"MacCallum began the discussion, noting, Trump said that you won't have to pay taxes in the not-too-distant future. Steve, you won't have to pay income tax because the money we're taking in is so greatit's enormous. He's referring to the tariffs. Your reaction to that. Publisher and economist Steve Forbes replied, That sounds nice, and then you look at the numbers."
"Federal income tax receipts are about two and a half trillion dollars. Tariff receipts are about three or four hundred billion dollars. MacCallum replied, Let's take a look at those numbers on the board. We have those. Okay. Forbes continued, So you got a two-trillion-dollar gap. Moreover, forty percent of households don't pay federal income tax. So if they get hit with a fifty, sixty, seventy percent tariff, what are you gonna do for them? So they got a lot of work to do"
President Trump claimed tariffs could generate enough revenue to eliminate income tax. Federal income tax receipts total about $2.5 trillion while tariff receipts amount to roughly $300–$400 billion, creating an approximate $2 trillion shortfall. About 40% of households do not pay federal income tax, raising concerns about the regressivity of shifting revenue burdens onto tariffs. No single revenue source appears able to replace income tax receipts, and the current deficit already spans trillions. Simplifying the tax code was offered as an alternative approach rather than relying on tariffs to close the fiscal gap.
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