On Sunday, President Donald Trump declared that his tariff policy is expected to substantially reduce, and even totally eliminate, income taxes for many American workers.
“When Tariffs cut in, many people’s Income Taxes will be substantially reduced, maybe even completely eliminated,” he announced in a Truth Social post. “Focus will be on people making less than $200,000 a year.”
Trump 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!!!
If he is able to pull this off, that would make a MASSIVE difference in American households. Many citizens would have more wiggle room, as they bring home more of their hard earned money, and could get to a point where they are no longer living paycheck to paycheck.
Can you imagine taking home 15-20% more money than you currently do, per paycheck? Granted it is different for everyone depending on tax bracket. However, many average Americans fall into that general range.