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Will the External Revenue Service be officially announced by the end of 2025?
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Resolution / Starting Odds
Yes • 50%
No • 50%
Official press release from the U.S. Government or relevant department
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Trump Proposes Abolishing Federal Income Tax, Replacing With Tariffs on Imports from China and India
Jan 28, 2025, 12:28 AM
President Donald Trump has proposed a significant overhaul of the U.S. tax system, advocating for the abolition of federal income tax. During a speech to House Republicans, Trump outlined his vision to replace income tax with tariffs on foreign imports, arguing that this would enrich American citizens and businesses. He emphasized a return to a historical economic model that he claims made the U.S. richer and more powerful, specifically referencing the period between 1870 and 1913. Trump's plan includes the creation of the External Revenue Service to manage the new tariff-based revenue system. He also mentioned targeting countries like China and India with tariffs, citing their high tariffs on U.S. goods. Critics have expressed concerns about potential inflation and increased import costs, while Trump remains committed to prioritizing American workers and families.
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Less than $100 billion • 25%
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Steve Mnuchin • 25%
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Larry Kudlow • 25%
Wilbur Ross • 25%
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