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Trump Says He May Cut Income Tax ‘Completely’ because of Tariff Income
Tariff rates between 10% and 50% on imports could fund nearly eliminating income tax and provide a $2,000 dividend for Americans earning under $200,000, Trump said.
- Yesterday, President Donald Trump announced he may nearly eliminate the U.S. federal individual income tax using tariff revenue as the funding source.
- After announcing tariffs earlier this year that apply roughly 10% to 50% on most U.S. imports, Trump proposed a tariff dividend earlier this month to promote those tariffs.
- The proposal specifies a dividend of at least $2,000 per person, excluding high-income individuals and targeting people making less than $200,000 a year this year.
- Legal scrutiny intensified after justices expressed scepticism on November 5, raising legal uncertainty as Bloomberg reported tariffs could be overturned, potentially requiring refunds exceeding $100 billion.
- Framing the tariffs as pro-growth, Trump pledged tariff receipts would help pay down the nation's $37 Trillion debt and boost U.S. investment and factories, calling critics 'FOOLS' on Truth Social.
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14 Articles
14 Articles
Trump Says US May Cut Income Tax Completely in Next Couple of Years Due to Tariff Income
President Donald Trump said on Nov. 27 that the United States could eliminate income taxes over the next couple of years due to revenue generated from tariffs. Trump made the remarks during a Thanksgiving call with U.S. service members, saying the tariffs he imposed on foreign nations have generated substantial revenue and pushed companies to build their manufacturing facilities in the United States to avoid tariff costs. “We’re taking in hundre…
·New York, United States
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Coverage Details
Total News Sources14
Leaning Left0Leaning Right3Center3Last UpdatedBias Distribution50% Center, 50% Right
Bias Distribution
- 50% of the sources are Center, 50% of the sources lean Right
50% Right
C 50%
R 50%
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