President Donald Trump suggested on Sunday that his tariff policies will result in many people experiencing a “substantially reduced” income tax or an “even completely eliminated” income tax.
In a Sunday post on Truth Social, Trump wrote, “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.”
“Also, massive numbers of jobs are already being created, with new plants and factories currently being built or planned,” Trump added. “It will be a BONANZA FOR AMERICA!!! THE EXTERNAL REVENUE SERVICE IS HAPPENING!!!”
In addition to the 47th president’s comments on Truth Social, he also addressed the issues of tax cuts and tariffs in statements to reporters on Sunday.
READ MORE: Video: Trump issues major message to Americans amid fallout from tariffs
Speaking with reporters on Sunday, Trump said that his administration’s tariffs are “strong” and that the United States is “taking in a lot of money from tariffs.” In contrast with his administration, Trump said the United States was “losing billions of dollars a day” before he returned to office in January.
“Now, we’re doing great, and we haven’t even kicked in yet,” Trump said. “And eventually, we’ll be reducing taxes very substantially for the people of our country because the money is so great coming in from tariffs that I’ll be able to reduce taxes to a very large extent and maybe almost completely.”
In another video of Trump’s comments on Sunday, the president can be heard telling reporters, “We’re going to make a lot of money, and we’re going to cut taxes for the people of this country.”
Trump explained that while it will “take a little while” before the federal government is able to cut taxes, a “complete tax cut” could be “possible” due to the revenue raised from the tariffs his administration has imposed on other countries.
Trump added, “If people only understood the tariffs, we’re going to be giving people of this country a tremendous tax cut, and we’re going to start with people making less than $200,000 a year.”
