President Donald Trump’s tariff policy is bringing it record revenues to the U.S. Treasury.
According to the department’s October monthly statement, published on Friday, net customs duties totaled $31.4 billion, surpassing all previous totals.
Gross customs receipts totaled $33.1 billion, offset by refunds of $1.7 billion.
Meanwhile, it is estimated that the U.S. has collected $320 billion in customs and excise duties this year, compared with $171 billion over the same period in 2024.
The surge reflects how the Trump administration is reshaping Washington’s finances, with tariffs quickly becoming one of America’s most important sources of revenue.
During a Thanksgiving call with US troops this week, Trump said the revenue could allow the US government to dramatically reduce or even eliminate federal income taxes for many Americans.
He also suggested that some of the money could be returned to ordinary Americans in the form of a dividend, and the rest of the money would be used for debt-reduction.
Please do
Repeal the 16th Amendment first…
Getting rid of the tax without repealing the 16th allows the next Demoncrat regime to reinstate it!