President Donald Trump unveiled a bold vision for America’s financial future, asserting that his tariff policies could slash — or even eliminate — income taxes for workers earning under $200,000.
In a major announcement posted early Sunday on Truth Social, Trump promised that redirecting revenue from foreign imports could spark an unprecedented American economic boom.
Trump Highlights Tariffs as Pathway to End Income Tax for Millions
In his Truth Social post, Trump detailed how shifting the government’s revenue base to tariffs would allow income taxes for lower- and middle-class Americans to be “substantially reduced, maybe even completely eliminated.”
“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.
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He further celebrated the economic resurgence already underway, pointing to new plants and factories being constructed nationwide and emphasizing:
“It will be a BONANZA FOR AMERICA!!! THE EXTERNAL REVENUE SERVICE IS HAPPENING!!!“
The term “External Revenue Service” — an alternative Trump proposes to the IRS model — envisions a revenue system funded primarily by tariffs on imports rather than taxing Americans’ wages.
New Economic Strategy Sparks Nationwide Factory Boom
According to Trump, tariffs are already making a measurable impact.
He noted that $15 billion has been collected so far, and industries are responding by ramping up U.S.-based production — creating jobs and reducing dependency on foreign goods.
“Massive numbers of jobs are already being created, with new plants and factories currently being built or planned,” Trump emphasized.
This strategy, Trump argues, not only strengthens American manufacturing but also shields workers from crushing tax burdens.
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Critics Sound Alarm Over Trade Policies — Trump Stands Firm
Despite the wave of economic optimism among his supporters, critics have warned that Trump’s tariff-first approach could spark a “trade war,” destabilize the U.S. stock market, and cause consumer prices to rise.
Nevertheless, Trump’s message remains defiant: he views tariffs as a powerful tool to revive the economy while easing the financial strain on hardworking Americans.
This isn’t the first time Trump has floated the idea of an “External Revenue Service.” However, his renewed focus on it signals a serious shift in how federal revenues could be collected in a second Trump term — by taxing foreign goods rather than penalizing American income.
Trump’s bold economic plan could reshape American financial policy for generations if implemented, cutting the link between hard work and heavy taxation, and reinforcing his “America First” vision for 2025 and beyond.
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