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Trump proposes abolishment of federal income tax, bringing US back to 'richest period' in history

  • President Donald Trump proposed abolishing federal income tax during a GOP conference in Doral, Florida, claiming it would make citizens richer by increasing disposable income.
  • Trump's plan includes cutting corporate taxes and eliminating taxes on tips, overtime, and social security benefits, aiming to boost U.S. Manufacturing.
  • The Congressional Budget Office estimates that maintaining current tax provisions could add about $4 trillion to deficits over a decade.
  • Trump's tariff proposals include a universal tariff on imports, which he believes will restore economic prosperity, despite economists' concerns about rising prices.
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