President-elect Trump Announces External Revenue Service to Collect Tariffs, Reduce Reliance on IRS

Jan 14, 2025, 05:22 PM

President-elect Donald Trump announced the creation of the External Revenue Service (ERS), a new government department set to launch on January 20, 2025. The ERS will be responsible for collecting tariffs, duties, and revenue from foreign sources, aiming to reduce reliance on domestic taxation via the Internal Revenue Service (IRS). "We will begin charging those that make money off of us with trade, and they will start paying, finally, their fair share," Trump stated. This move aligns with his campaign promises to implement sweeping trade tariffs and potentially reduce income taxes collected by the IRS.