donald trump
US President Donald Trump said that the government is getting a lot of money from tariffs, so he is planning to almost eliminate income tax. He said that in the coming few years, there can be a big reduction in income tax, perhaps it can be almost completely abolished. He said this on video call to US military soldiers. But he did not tell how and when the income tax would be abolished.
However, this is not the first time that Trump has said that tariffs could greatly reduce Americans’ income taxes. In April this year, on Truth Social, he said that as money comes in from tariffs, people’s income taxes will be significantly reduced, perhaps even stopped altogether. Especially those who earn less than $200,000 a year.
What is Trump’s tariff policy?
After returning to the White House earlier this year, Trump announced imposing taxes ranging from 10% to 50% on imports from many countries. The tax is changed according to which country the goods are coming from. He says that this will give more money to the government and people will prefer to buy American made products instead of foreign goods.
Trump’s promise of tariff bonus
Trump has defended tariffs in the past as well. Earlier this month he promised a $2,000 tariff bonus to Americans. He said people who don’t like tariffs are idiots. He claimed that America has now become the richest and strongest country in the world, inflation is very low here and the stock market is at record. Retirement fund is also at the top.
Trump said that we are earning trillion dollars from tariffs and will soon start paying off our huge debt of $37 trillion. Record investment is taking place in the country, new factories and plants are being built everywhere. Each person will be given a bonus of at least $2,000.