#TrumpTaxCuts
Trump plans new tax cuts in an effort to alleviate the burden of tariffs
US President Donald Trump said on Sunday that the extensive tariffs he imposed could help him reduce income taxes for individuals earning less than $200,000 annually, amid rising public concern about his economic agenda.
Trump had previously argued that tariff revenues could replace income taxes, although economists have questioned these claims, according to Bloomberg.
On Sunday, Trump said on his social network “Truth Social”: “When the tariffs go into effect, income taxes for many people will be significantly reduced, and they may even be completely eliminated. The focus will shift to people earning less than $200,000 a year.”
In just a few weeks, the tariffs imposed by Trump have disrupted the global economy, raised concerns about rising prices for Americans, and sparked warnings that his policies could lead to an economic recession.