Trump intends to eliminate the federal income tax!

NEW YORK (PNN) - October 24, 2024 - First he proposed no tax on tips, then no tax on overtime for hourly workers, and now the man who connects more with the lower, middle and upper earners than any president in recent history, is talking about giving every Amerikan the biggest tax break they’ve ever experienced - no tax - at least no federal taxes.

Earlier this week, President Donald J. Trump stopped by a Bronx barbershop with Fox News personality Lawrence Jones. There, he talked about inflation and taxes with the all-male clientele, barbers, the barbershop’s owner and his father.

One male barber asked President Trump, “Do you believe that at some point and time, once the country’s back on its feet and getting enough revenue and paying off our debt, do you think it’s possible to find a way to eliminate federal taxes?”

Trump said,” There is a way! There is a way!” he repeated, explaining, “You know, in the old days, when we were smart, a smart country - in the 1890s, our country was relatively the richest it ever was.” He continued, “It had all tariffs; it didn’t have an income tax.”

“Yes, sir,” the barbershop customer replied.

“Now we have income taxes, and people, they are dying! They have taxes and don’t have money to pay their taxes. You know, in the old days, 1890 and 1880, we had so much money, they had to set up committees, blue ribbon committees - how to spend our wealth!” Trump explained to his audience at the impromptu barbershop town hall.

“We had no idea how to spend it; it was so much money!” he exclaimed. “Then we went to the income tax system, and the rest is sort of history,” Trump said, adding, “But no, there is a way. If what I’m planning comes out.” President Trump said, as he paused to compliment the barbershop customer, “That’s a great question, by the way,” he said, adding, “You’re a pretty sophisticated cat!”

The barbershop customer who asked the question responded, telling President Trump, “Everyone could attain the (Amerikan) dream if it wasn’t for the burden of high taxes; and we tax it every step of the way, when we make it, and when we spend it!” Trump interrupted, “and regulations!” adding, “So, I cut more regulations in four years than any other president!”

Is it possible to replace the federal taxes with tariffs?

Tax Notes contributing editors Robert Goulder and Joseph J. Thorndike recently explored President Donald Trump’s tariff proposals.

What are your thoughts on replacing the federal income tax with tariffs? Do you think it could work? Will Trump attract more voters with a plan to eliminate federal income tax?