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President Donald Trump said Sunday that his tariff policy will substantially reduce, even completely eliminate, income taxes for some American workers. “When Tariffs cut in, many people’s Income Taxes will be substantially reduced, maybe even completely eliminated,” Trump wrote in a 6:06 a.m. post on Truth Social. “Focus will be on people making less than $200,000 a year.” Trump continued, “Also, massive numbers of jobs are already being created, with new plants and factories currently being built or planned. It will be a BONANZA FOR AMERICA!!! THE EXTERNAL REVENUE SERVICE IS HAPPENING!!!

Tax season can be a bit stressful for many Americans, but for those with unfiled returns or back taxes, the stress levels can be overwhelming. The Internal Revenue Service (IRS) is one of the most powerful collection agencies in the country and it has considerable power to pursue any unpaid taxes you owe. The agency also has a long memory when it comes to collecting what it's owed. That said, the IRS can't come after you for your old tax debts indefinitely. Most debts have statutes of limitations that eventually render them uncollectible — and the same is true for...

A popular knock on this second Donald Trump term is that the president stocked his administration with nothing but saluting loyalists. Tell that to the staffers scheming to undercut his signature tax reform—by “managing” him into surrendering to the left’s favorite talking point. A (delighted) mainstream media several weeks ago started writing stories about a new Republican interest in raising taxes on “the rich”—namely hiking the top individual tax rate from 37% to 40%, higher than even under Barack Obama. These reports all come from anonymous White House officials, and always take care to insinuate Mr. Trump is “open” to...

While Tax Day looms over millions of Americans, taxpayers in at least nine states have been allowed by the Internal Revenue Service (IRS) to file their individual income tax returns for tax year 2024 a little later, ditching the April 15 deadline..... But the latest data shared by the IRS show that the agency had received nearly 1 million fewer returns by the end of March than it had during that same period last year—possibly because of uncertainty surrounding the IRS and its work, and the direction the U.S. economy is headed toward. Normally, taxpayers who are unable to meet...

Legislation Reversing $600 Threshold for Reporting Payments to IRS Filed by U.S. Sen. Bill Hagerty April 11, 2025 Tom Pappert Bill Hagerty U.S. Senator Bill Hagerty (R-TN) filed legislation on Thursday to reverse the decision to require third-party payment processors to report transfers more than $600 to the Internal Revenue Service (IRS). Hagerty called the three-year-old policy an “egregious and unwarranted overreach” into citizens’ privacy. Hagerty introduced the Stop the Nosy Obsession with Online Payments (SNOOP) Act, which his office said would remove the provisions of the Internal Revenue Code created by former President Joe Biden’s American Rescue Plan (ARP),...

President Donald Trump has stated multiple times that he wants to eliminate income taxes and replace them with tariffs. Such a decision would be one of the most significant changes to the tax code in decades, and it could help Americans save a lot of money. The government still needs to collect funds, so the tax code could shift to a combination of tariffs and sales tax. However, even if the IRS isn’t eliminated, Trump has floated the idea of no one paying taxes if they earn less than $150,000 per year. According to the TaxAct tax bracket calculator, a...

Good news for the people of Mississippi—lawmakers have finally removed the state income tax. Mississippi is now joins Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Washington, Texas, and Wyoming in eliminating this excessive and predatory taxation practice. The first income tax was created in 1861 during the Civil War as a mechanism to finance the war effort. In addition, Congress passed the Internal Revenue Act in 1862, which created the Bureau of Internal Revenue, an eventual predecessor to the IRS. The Bureau of Internal Revenue placed excise taxes on everything from tobacco to jewelry. However, the income tax did...

TRUMP WANTS NO TAXES FOR ANYONE MAKING LESS THAN $150,000 0:19 VIDEO AT LINK.........................

Donald Trump has told lawmakers he wants to end the special tax treatment of private equity and hedge fund profits known as “carried interest”, setting up a potential clash with America’s wealthiest financiers. The push by Trump — in a White House meeting on Thursday with Republican leaders from Capitol Hill — comes as the president intensifies talks over a broader tax cut bill he wants passed this year that is core to his domestic economic agenda. Karoline Leavitt, the White House press secretary, told reporters that Trump had “laid out” his “tax priorities” to the lawmakers, including measures to...

There was a time, before 1913, when you could keep every penny you earned. You did not have to file with the federal government, telling them what you earned and giving the feds their cut. Your finances were your business and no one else’s. You had the right to earn, own, and keep property, and it was sacrosanct, guaranteed by U.S. law and tradition.Andrii Yalanskyi/ShutterstockThere were no audits, investigations, account freezes, withholdings, or any other forms of payment. There was your productivity and you and that’s all.How was the government funded? It earned revenue through tariffs. These are paid directly...

