#TrumpTaxCuts President Donald Trump has doubled down on his proposal to cut or even eliminate federal income taxes, claiming that tariffs will replace the current tax system. In a post on Truth Social, Trump suggested that income taxes for individuals earning less than $200,000 could be “substantially reduced” or entirely wiped out once his tariff policies are fully implemented. This idea comes after he signed an executive order earlier this month imposing a 10% tariff on most imported goods, with countries like China facing tariffs up to 145%.