Market
Primary method of federal revenue generation in the U.S. by end of 2025?
2
Donald Trump•Internal Revenue Service•IRS•Trump•United States•Congress•McKinley•Theodore Roosevelt•America
Resolution / Starting Odds
Income Tax • 25%
Tariffs • 25%
Sales Tax • 25%
Other • 25%
Official U.S. government financial reports and statements
Story
Trump Urges Congress to Abolish Income Tax, Return to Pre-1913 Tariff System
Jan 28, 2025, 12:16 AM
President Donald Trump has proposed abolishing the federal income tax and the Internal Revenue Service (IRS), suggesting that tariffs on foreign nations should replace income taxation. In recent statements made on January 27, Trump noted that the United States had no income tax prior to 1913 and called for a return to the system that he believes made the nation richer and more powerful in the past. He urged Congress to abolish income tax, stating, "Instead of taxing our citizens to enrich foreign nations, we should be tariffing and taxing foreign nations to enrich our citizens." Trump cited historical precedents, mentioning Presidents McKinley and Theodore Roosevelt, and asserted that tariffs would make America rich again.
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Foreign Investments • 25%
Other • 25%
Duties • 25%
Tariffs • 25%
Yes • 50%
No • 50%
Export Fees • 25%
Tariffs • 25%
Duties • 25%
Other • 25%
New tax cuts introduced • 25%
No significant changes • 25%
Tax increases implemented • 25%
Tax cuts extended • 25%
$200 billion to $300 billion • 25%
$100 billion to $200 billion • 25%
Less than $100 billion • 25%
More than $300 billion • 25%
Other • 25%
Fuel Taxation • 25%
Economic Growth • 25%
Corporate Taxation • 25%
Other • 25%
Corporate tax • 25%
Income tax • 25%
Consumption tax • 25%