President Donald Trump said that some people’s income taxes will be lowered or perhaps even completely eliminated due to tariffs.
“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,” he declared in a post 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!!!” the president added.
TRUMP SAYS THERE’S A ‘REAL CHANCE’ TARIFFS COULD REPLACE INCOME TAX
The president discussed income tax and tariffs while speaking to reporters on Sunday.
“And eventually we’ll be reducing taxes very substantially for the people of our country, because the money is so great coming in from tariffs that I’ll be able to reduce taxes … to a very large extent, and maybe almost completely,” he said.
TRUMP PROPOSES ABOLISHMENT OF FEDERAL INCOME TAX, BRINGING US BACK TO ‘RICHEST PERIOD’ IN HISTORY
“And it’s possible we’ll do a complete tax cut, because I think the tariffs will be enough to cut all of the income tax,” he noted.
The president indicated Americans will be given “a tremendous tax cut,” starting “with people making less than $200,000 dollars a year.”
TRUMP KICKS OFF WHIRLWIND WEEK MARKING HIS 100TH DAY BACK IN THE OVAL OFFICE
Trump, who will mark the 100-day milestone of his second term in office this week, is slated to hold a rally in Michigan on Tuesday.