President Trump Would Like to Do Away With Income Tax

Articles | November 28, 2025 | by Catholics for Catholics

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He said his tariffs are a better way to raise funds for the country.

 By Catholics for Catholics

Kiss your yearly income tax ritual goodbye.

Well, not yet.

President Donald Trump recommended “almost completely” cutting income tax, which he said could be done thanks to the effects of his trade programs.

According to Axios, Trump said in a Thanksgiving message delivered from his Mar-a-Lago estate in Florida that the investment commitments that had been made by other nations, pledges from companies to expand their production presence in the U.S., as well as the revenue accrued from his import taxes are very substantial.

“Over the next couple of years, I think we’ll substantially be cutting—and maybe cutting out completely—income tax,” Trump said. “We could be almost completely cutting it because the money we’re taking in is going to be so large.”

According to experts, counterbalancing the revenue from individual income taxes would entail over $2.5 trillion a year in tariff collections, more than 10 times what the government actually received during the last fiscal year.

OMG! IT’S HAPPENING!

🚨 Trump again suggests ABOLISHING THE INCOME TAX! 🙌

“It’s time to return to the SYSTEM that made us Richer and more powerful than ever before…

Instead of taxing our citizens to enrich foreign nations, we should be tariffing & taxing foreign nations to… pic.twitter.com/qkQg72i2ir

— MJTruthUltra (@MJTruthUltra) January 27, 2025

But first, the Supreme Court would have to decide if Trump’s tariffs are even legit, and as administration officials continue to insist tariffs are not a revenue tool, Trump has kept making spending promises with the money.

In addition, lawmakers would have to approve any of his several plans. Some of them have made it clear they’d prefer tariff revenue be used for deficit reduction before anything else.

During the fiscal year 2025, the U.S. collected about $195 billion in tariff revenue, per Treasury data, and is on track to collect a little more than $400 billion in fiscal 2026. On the other hand, individual income tax revenue in fiscal 2025 was $2.66 trillion, per the Treasury, and corporate tax revenue another $450 billion.

For now, the Supreme Court could rule at any time on the legality of the tariffs.