“It was easy to miss, but last weekend President Trump floated a fundamental rewrite of the American tax code. In a social media post, and again in remarks to reporters, Mr. Trump suggested the United States could stop taxing income under $200,000 and instead rely on revenue from his extensive tariffs,” the New York Times reports.
Said Trump: “It’ll take a little while before we do that, but we’re going to be cutting taxes, and it’s possible we’ll do a complete tax cut. Because I think the tariffs will be enough to cut all of the income tax.”
“The idea was news to Republicans on Capitol Hill already in the throes of translating Mr. Trump’s impulses for cutting taxes into law.”