President Trump just hinted at a new income tax cut on Sunday, suggesting it could help offset the effects of his large-scale tariffs — something polls show many Americans believe could drive prices higher.
Posting on Truth Social, Trump said, "When tariffs kick in, a lot of people’s income taxes will be significantly reduced — maybe even wiped out." He added that the focus would mainly be on individuals earning less than $200,000 a year.
In his message, Trump defended his aggressive tariff strategy, claiming that "huge numbers of jobs are already being created, with new plants and factories either under construction or in the planning stages." He wrapped it up by calling it "a bonanza for America" and even coined a new phrase: "THE EXTERNAL REVENUE SERVICE IS HAPPENING!!!"