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#TrumpTaxCuts US President Donald Trump in a new post has claimed that the imposition of tariffs will lead to a huge number of Americans seeing a decline in their income tax. In a post on Saturday on his social media platform Truth Social, Donald Trump claimed that the tariffs will help reduce income tax for people, with the potential for being ‘completely eliminated’ for some. The focus will be on those who earn less than $200,000 a year, he said. “When Tariffs cut in, many people’s Income Taxes will be substantially reduced, maybe even completely eliminated. Focus will be on people making less than $200,000 a year,” Trump said in his post. The US President further emphasised that a massive number of jobs are being created already as companies are building and planning more factories. Also Read | India faces $14-billion export losses over US tariffs, NIPFP warns “Also, massive numbers of jobs are already being created, with new plants and factories currently being built or planned. It will be a BONANZA FOR AMERICA!!! THE EXTERNAL REVENUE SERVICE IS HAPPENING,” he said. Donald Trump's tariff claim Donald Trump has time and again focussed on the benefits of the reciprocal tariffs that he and his administrations announce on April 2. According to him, the tariffs imposed on other countries will curb imports and make companies build their manufacturing facilities the US, thereby creating thousands of new job and giving a boost to the economy. Donald Trump on April 2 imposed a series of tariffs on nations across the world including a 10 per cent tariff on virtually everything coming into the United States. The tariff on India has been set as 26 per cent, while China has taken the biggest with 145 percent levies. Also Read | Trump draws the line: No tariff cuts$ETH $XRP $BTC China without ‘substantial’ deal Also Read | Trump claims tariffs up to 50% will benefit US economy.
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