This wasn’t new territory for Trump. Earlier, he suggested removing federal income taxes for individuals earning under $150,000 and eliminating taxes on tips, car loan payments, and Social Security benefits.
A sweeping promise
Now sitting in the Oval Office, Trump says the idea is no longer theoretical—it’s a goal.
At a recent Cabinet meeting, he claimed Americans may soon “not even have income tax to pay.” He suggested that income taxes could either be eliminated or reduced to extremely low levels.
“The money we’re taking in is so great, so enormous, that you’re not going to have income tax to pay,” he said, according to ABC News and Fox.
The math says otherwise
The challenge? Federal revenue data shows an enormous gap between what income taxes and tariffs actually generate.
- Individual income taxes: Over 50% of federal revenue
- Tariffs: Just 3.7% of total revenue last fiscal year
- October 2024 alone: Income taxes made up 54%, tariffs just 7.75%
Experts say the numbers simply don’t add up.
“It’s not possible. It’s not feasible mathematically or economically,” said Brandon DeBot of NYU’s Tax Law Center. Even with tariffs at their highest levels in decades, they fall far short of funding the federal government.
Steve Wamhoff, a policy director at the Institute on Taxation and Economic Policy, called the idea “nonsensical,” noting that America hasn’t relied primarily on tariffs since the horse-and-buggy era.
More than a money problem
High tariffs can trigger other complications:
- Retaliation from other countries
- Higher prices on imported goods
- Reduced consumer spending
- Heavier financial strain on low-income families
Legal questions also loom. The Supreme Court is currently reviewing challenges to presidential tariff authority, with companies like Costco seeking refunds on duties they say were wrongly imposed.
Even so, Trump could still rely on older laws—some dating back nearly a century—to continue imposing tariffs.
Your turn
Do you believe Trump can successfully eliminate income taxes? Or is this another bold idea that may never leave the drawing board?
Share your thoughts below—then pass this article along so we can hear from even more voices!