"If you're thinking, 'Let's get rid of all income taxes completely,' that's kind of a tough program because his tariffs — assuming the Supreme Court allows them all — raise about $200 billion a year, roughly. The government spends about $7 trillion a year. So, the math doesn't really work there, but I think people can appreciate the spirit of it."
"The reason progressives created the income tax more than 100 years ago was to pay for all of their government programs. So, if we want to get rid of it, I think we do have to focus on shrinking, in a very serious way, the size of the government. The president had the DOGE effort, which maybe was a good start, but we have a long way to go."
A proposal suggests substantially cutting or eliminating income taxes and using tariff revenue to replace that revenue. Projected tariff receipts are about $200 billion per year while federal spending runs near $7 trillion, creating a large fiscal gap. Lower courts have already struck down parts of the tariff program and the Supreme Court has heard arguments about legal authority for broad tariffs. Treasury officials have said tariffs are not intended as profit generators and may shrink over time. Eliminating income tax without replacement revenue would require a significant reduction in the size of government programs and spending.
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