President Trump dropped a bombshell Thursday night, telling troops via video from Mar-a-Lago that his tariffs could wipe out income taxes in just a couple of years.
Well, he’s got my attention.
"In the next couple of years, I think we'll substantially be cutting, or maybe cutting out completely, but we'll be cutting income tax," Trump said. "Could be almost completely cutting it because the money we're taking in is going to be so large."
Sounds good to me. Though if it comes faster, I’d be all for it.
Axios has more on this story.
The big picture: As the Supreme Court weighs whether Trump's tariffs are even legal, and as administration officials continue to insist tariffs are not a revenue tool, Trump keeps making spending promises with the money.
Lawmakers who would have to approve any of his various plans have made clear they'd prefer tariff revenue be used for deficit reduction before anything else.
Follow the money: The U.S. collected about $195 billion in tariff revenue in fiscal 2025, per Treasury data, and is on track to collect a little more than $400 billion in fiscal 2026.
Trump’s tariffs have already had a positive impact on the economy, separate from their ability to generate revenue. This year, various companies have chosen to expand domestically rather than outsourcing jobs to low-wage havens overseas that have bled America dry for decades.
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Despite the success of the tariffs, the left has tried everything possible to stop Trump’s tariffs, and their fate is ultimately in the hands of the Supreme Court.
As tariff revenues surge, the White House is bracing for a Supreme Court ruling that could shape the future of President Donald Trump's trade agenda.
Tariff revenues climbed to a new high of $34.2 billion in October, raising the stakes as the Supreme Court considers whether the president can continue imposing broad duties without congressional approval.
Total duty revenue reached $215.2 billion in fiscal year 2025, which ended Sept. 30, according to the Treasury Department’s "Customs and Certain Excise Taxes" report.
So far in fiscal year 2026, which began on Oct. 1, the U.S. has collected $41.6 billion, according to the latest numbers published by the Treasury Department.
Since Trump announced his "Liberation Day" tariffs in April, tariff revenues have climbed sharply from $23.9 billion in May to $28 billion in June and $29 billion in July. That momentum continued through August and September, when the government collected a combined $62.6 billion in tariff revenue.
If President Trump’s tariffs can eliminate the income tax, I can’t imagine who might complain about that. Okay, fine, those who don’t pay income taxes won’t care, but for the rest of us, it would be a level of economic freedom not seen in this country for generations, and I’m all for it.
I’m sure many people on the left won’t believe it, but you know what? Trump has been right on tariffs from the beginning. The economic apocalypse that Democrats have been predicting never materialized. So, yeah… I’m trusting Trump on this. So bring on the end of the income tax!
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