President Trump suggested Sunday that income tax cuts could help counter the impact of his sweeping tariffs, proposing relief especially for Americans earning under $200,000 annually.
Posting on Truth Social, Trump wrote, “When Tariffs cut in, many people’s Income Taxes will be substantially reduced, maybe even completely eliminated.”
The president defended his tariff strategy, insisting it is already spurring job creation and factory construction. He described the economic shift as a “BONANZA FOR AMERICA” and referred to it as creating an “External Revenue Service.”
Trump has previously floated ideas to replace federal income taxes with revenue from tariffs, though economists have questioned the viability of that approach.
Tariffs on goods from China, Mexico, Canada, and other imports such as steel and automobiles have already taken effect, while most country-specific tariffs are set for July unless deals are reached.
Polling shows Americans remain skeptical: a recent Associated Press-NORC survey found three-quarters expect higher prices due to tariffs, and NBC News polling showed widespread disapproval of Trump’s trade policies.
Sources
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