"Trump Proposes Abolishing Income Tax for U.S. Citizens"

Trump proposes abolishment of federal income tax, bringing US back to 'richest period' in history

President Donald Trump has presented a groundbreaking and potentially divisive proposal to abolish federal income taxes in the United States. In a speech delivered at a conference in Doral, Florida, on Monday, Trump suggested that the country should revert to its pre-1913 tax system, which did not include an income tax. Reflecting on the history of U.S. taxation, he pointed out that income taxes were introduced in 1913 under the 16th Amendment.

Trump emphasized that instead of burdening American citizens with taxes, the U.S. should focus on taxing foreign nations through tariffs, thereby enriching its own citizens. "We had no income tax. The income tax came in…1913. As I said in my speech last week, instead of taxing our citizens to enrich foreign nations, we should be tariffing and taxing foreign nations to enrich our citizens," he stated.

He also made the case for a return to a tariff-based system, suggesting that the U.S. experienced its richest and most powerful period between 1870 and 1913, when tariffs were the primary source of federal revenue. "It's time for the United States to return to the system that made us richer and more powerful than ever before," Trump declared.

The federal income tax was established through the 16th Amendment, ratified on February 25, 1913, which granted Congress the constitutional authority to impose taxes on individual and corporate incomes. While Trump's proposal to scrap this tax system would undoubtedly be transformative, it remains unclear how such a shift would impact the nation’s overall economy and government funding.

White House economist teases the ‘biggest’ fiscal reform ‘America has ever seen’

President Donald Trump's economic agenda is being actively implemented, with major reforms planned for trade, energy, regulations, and tax and spending cuts, according to Kevin Hassett, Director of the National Economic Council. Hassett highlighted that the Trump administration's approach is a comprehensive strategy, including drilling, deregulation, tax cuts, and reduced government spending, which together will bring about the "biggest" fiscal reform America has ever seen.

He pointed out that while some critics are concerned about the impact of President Trump's trade policies, they fail to consider the broader economic plan. Hassett stated that tariffs, when used strategically, are part of an overall approach that promises to lead to a "golden age" for the U.S. economy, with significant supply-side reforms.

Trump has long advocated for using tariffs as a negotiation tactic, particularly with trade partners such as Mexico, Canada, and China. A recent example of this was seen with Colombian President Gustavo Petro, who reversed his stance on accepting deportation flights from the U.S. after Trump threatened tariffs and other actions.

Hassett emphasized that tariffs, when integrated into a comprehensive policy framework, can contribute to economic growth. He also confirmed that President Trump and lawmakers are working on a reconciliation bill to negotiate a universal tariff strategy. However, the proposal to create an "External Revenue Service" to collect revenue from tariffs has faced criticism. Some economists argue that tariffs impose costs on U.S. importers, which could hurt the economy and undermine the benefits of tax cuts.

Erica York, Vice President of the Tax Foundation, cautioned that relying on tariffs as a primary source of tax revenue could harm the U.S. economy by shrinking both the economy and household incomes. Meanwhile, market experts, including Taylor Riggs, have raised concerns about the uncertainty surrounding tariffs, especially if they are continuously increased. Others, like Kenny Polcari, Chief Market Strategist at Slatestone Wealth, expressed optimism that the proposed tax reforms could encourage greater work and spending among Americans, potentially boosting the economy.

Donald Trump Hints At Removing Income Tax For US Citizens: ‘It’s Time To…’

U.S. President Donald Trump has unveiled a sweeping proposal to abolish income tax for American citizens, positioning the move as a way to boost disposable income for individuals and families across the country. Trump framed this change as a step toward restoring the economic system that made the U.S. wealthier and more influential during earlier periods of history.

In his remarks, Trump emphasized the importance of shifting away from the current taxation model, proposing that instead of burdening American citizens with taxes, the U.S. should leverage import tariffs as a new source of revenue. These tariffs, according to Trump, would target foreign nations, ultimately enriching American citizens rather than foreign governments.

"It’s time for the United States to return to the system that made us richer and more powerful than ever before," Trump said, referencing the period prior to the introduction of federal income tax. He argued that tariffs could be a more effective and sustainable means of funding government activities while simultaneously benefiting the American workforce. This bold proposal aligns with Trump’s broader economic vision, which includes significant tax and regulatory reforms aimed at revitalizing the U.S. economy.

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"Trump Proposes Abolishing Income Tax for U.S. Citizens" Amit@Rajput 30 Jan 2025 05:31 PM

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