{"id":1532770,"date":"2025-04-28T00:25:00","date_gmt":"2025-04-28T04:25:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1532770"},"modified":"2025-04-28T00:25:00","modified_gmt":"2025-04-28T04:25:00","slug":"trump-floats-plan-to-slash-or-eliminate-income-taxes-for-millions-using-bonanza-tariff-cash","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/trump-floats-plan-to-slash-or-eliminate-income-taxes-for-millions-using-bonanza-tariff-cash\/1532770\/","title":{"rendered":"Trump Floats Plan To Slash Or Eliminate Income Taxes For Millions Using “BONANZA” Tariff Cash"},"content":{"rendered":"

Trump Floats Plan To Slash Or Eliminate Income Taxes For Millions Using “BONANZA” Tariff Cash<\/span><\/p>\n

\n

President Donald Trump doubled down Sunday on his plan to use tariff revenue to slash – and possibly eliminate – income taxes for millions of Americans.<\/strong><\/p>\n

Photo: Fox News<\/em><\/a><\/p>\n

The former president took to Truth Social to tout his vision, claiming that his sweeping tariffs could lead to big tax breaks for workers making under $200,000 a year.<\/strong><\/p>\n

\u201cWhen Tariffs cut in, many people\u2019s Income Taxes will be substantially reduced, maybe even completely eliminated. Focus will be on people making less than $200,000 a year,\u201d Trump wrote.<\/p>\n

<\/a><\/p>\n

The bold pledge comes as public anxiety grows over the economic fallout from Trump\u2019s aggressive trade policies<\/strong>, which have rattled global markets and fueled fears of higher prices at home.<\/p>\n

In the weeks since Trump slapped so-called reciprocal tariffs on dozens of countries – including a staggering 145% levy on Chinese goods, economists have sounded the alarm that the tariffs could backfire, hurting American consumers more than foreign rivals.<\/strong><\/p>\n

That said – not everyone’s excited <\/strong>after Trump told TIME Magazine in the April 25 edition that he \u201clove[s] the concept\u201d of raising taxes on millionaires as a means of paying for an extension of the 2017 tax cuts.<\/p>\n

\u201cI certainly don\u2019t mind having a tax increase,\u201d<\/strong> Trump told TIME.\u00a0<\/p>\n

\u201cI would be honored to pay more, but I don\u2019t want to be in a position where we lose an election because I was generous, but me, as a rich person, would not mind paying and you know, we\u2019re talking about very little.<\/strong>\u201d<\/p>\n

He said it would involve raising taxes on the wealthy to \u201ctake care of [the] middle class.\u201d<\/p>\n

\u201cBut I don\u2019t want it to be used against me politically, because I\u2019ve seen people lose elections for less, especially with the fake news.\u201d<\/strong><\/em><\/p>\n

Former White House strategist Steve Bannon told News Nation\u2019s \u201cCUOMO\u201d on Friday that he supported the idea.<\/p>\n

\u201cThis is being fought behind closed doors right now, and I\u2019m telling you, with the massive tax cut, in addition, he\u2019s going to give the working class and the middle class, the math only works out if you actually increase taxes on the wealthy,\u201d<\/strong><\/em> Bannon said.<\/p>\n

The former White House strategist said it could help Trump politically if he decided to run again in 2028, despite the Constitution preventing a third term in the Oval Office.<\/p>\n

However, on April 23, the day after he sat down with TIME, Trump told<\/a> reporters at the White House that raising taxes on the wealthy could be \u201cvery disruptive\u201d and could lead to a loss of money for the United States.<\/p>\n

House Speaker Mike Johnson dismissed the idea in an interview with Fox News.<\/p>\n

\u201cI\u2019m not in favor of raising the tax rates because our party is the party that stands against that,\u201d <\/strong><\/em>Johnson said on April 23.<\/p>\n

He acknowledged that the proposal had been discussed as one of many possible ways to permanently implement personal income tax cuts in the Republicans\u2019 final funding package.<\/p>\n

\u201cThere were lots of ideas thrown out on the table along this process over the last year, but I would just say for everybody, just wait and see,\u201d Johnson said.<\/p>\n

