#TrumpTaxCuts Trump proposes income tax cut to alleviate tariff impact.
President Trump proposed 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 the tariffs are reduced, the income tax for many people will be substantially reduced, perhaps even completely eliminated," Trump wrote in a post on Sunday on his Truth Social platform.
"The focus will be on people earning less than US$ 200.000 per year," he continued.
Trump defended the strategy behind his high tariffs in his post, stating that "a huge number of jobs are already being created, with new factories and plants being built or planned. It will be a BONANZA FOR AMERICA!!! FOREIGN REVENUE IS HAPPENING!!!"
The comments echo previous suggestions from the president about the possibility of completely eliminating the federal income tax and replacing it with tariffs or other taxes. Some economists have raised questions about the viability of generating enough revenue through tariffs.