Trump: Tariff 'Bonanza' Will End Income Tax for Many
By Charlie McCarthy | Monday, 28 April 2025 02:08 PM EDT
President Donald Trump suggested his tariffs could lead to the end of income tax for many Americans.
While Democrats, critics, and mainstream media outlets insist Trump's tariffs will lead to a recession, he remains adamant that his plan ultimately will pay off for U.S. citizens.
"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 posted Sunday on Truth Social.
"Also, massive numbers of jobs are already being created, with new plants and factories currently being built or planned. It will be a BONANZA FOR AMERICA!!! THE EXTERNAL REVENUE SERVICE IS HAPPENING!!!"
In an interview with Time magazine released Friday, Trump said he made "200 deals" on tariffs and that the arrangements will be "finished" in the next three to four weeks.
On Monday, Punchbowl News' Andrew Desiderio reported the White House reportedly sent a statement of administration policy to Senate offices saying Trump "is now in active negotiations with many of these countries" affected by the tariffs.
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READ MORE: https://www.newsmax.com/us/trump-tariffs-abolish/2025/04/28/id/1208646/
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