President Trump has once again demonstrated his unwavering commitment to making America great again by proposing a return to the economic policies that once made the United States the wealthiest and most powerful nation in the world, namely ending the federal income tax. In a speech Monday evening, Trump outlined his vision for reviving America's economic golden age through a strategic use of tariffs, a policy that has historically proven to be immensely beneficial for the country. Trump began by emphasizing the potential for rapid economic growth, stating, "America is going to be very rich again and it's going to...

President Trump said the U.S. could possibly eliminate the federal income tax if his tariff plans work out as intended. "If the tariffs work out like I think, a thing like that could happen, if you want to know the truth," he said. "Years ago, 1870 to 1913, we didn't have an income tax. What we had is tariffs." Trump also said the additional IRS agents the Biden administration hired could potentially move to the border.

Nothing is certain but death and taxes, as the saying goes, but some Americans will be paying less taxes in 2025. Residents of nine states will see their state income taxes go down in this year, according to a roundup from the Tax Foundation, a tax policy research and analysis nonprofit.The organization notes that two of those states — Iowa and Louisiana — not only lowered the top marginal tax rate, but shifted from a bracket to a flat-tax system. In addition, South Carolina — although not one of the nine states with a new tax cut — made a...

Subpart A—Nonrefundable Personal Credits Sec. 21.Expenses for household and dependent care services necessary for gainful employment. 22.Credit for the elderly and the permanently and totally disabled. 23.Adoption expenses. 24.Child tax credit. 25.Interest on certain home mortgages. 25A.American Opportunity and Lifetime Learning credits. 25B.Elective deferrals and IRA contributions by certain individuals. 25C.Energy efficient home improvement credit. 25D.Residential clean energy credit. 25E.Previously-owned clean vehicles. 26.Limitation based on tax liability; definition of tax liability. Subpart C—Refundable Credits Sec. 31.Tax withheld on wages. 32.Earned income. 33.Tax withheld at source on nonresident aliens and foreign corporations. 34.Certain uses of gasoline and special fuels. 35.Health insurance...

Elon Musk asked social media users Wednesday if the Internal Revenue Service should be “deleted” — a day after a top Biden-Harris administration official urged Congress to give the federal agency $20 billion. “The IRS just said it wants $20B more money,” Musk, who will co-lead informal Department of Government Efficiency under President-elect Donald Trump, wrote on X. ... Only 3.9% said the federal agency’s budget should remain the same, 5.6% felt it deserved more money and 29.9% said the IRS budget should be decreased. ... The Tesla CEO’s tweet follows Treasury Department Deputy Secretary Wally Adeyemo making a desperate...

One of the planks in the Harris platform was “The rich don't pay their fair share!” Really? In part, this plays on the emotion that most people don't like the rich. On the other hand, by-and-large, most people seem very supportive of the poor. Why is that? Were you hired by a poor person?First, let's look at the “fair share” part. The “rich” (i.e., the top 10% of wage earners making approximately $450,000 and up per year) pay about 72% of total IRS tax collections. The top 1% ($660,00/yr and up) pay 40% of all taxes. The bottom 50% (about...

Income tax rates in Europe vary widely and reflect different approaches to funding public services, with countries imposing higher top marginal tax rates often supporting extensive social welfare systems, while those with lower rates may prioritize competitiveness or maintain less comprehensive programs.This map, via Visual Capitalist's Kayla Zhu, shows the top statutory personal income tax rate of 36 European countries.European countries typically use a progressive tax system, where higher income brackets are taxed at higher rates, with the top rate applying only to income above a set threshold. These are the highest personal income tax rates of each European country.The...

At the start of the summer, when former President Donald J. Trump visited Republicans on Capitol Hill, he hinted at a vision for a vastly different tax system than what the United States has employed for decades. Rather than taxing Americans on the money they earn at their jobs and on their investments, Mr. Trump instead suggested imposing a broad tax on the goods that Americans buy from abroad. In his view, such tariffs could replace income taxes as the main source of federal revenue. The idea, briefly floated behind closed doors, seemed to fizzle, and Mr. Trump did not...

Over a century ago Washington laid the corner stone of the Capitol in what was then little more than a tract of wooded wilderness here beside the Potomac. We now find it necessary to provide by great additional buildings for the business of the government. This growth in the need for the housing of the government is but a proof and example of the way in which the nation has grown and the sphere of action of the national government has grown. ... As a matter of personal conviction, and without pretending to discuss the details or formulate the system,...

President Trump recently floated the idea of eliminating the federal income tax. That tax became a fixture in 1913 when Congress ratified the 16th Amendment. The first U.S. Tax Code was about 400 pages. Today, with everything included, it’s more than 70,000 pages! Initially, the income tax was 1% on all incomes above $3,000 ($95,000 in today’s dollars) and applied to only 3% of the population. Today, the graduated rates start at 10% for families earning more than $30,000 and go up to 37% for families earning above $609,000. The rates vary greatly: The top 1% of taxpayers pay 45%...