Trump Signals Again That He Wants to Abolish the Income Tax

Public Domain

President Donald Trump said this week that in the near future Americans may "not even have income tax to pay."

This isn't the first time he has suggested the U.S. could get rid of the federal tax and replace that revenue with tariffs.

The president made his remarks to reporters after a cabinet meeting on Tuesday.

Trump said that "at some point in the not too distant future you won’t even have income tax to pay."

He continued, "Whether you get rid of it or just keep it around for fun or have it really low, much lower than it is now, but you won't be paying income tax."

If this happened, it would be the most massive reform to the U.S. tax system since the income tax was instituted in 1913.

In March, Trump proposed that Americans who make under $150,000 should pay no federal income taxes.

On his idea to replace the income tax with tariff revenue, Trump said in January, "It's time for the United States to return to the system that made us richer and more powerful than ever before."

The president added, "Instead of taxing our citizens to enrich foreign nations, we should be tariffing and taxing foreign nations to enrich our citizens."

Republican Congressman Tim Burchett of Tennessee and others have seconded Trump's call for abolishing the tax.

The feasibility of such a seismic move has been a matter of debate. Obviously, this would be a major game changer for working class families.

Imagine taking home ALL of your paycheck, for starters.

Whether this is doable or not, it's clear that Donald Trump believes it is.

That's not nothing, and Americans could certainly use some form of economic relief.

If it happened, it would certainly be the greatest relief imaginable.