President Donald Trump has revealed that his global tariffs plan could bring in enough federal revenue that he could completely eliminate income tax for American citizens.
Trump said in a new Fox News interview that “there’s a real chance” tariffs could replace income tax.
Fox News’ Rachel Campos-Duffy asked Trump if such a move would be possible.
“There’s a real chance,” Trump said.
“There is a chance that the money from tariffs could be so great that it would replace.
“You know, in the old days, about 1870 to 1913, the tariffs were the only form of money.
“And that’s when our nation was relatively the richest. We were the richest.”
During the interview, the president said there was a committee formed in the 1880s to “get rid of money.”
“And this committee’s sole purpose was how to dispose of it, who to give it to, what do we do?
“And then, brilliantly, in 1913, they went to the income tax system.
“Then around 1931 or 1932, they tried to bring back tariffs, but it was too late,” Trump added.
“And they loved to blame tariffs for the Great Depression.
“But the Great Depression came before they put the tariffs