Trump Boldly Claims Steep Tariffs Could Lead To Taxes Being ‘Completely Eliminated’ For Some Workers

US President Donald Trump speaks to reporters while in flight on Air Force One, en route to Rome, Italy on April 25, 2025. Trump is heading to Rome to attend the funeral of Pope Francis.US President Donald Trump has made a bold claim about the projected efficacy of his sky high tariffs, which essentially kicked off a trade war and rattled the US stock market.On Sunday morning, Trump vowed in a post on Truth Social that income taxes for many Americans will be “substantially reduced” or even “completely eliminated” in the wake of the tariffs. “When Tariffs cut in, many people’s Income Taxes will be substantially reduced, maybe even completely eliminated,” he wrote. “Focus will be on people making less than $200,000 a year. Also, massive numbers of jobs are already being created, with new plants and factories currently being built or planned.” Trump added: “It will be a BONANZA FOR AMERICA!!! THE EXTERNAL REVENUE SERVICE IS HAPPENING!!!”Trump previously promoted tariffs during his 2024 campaign trail, and suggested multiple times that tariffs could replace the income tax as the main revenue source for the US government. If the switch were to take place, wealthier Americans would face financial relief while the middle class and the poor would be heavily affected by the tax burden.Trump’s post came after he confirmed last week that he would ease up on the steep 145% tariff on goods from China after the country retaliated with tariffs of 125% on the US. Trump claimed at the time that the tariffs will “come down substantially, but it won’t be zero” after also facing backlash from world leaders.While Trump promised Sunday that “massive numbers of jobs are already being created,” there has been an uptick in uncertainty among American companies since Trump implemented his tariffs, according to the Federal Reserve’s beige book, which is a report that summarizes current economic conditions eight times per year. Last week, Trump declared that he’s on the verge of cutting several new trade deals in a few weeks, but also sent mixed signals after admitting it would be “physically impossible” to go through negotiations with dozens of countries and “we are going to, at some point, just set prices for deals.” Related...White House Correspondents’ Association President Says Press Is Not 'The Enemy’ While Taking Aim At TrumpTrump Claims Zelenskyy Is Ready To Make A Major Concession In The Name Of PeaceTory Frontbencher Accuses Trump And Farage Of 'Putin Apologism'

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