President Trump said tariff revenue could be large enough to replace the current income tax system.
“The next couple of years I think we’ll be substantially cutting, and maybe cutting out completely, but we’ll be cutting income tax. Could be almost completely cutting it because the money we’re going to be taking in is so large. Other countries have been ripping us off for many years.”
The comments build on remarks Trump made throughout 2024, when he repeatedly floated scrapping the federal income tax and returning to a tariff-based system similar to the late 19th century. In October, CNN reported that Trump told barbers in the Bronx, “There is a way, if what I’m planning comes out,” adding that, “In the 1890s … it had all tariffs. It didn’t have an income tax.”
Days later, Trump told The Joe Rogan during his podcast appearance that he was serious about replacing federal income taxes with tariffs. “Yeah, sure, why not?” he said on The Joe Rogan Experience.
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