Thomas Phillipson, former acting chairman of the White House Council of Economic Advisers, calls the Deals’ $6.25 billion pledge for children a “tremendous effort” and is consistent with President Donald Trump’s “bottom line” income tax proposal.
president Donald Trump He suggested Tuesday that Americans “may not even have an income tax to pay” in the near future, saying revenue driven by tariffs could allow for the historic elimination of the federal income tax during his term.
Trump said in a press conference after his cabinet meeting that “at some point in the not-too-distant future, you won’t even have to pay income tax,” arguing that the revenues collected by the government under his administration are now “so great… so great.”
“Whether you get rid of it or keep it for fun or make it very low, much lower than it is now, but you won’t pay income tax,” Trump added.
If the income tax repeal is passed, this would represent the most ambitious reform of the American tax system in more than a century. Trump’s repeated public support for replacing the income tax with tariffs makes this his most visible endorsement yet.
White House reveals ‘Trump accounts’ for children with $6.25 billion in DELL investments
US President Donald Trump said that income tax may soon become a thing of the past for Americans. (Joe Raedle/Getty Images/Getty Images)
Earlier in his second administration, the president introduced a tax plan to eliminate the income tax for individuals making less than $150,000, with tariffs proposed as an alternative.
“It is time for the United States to return to the system that made us richer and more powerful than ever,” the president said last January. “Instead of imposing taxes on our citizens to enrich foreign countries, we should impose tariffs and taxes on foreign countries to enrich our citizens.”
When asked if he was serious about eliminating personal income taxes by broadcaster Joe Rogan, then-candidate Trump replied: “Yes, sure, why not?” He said tariffs could fund the government instead of wage taxes.
Michael and Susan Dell donate $6.25 billion to fund Trump’s accounts
President Donald Trump speaks alongside Secretary of State Marco Rubio during a Cabinet meeting at the White House on December 2, 2025. (Andrew Caballero-Reynolds/AFP via Getty Images/Getty Images)
His views on income tax changed – as part of his potential run for president in 1999 under the Reform Party, Trump considered A one-time “net worth” tax on those with wealth greater than $10 million.
If Trump’s proposal is serious, it would require major changes to the tax code and would likely face legislative hurdles with a narrow majority in the House of Representatives.
Eliminating the income tax has long been a fringe idea, but with Trump’s aggressive tariff revenue push, the concept has moved closer to the mainstream discussion stage.
The White House did not immediately respond to FOX Business’ request for comment.
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2025-12-03 03:22:00
