From Cointelegraph

April 27, 2025 1:25:00 pm:

United States President Donald Trump plans to substantially reduce or eliminate federal income taxes once tariffs fully take effect. The focus will be on individuals earning less than $200,000 annually, with funding shifting from the Internal Revenue Service to import tariffs. This move could boost asset prices, including cryptocurrencies, but outcomes are uncertain. Trump’s proposal to eliminate federal income tax in favor of import duties is met with skepticism. Research shows potential lifetime tax savings of $134,809 per American, possibly reaching $325,561 if other wage-based taxes are removed. Trump’s executive order imposed sweeping tariffs on US trading partners, but the administration has backtracked on tariff policies, causing market volatility and criticism from analysts.

Read more at Cointelegraph: Federal taxes to be ‘substantially reduced’ once tariffs set in: Trump