Summary
President Donald Trump has proposed a plan to significantly reduce or possibly eliminate income tax in the United States. He believes this could be done because of the money generated from his trade policies, such as import taxes and foreign investment in the U.S.
Key Facts
- President Trump has proposed "almost completely" cutting income tax.
- He delivered this message from his Mar-a-Lago estate in Florida.
- The proposal is based on revenue from trade policies, including import taxes.
- Companies have pledged to increase production in the U.S.
- Experts generally think trade policy revenue can't replace the $2 trillion from income tax.
- The U.S. government collects more than $2 trillion a year from income tax.
- The story is still developing, with more details expected later.
