Donald Trump Advocates for Eliminating Income Tax and Proposes Tariffs on Imports

In a recent episode of the Joe Rogan Experience, former President Donald Trump expressed his intention to abolish the federal income tax and replace it with tariffs on imports.

He referenced the tariff strategies of President William McKinley in the 1890s, claiming they significantly boosted the economy and should be revisited to fund government operations. Trump asserted that these tariffs once generated such substantial revenue that officials struggled to determine how to allocate the excess funds.

While critics warn that increased tariffs could lead to higher consumer prices, Trump argues that they would bolster demand for the dollar, protect American jobs, and enhance the competitiveness of U.S. exports.

Trump’s proposals are not limited to tariffs; he has also suggested using Bitcoin to address the nation’s staggering $35 trillion debt. In a discussion with Fox News’ Maria Bartiromo, he proposed that the U.S. could settle its debts by distributing Bitcoin to creditors, stating it could effectively eliminate the national debt.

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Asset manager Bryan Courchesne remarked that while establishing a Bitcoin strategic reserve for the U.S. government is challenging, it’s feasible. He suggested that the approximately 200,000 BTC seized by law enforcement could be transferred to the U.S. Treasury, with the potential for further accumulation. However, he cautioned that bureaucratic obstacles could hinder this initiative.

Trump isn’t the only candidate advocating for a Bitcoin reserve; Robert F. Kennedy Jr., who ran as an independent in 2024, also proposed Bitcoin as a means to bolster the U.S. dollar before exiting the race.

Alexander Stefanov