#TrumpTaxCuts
President Trump floated a new income tax cut on Sunday as a way to mitigate the impact of his sweeping tariffs, which polls show Americans increasingly believe will lead to higher prices.
“When Tariffs cut in, many people’s Income Taxes will be substantially reduced, maybe even completely eliminated,” Trump wrote in a post on his Truth Social platform on Sunday.
“Focus will be on people making less than $200,000 a year,” he continued.
Trump defended the strategy behind his steep tariffs in his post, maintaining “massive numbers of jobs are already being created, with new plants and factories currently being built or planned. It will be a BONANZA FOR AMERICA!!! THE EXTERNAL REVENUE SERVICE IS HAPPENING!!!”
The comments echo previous suggestions from the president about potentially getting rid of federal income tax altogether and replacing it with tariffs or other levies. Some economists have raised questions about the feasibility of generating sufficient revenue through tariffs.