President Donald Trump suggested his tariffs could lead to the elimination of income tax for many Americans.
While Democrats, critics and mainstream media outlets insist Trump’s tariffs will lead to a recession, the president remains adamant that his plan ultimately will pay off for U.S. citizens.
“When Tariffs cut in, many people’s Income Taxes will be substantially reduced, maybe even completely eliminated. Focus will be on people making less than $200,000 a year,” Trump posted Sunday morning on Truth Social.
“Also, massive numbers of jobs are already being created, with new plants and factories currently being built or planned. It will be a BONANZA FOR AMERICA!!! THE EXTERNAL REVENUE SERVICE IS HAPPENING!!!”
In an interview with Time released Friday, Trump said he had made “200 deals” on tariffs and that the arrangements will be “finished” in the next three to four weeks.
On Monday, Punchbowl News’ Andrew Desiderio reported the White House reportedly sent a statement of administration policy (SAP) to Senate offices saying Trump “is now in active negotiations with many of these countries” affected by the tariffs.
The SAP also warned that Trump will veto a bipartisan Senate resolution that would terminate his sweeping global tariffs. Sen. Ron Wyden, D-Ore., ranking member of the Senate Finance Committee, and Sen. Rand Paul, R-Ky., are trying to end Trump’s tariffs.
Also Monday, it was reported Trump’s “love” for “the concept” of a millionaires’ tax increase is not shared by many conservatives and business groups.
In the interview with Time, Trump was asked whether he supported the idea of raising taxes on millionaires.
After discussing potential political effects of such an initiative, Trump added: “I’d be raising them on wealthy to take care of middle class. And that’s— I love, that. I actually love the concept, but I don’t want it to be used against me politically, because I’ve seen people lose elections for less, especially with the fake news.”
With Congress having agreed on a budget bill framework, Trump said “Biggest Tax Cuts in USA History!!! Getting close.”
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