Posted on 02/20/2025 3:28:54 PM PST by Libloather
One of President Trump’s objectives over the next four years is to have US revenues from tariffs become so massive that the Internal Revenue Service is no longer needed, his commerce secretary revealed Wednesday.
“His goal is to abolish the Internal Revenue Service and let all the outsiders pay,” Commerce Secretary Howard Lutnick said during an appearance on Fox News Channel’s “Jesse Watters Primetime.”
The former CEO of Wall Street firm Cantor Fitzgerald expanded a day later on his belief that Trump’s sweeping tariff plan will be a boon for the US economy.
“As the president said, reciprocal tariffs, either you bring yours down or we’re going to bring ours up. If we go to their level, it will earn us $700 billion a year to be equal to everybody else,” Lutnick said Thursday, during an appearance on FNC’s “America’s Newsroom.”
“And there goes our deficit. And interest rates come smashing down, and the whole economy explodes higher.”
Trump, 78, announced ahead of his inauguration last month that he plans to create an external revenue office tasked with collecting all foreign-sourced revenue, such as income from tariffs.
“For far too long, we have relied on taxing our Great People using the Internal Revenue Service (IRS),” the president wrote in a Jan. 14 Truth Social post. “Through soft and pathetically weak Trade agreements, the American Economy has delivered growth and prosperity to the World, while taxing ourselves.”
On the campaign trail, Trump repeatedly boasted that his tariff plan would bring the American economy back to a “golden age,” noting that before 1913 — when the 16th Amendment gave Congress the power to levy federal income tax — the government was primarily funded from tariffs.
(Excerpt) Read more at nypost.com ...
to the border
Tariffs and excise taxes funded the government for about a hundred years.
Flat tax. No taxes on Soc. Sec.
YASSSSS!!!!!
UNTIL diabolical bankers and investors realized the New Country was too stupid to control their own financial system so “stepped in” to help the new guys with all those millions, then billions then trillions of dollars. for a fee...and a cut...and NO REAL OVERSIGHT! chickens...meet home to roost.
This whole thing with Musk and Trump ie DOGE is like setting up a new government!
Seems to me like every agency, department is being reorganized from scratch. Using their imagination.
Exciting
“What is DOGE?
In the parade of executive orders Trump signed on his first day in office was one renaming the U.S. Digital Service as the U.S. DOGE Service. It further directed that DOGE be established within the Executive Office of the President.
The Digital Service was created by President Barack Obama in 2014 to modernize the government’s approach to technology. Its chief original mission was to fix the many glitches and digital problems that plagued the rollout of HealthCare.gov,”
“This whole thing with Musk and Trump ie DOGE is like setting up a new government!
Seems to me like every agency, department is being reorganized from scratch. Using their imagination.”
The government had gotten far afield from the constitution. A new government over more than decades, politicians and government non elected bureaucrats using their imaginations
To the contrary Trump is delegating return to the constitution. Not his imagination. The structure of our foundation
Does anyone read up on him?
His people were builders. He went into NYC and worked in real estate. He tore down structures to their foundations and rebuilt. His first term was learning second getting investors now he’s building from the foundation. The constitution
Doge was started by Obama.
All things in good time, plenty to do before no income tax becomes possible.
I like the sound of EXTERNAL REVENUE SERVICE.
Taxes are a ball & chain around productive people’s ankles. Get rid of all income taxes and replace with usage & consumption tax. Capital formation. Will sky rocket. It is life blood of capitalism.
The headline made me think at first that explodes was used in the negative sense, not the positive sense. Thought it might cause me to explode. 😁
No arguments here. Just make the taxes reasonable on extra yachts and vacation homes , okay? And Lear jets. And Lambos.
So we see the makings of a plan, scatter shot across various initiatives such as:
- Eliminate waste, fraud and abuse
- institute more controls
- Cut stupid federal programs
- Reduce overhead costs via greater efficiency
- Raise tariffs as appropriate
Trump has already cut I think 8% from military budget. He cut around $50 billion from USAID. He cut HHS. He floated a plan that we would cut our military spending in half if Russia and China would do the same. We can save another $400 billion if that comes together.
Through all these initiatives we might get down to a $2 trillion budget which will be mostly entitlements.
I am not sure if tariffs can fund $2 trillion, but it is such a more manageable number that we can find a replacement to income tax.
No, it’s more like they (the Uni-party along with the administrative state) had set up a new country (because that is exactly what they did), while our country was performing a disappearing act. Trump is returning this country back to its original intent that the Founders of this nation had created with the hopes that people would correct the wrongs that existed at its creation. They wanted it corrected, and it is obvious that they did, when they wrote; all men are created equal.
Repeal the 16th, constitutionally require a 10% sales tax except in national emergency and require 7/8 of the state’s approval to make the declaration of national emergency stick, remove the ability of Congress to write tax law, outlaw property taxes. General outline.
I believe Trump wants all the tariffs to go away, basically, and most of what we see and hear is him enjoying a good game of poker, though he knows there can be more than one way for things to come out right.
‘ I believe Trump wants all the tariffs to go away’
Certainly not based on his words or actions. So why would you believe that?
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