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Trump Proposes Tariffs to Replace Income Taxes

5/19/2025

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Summary

Story summary

President Donald Trump is stirring the pot with a bold proposal to replace income taxes with tariffs, harking back to early 20th-century funding methods. He envisions an “External Revenue Service” to collect taxes from foreign entities, promising a potential elimination of income taxes for those earning under $200,000 a year.

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Story summary

President Donald Trump is stirring the pot with a bold proposal to replace income taxes with tariffs, harking back to early 20th-century funding methods. He envisions an “External Revenue Service” to collect taxes from foreign entities, promising a potential elimination of income taxes for those earning under $200,000 a year.