President Trump said on Thursday his administration may cut income tax completely over the next two years because of the government revenue generated from tariffs.
“Over the next couple of years, I think we’ll substantially be cutting and maybe cutting out completely, but we’ll be cutting income tax. Could be almost completely cutting it because the money we’re taking in is going to be so large,” Trump told US military service members on a video call.
On Wednesday, Trump said Chinese leader Xi Jinping “pretty much” agreed to increase the speed and size of the country’s agricultural purchases. Trump and Xi held their first call Monday since the US and China struck a trade and tariff truce last month.
“I think he’s going to very much surprise you on the upside,” Trump told reporters.
Trump touted the call as “very good,” and said he had accepted an invitation to visit Beijing in April and that Xi would reciprocate with a visit to the US later next year.
Trump: Revenue will ‘skyrocket’
The White House is quietly preparing a backup plan as the US Supreme Court is set to decide whether Trump had the authority to issue them in the first place. Trump on Monday claimed the “full benefit” of tariff policies would take effect soon, arguing that foreign buyers who stockpiled inventory would be forced to buy more goods.
Not to cut Trump short, but I’ll believe it when I see it.
They should pay down the debt first – then repeal the 16th Amendment!
The amendment allows for taxation – simply stopping it means the Demoncrats will restart it…
Give us the money now. It’s just a fantasy to think our foreign debt will ever be paid off.
I don’t believe in letting China buy any land in this country!