Income tax

Can tariffs replace income taxes paid by Americans earning an income under $200,000 annually, as President Trump has suggested? We seem to have entered a new world in 2025, or rather, reincarnated an older America whose tax receipts were heavily built on tariff payments. U.S. Secretary of Commerce Howard Lutnick recently stated that tariffs could replace income taxes paid by Americans making up to $150,000 per year. And certain economic nationalists have urged that there is a vital causal connection here worth recalling in an “American system” of tariffs and protectionism, and the growth of American industry. They argue that America’s Gilded Age wasn’t regressive economically; in fact, the country exploded in growth, commerce and inventions.

Another Tax Day has come and gone. Here I sit, all broken-hearted. The tax-industrial complex has once again swallowed up thousands of dollars that used to be mine. But this year, I found myself legitimately wondering: could this be the last time I ever have to pay my taxes?  One of the major pillars of President Trump’s economic platform is the abolition of income tax for all Americans who make less than $150,000 a year. This sounds like a fantasy, an empty chicken-in-every-pot promise, like a student council candidate winking after saying, “If you elect me, I’ll make sure we have soda in the drinking fountains.” But if Trump 2.0 has shown anything this year, it’s a willingness to set into motion seemingly impossible plans.