, saying tariff-driven revenue could allow for the historic elimination of the federal income tax under his tenure.
Trump told a press gaggle after his cabinet meeting that "at some point in the not too distant future you won’t even have income tax to pay," arguing that revenue the government is collecting under his administration is now "so great… so enormous."
"Whether you get rid of it or just keep it around for fun or have it really low, much lower than it is now, but you won't be paying income tax," Trump added.
If enacted, abolishing income tax would mark the most ambitious overhaul of the American tax system in more than a century. Trump’s repeated public support for replacing income tax with tariffs makes this the most explicit endorsement yet.
Earlier in his second administration, the president floated a tax plan eliminating income tax for individuals earning under $150,000, with tariffs proposed as a replacement.
"It's time for the United States to return to the system that made us richer and more powerful than ever before," the president said back in January. "Instead of taxing our citizens to enrich foreign nations, we should be tariffing and taxing foreign nations to enrich our citizens."
(Excerpt) Read more at foxbusiness.com ...
Eliminating the 1040 would require a massive re-write of the entire social welfare system in this country, along with the distribution of what are currently welfare payments who identify as non-refundable credits.
Yes, LBJ’s creation of Welfare was just before my time on this planet. Agreed the Brits call it the ‘Nanny State’ and many of the problems with Britain today can be linked to the decisions to go socialist after WWII. Clement Attlee was the impetus of that disaster.
Socialism, always seems so attractive, but it always leads to more socialism and then economic collapse. I can’t argue the obvious. However, what do we do now that we have taken peoples money for years and they didn’t have the opportunity to invest it themselves, with entitlements such as SS?
What we do now might be tough love and I'd be for it.
What a time to be alive. Chief Negotiator is watching from above with a smile.
What a time to be alive.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.