President Donald Trump proposed that his tariffs might eventually make it possible for many Americans to no longer have to pay income taxes.
Despite warnings from Democrats, opponents, and much of the mainstream press that Trump’s tariffs could trigger an economic downturn, Trump continues to insist that his strategy will prove beneficial for the American people.
“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 wrote in a post on Truth Social.
He added, “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!!!”
Speaking to Time magazine in an interview published Friday, Trump shared that he had completed “200 deals” related to tariffs and expected that the remaining agreements would be “finished” within three to four weeks.
Meanwhile, Punchbowl News reporter Andrew Desiderio revealed Monday that the White House distributed a statement of administration policy (SAP) to Senate offices noting Trump “is now in active negotiations with many of these countries” impacted by the tariffs.
The same statement also cautioned that Trump would reject a bipartisan Senate measure that aims to overturn his global tariff policies. Senators Ron Wyden, a Democrat from Oregon, and Rand Paul, a Republican from Kentucky, are leading efforts to dismantle Trump’s tariffs.
Additionally on Monday, reports indicated that while Trump has expressed “love” for “the concept” of imposing higher taxes on millionaires, the idea has not gained much support among conservatives and business organizations.
During the Time interview, when questioned about possibly backing a millionaire tax, Trump said: “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.”
As discussions over the federal budget framework progressed, Trump posted online, “Biggest Tax Cuts in USA History!!! Getting close.”
{Matzav.com}