Trump wants to eliminate income taxes

Editor’s note: This is a lightly edited transcript of the accompanying video by Professor Peter St. Onge.

It’s official: Donald Trump wants to eliminate the income tax.

In a highly anticipated interview with Joe Rogan on his podcast, Trump said the country should go back to the late 19th century, when we had no income tax at all and financed the federal government through tariffs.

For months now, the former president has been making it clear that he really doesn’t like the income tax, the tip tax exemption, Social Security, overtime pay, first responders, or even the 18 million veterans.

I kept hoping that he would come out and say goodbye to income taxes once and for all. And he did it.

What if we eliminated the income tax by firing all 93,654 IRS agents so you could keep every dollar you earn?

Will Washington have to increase baked goods sales?

Well, income taxes currently cost the American people $2.4 trillion a year.

Trump is proposing replacing it with 20% tariffs on everyone except China, which would receive a special 60% tariff that could raise $900 billion.

It will boost America’s economy like rocket fuel. I’m looking at some numbers on Substack, but perhaps in the near future the economy will increase by 20%, or about $15,000 for a typical household.

Note that this is in addition to the $18,000 in income taxes you will no longer have to pay.

Drop $3,000 in rates, and you’re looking at about $30,000 in extra income for the typical American family—almost $3,000 a month.

The situation is getting better. Because by looking at low-tax countries today—or America before income taxes—we could double annual economic growth.

Thus, growth of 5% will become the new norm. And your children will be three times richer than you, as it used to be in America.

America will become the richest country in the world. Just like it was before the income tax.

Of course, eliminating the income tax would also mean opening holes in the federal budget. After all, replacing a $2.4 trillion income tax with $900 billion in tariffs is a big hole.

Even if you added, say, an additional $500 billion in payroll and excise taxes from economic growth, you would still have to cover a trillion dollars.

Now we can allow it to run a deficit, allowing the economy to outgrow it. I mean, that’s what they do with everything else that doesn’t grow the economy.

But you could also cut federal spending by a trillion dollars.

How to do this?

Elon Musk recently estimated that he could cut costs and fraudulent payments by $2 trillion. Former Rep. Ron Paul, R-Texas, responded by proposing the military-industrial complex and the pharmaceutical-industrial complex.

Indeed, if you look at countries like the UK, perhaps $800 billion of the $900 billion we spend on the military goes to protecting Americans – the borders, the coast guard, nuclear weapons.

In terms of pharmaceuticals and the medical-industrial complex, if we simply copied countries like Singapore, we could save $2 trillion or more. And Americans will not go bankrupt by having knee surgery.

There are illegal aliens – at least $150 billion a year. And we spend more than a trillion on social security, most of which goes to those of working age.

Sharpen a few pencils and you can easily make a trillion dollars.

So you’re rich, the IRS is gone, and you have a good, lean government.

So what’s next?

The same party will fight this like a mad dog. But if the president can sell it to American voters, Congress will go along with it simply out of self-preservation.

The bake sale will also be highlighted.

Read the rest with graphics and all the gory details on the website profstonge.com.

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