BY TYLER DURDEN
MONDAY, APR 28, 2025 – 10:00 AM
President Donald Trump doubled down Sunday on his plan to use tariff revenue to slash – and possibly eliminate – income taxes for millions of Americans.
Photo: Fox NewsThe president took to Truth Social to tout his vision, claiming that his sweeping tariffs could lead to big tax breaks for workers making under $200,000 a year.
“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 wrote.
The bold pledge comes as public anxiety grows over the economic fallout from Trump’s aggressive trade policies, which have rattled global markets and fueled fears of higher prices at home.
In the weeks since Trump slapped so-called reciprocal tariffs on dozens of countries – including a staggering 145% levy on Chinese goods, economists have sounded the alarm that the tariffs could backfire, hurting American consumers more than foreign rivals.
That said – not everyone’s excited after Trump told TIME Magazine in the April 25 edition that he “love[s] the concept” of raising taxes on millionaires as a means of paying for an extension of the 2017 tax cuts.
“I certainly don’t mind having a tax increase,” Trump told TIME.
“I would be honored to pay more, but I don’t want to be in a position where we lose an election because I was generous, but me, as a rich person, would not mind paying and you know, we’re talking about very little.”
He said it would involve raising taxes on the wealthy to “take care of [the] middle class.”
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