Donald Trump Proposes Eliminating Income Tax [View all]
Source: Newsweek
Published Nov 28, 2025 at 03:38 AM EST updated Nov 28, 2025 at 05:37 AM EST
President Donald Trump has proposed "almost completely" cutting income tax, which he said could be achieved thanks to the effects of his trade policies.
In a Thanksgiving message delivered from his Mar-a-Lago estate in Florida, the president referenced the investment commitments that had been made by other nations, pledges from companies to expand their production presence in the U.S., as well as the revenue accrued from his import taxes.
"Over the next couple of years, I think we'll substantially be cutting—and maybe cutting out completely—income tax," Trump said. "We could be almost completely cutting it because the money we're taking in is going to be so large." Newsweek contacted the White House via email outside of regular hours for comment.
Why It Matters
The administration has several times floated slashing or even abolishing income tax thanks to tariffs, though experts broadly agree that the revenue-generating effects of these policies would be unable to match the nearly $2.7 trillion the Internal Revenue Service (IRS) generated last year through this form of taxation.
Read more: https://www.newsweek.com/donald-trump-proposes-eliminating-income-tax-11123769
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