Since the start of his second term, President Donald Trump has repeatedly proposed abolishing federal income taxes in favor of tariff revenues. As Kiplinger has reported, he has previously spoken about jettisoning taxes completely and mused about eliminating tax on the first $150,000 of income.
Last November Thanksgiving video, Trump said, "Over the next couple of years, I think we’ll … be cutting income tax — could be almost completely cutting it, because the money we’re taking in is going to be so large."
