President Donald Trump has said his administration may completely eliminate income tax within the next two years, citing record tariff revenues as the source of funding. Since early 2025, tariffs ranging from 10% to 50% have been imposed on imports, which Trump claims will generate trillions in revenue.
Trump Says Tariff Revenues Can Eliminate Tax
He pledged dividends of at least $2,000 per person and insisted the funds would help pay down the $37 trillion national debt. While no specifics were shared, Trump argued that heavy inventory purchases to avoid tariffs are ending, meaning collections will surge. He predicted a “record-setting” rise in tariff revenue to sustain his plan.
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