#TrumpTaxCuts

⚡ Trump says tariffs could help reduce income tax for those earning less than $200,000 ⚡

* U.S. President Donald Trump said on Sunday that the broad tariffs he imposed could help him reduce income taxes for individuals earning less than $200,000 per year, amid growing concerns about his economic agenda.

"When the tariffs go into effect, income taxes for many people will be significantly reduced, and perhaps even completely eliminated. The focus will be on those earning less than $200,000 per year," Trump said in a post on Truth.Social.

* Trump's remarks came ahead of the May 2 deadline for the full implementation of the massive tariffs on China, which appear to have already caused price increases for American consumers.

* A Bloomberg report showed that U.S. tariff collections rose by more than 60% in April, with the federal government collecting at least $15.4 billion in tariffs after the first wave of Trump’s tariffs.

* But this figure is still a small fraction of the income tax revenues collected by the federal government, and it will need to be much larger to support Trump’s claims of reducing income tax.

* Treasury Department data showed that the government has collected about $2.26 trillion in tax revenue so far.