A CBS News poll released Sunday found 69% of Americans believe the Trump administration isn’t focused enough on lowering prices. Approval of Trump\u2019s handling of the economy dropped to 42%, down from 51% in early March, Bloomberg<\/em><\/a> reports.<\/p>\n

Still, Trump\u2019s team insists their strategy will pay off – eventually.<\/p>\n

Treasury Secretary Scott Bessent, appearing on ABC\u2019s \u201cThis Week,\u201d defended the president\u2019s approach, saying consumers are still spending and talks are underway with 17 key trading partners to hammer out bilateral deals.<\/p>\n

\u201cWe have a process in place, over the next 90 days, to negotiate with them,<\/strong>\u201d Bessent said. \u201cSome of those are moving along very well, especially with the Asian countries.\u201d<\/p>\n

Bessent also insisted China would have no choice but to return to the negotiating table under pressure from Trump\u2019s new tariff wall.<\/p>\n

\u201cTheir business model is predicated on selling cheap, subsidized goods to the US<\/strong>,\u201d Bessent said. \u201cAnd if there\u2019s a sudden stop in that, they will have a sudden stop in the economy, so they will negotiate.<\/strong>\u201d<\/p>\n

Treasury Sec. Scott Bessent on China: \u201cTheir business model is predicated on selling cheap, subsidized goods to the U.S., and if there is a sudden stop in that, they will have a sudden stop in the economy. So they will negotiate.\u201d https:\/\/t.co\/DDuPIh4dI1<\/a> pic.twitter.com\/VZ8WvUno91<\/a><\/p>\n

\u2014 This Week (@ThisWeekABC) April 27, 2025<\/a><\/p>\n

Bessent also explained America’s “barbell” economy – in which there is a “financial system and tech sector that is the envy of the world” on one hand, and “a natural resource-economy led by energy” on the other end.<\/p>\n

The U.S. has a barbell economy.<\/p>\n

On one end, we have a financial system and tech sector that is the envy of the world.<\/p>\n

On the other end, we have a natural resource-economy led by energy.<\/p>\n

In between is where working-class Americans have lost out\u2014and we want to fix that. pic.twitter.com\/ysVxibNIQ7<\/a><\/p>\n

\u2014 Treasury Secretary Scott Bessent (@SecScottBessent) April 27, 2025<\/a><\/p>\n

Trump has claimed that talks with China are ongoing – a claim Beijing has flatly denied.<\/strong> Bessent admitted he didn\u2019t know if Trump and Chinese President Xi Jinping had spoken directly, noting that Chinese officials he saw during a global finance summit last week stuck to safer topics like \u201cfinancial stability\u201d and \u201cearly warnings.\u201d<\/p>\n

Despite the rocky start, Bessent said he\u2019s optimistic that a path forward could emerge, starting with a \u201cde-escalation\u201d and leading to an \u201cagreement in principle\u201d – even if a full trade deal takes longer.<\/strong><\/p>\n

Meanwhile, Trump is eyeing sweeping tax changes at home. His 2017 tax cuts are set to expire at the end of 2025, <\/strong>and he has vowed to not only extend them but expand them, exempting workers\u2019 tips, slashing the corporate tax rate to 15%, and possibly wiping out income taxes for working-class Americans.<\/p>\n

The House GOP’s early-April framework allows for up to $5.3 trillion in tax cuts over the next decade. Trade adviser Peter Navarro has suggested tariff revenue could more than cover that – a claim most economists dismiss as wildly optimistic.<\/strong><\/p>\n

Reports already show that Trump\u2019s tariffs are expected to hit lower-income Americans harder than the wealthy, potentially complicating the president\u2019s pitch to working families.<\/p>\n

But Trump, undeterred, appears ready to bet that tariff-fueled tax cuts will give him a powerful message heading into the 2026 midterms, even if voters are feeling the pinch now.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nSun, 04\/27\/2025 – 20:25<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/political\/trump-floats-plan-slash-or-eliminate-income-taxes-millions-using-bonanza-tariff-cash<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Trump Floats Plan To Slash Or Eliminate Income Taxes For Millions Using “BONANZA” Tariff Cash President Donald Trump doubled down Sunday on his plan to…<\/p>\n","protected":false},"author":0,"featured_media":1532771,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1532770","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1532770","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1532770"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1532770\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1532771"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1532770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1532770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1532770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}