2 days ago
Last Updated:January 28, 2025, 12:19 IST
Donald Trump said that he would introduce across-the-board import tariffs to replace income tax imposed on US citizens.
US President Donald Trump (Image: Reuters)
US President Donald Trump proposed abolishing income tax for citizens of the country as he said that it would boost disposable income for individuals and families. Describing the move as a step toward restoring America to the “system that made us richer", Donald Trump said that he would introduce across-the-board import tariffs to replace income tax.
“It’s time for the United States 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 taxing foreign nations to enrich our citizens," the US President said.
PRESIDENT TRUMP: “It’s time for the United States 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 and taxing foreign nations to enrich our citizens." pic.twitter.com/q4svY9JL2Y— Trump War Room (@TrumpWarRoom) January 27, 2025
The US was wealthiest from 1870 to 1913 when a tariff-based economic system was in place, Donald Trump said as he said that import tariffs will help in offsetting the revenue shortfall from income tax reductions that are being proposed by him.
During his inaugural address, Donald Trump had said, “Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens. For this purpose, we are establishing the External Revenue Service to collect all tariffs, duties and revenues. It will be massive amounts of money pouring into our treasury coming from foreign sources."
Location :Washington D.C., United States of America (USA)
First Published:January 28, 2025, 12:19 IST
News world Donald Trump Hints At Removing Income Tax For US Citizens: ‘It’s Time To…’
