Trump Proposes Tariff Revenue to Replace Income Taxes for Many Americans
On April 27, 2025, President Donald J. Trump announced on social media that his new economic plan would focus on reducing — and potentially eliminating — income taxes for Americans earning less than $200,000 a year. According to Trump, the move would be made possible by revenue generated from new tariffs on foreign goods.
He emphasized that as tariffs "cut in," the government would no longer need to rely heavily on personal income taxes. Trump introduced the term "External Revenue Service," suggesting a shift toward funding the government through external trade rather than taxing American workers directly.
The president also stated that "massive numbers of jobs" are already being created, with new plants and factories either being built or planned. He described the situation as a "BONANZA FOR AMERICA," aiming to frame it as a major boost for the economy and American manufacturing.
While the plan excites many of his supporters, some experts warn that tariffs can lead to higher consumer prices. Still, Trump's proposal marks a bold shift in U.S. tax and trade policy, with the goal of making America stronger through external economic power. Thanks for reading and please do research on CheckDot 🤝