Treasury Secretary Scott Bessent on Tuesday told reporters in the White House that income taxes could be cut “immediately” with the revenue earned from tariffs after President Trump teased the elimination of taxes for Americans who make less than $200k per year.
“There’s a very good chance that we will see this in the upcoming tax bill,” Bessent said, referring to the 2017 tax cuts in the “Big Beautiful Bill,” which the House and Senate are currently negotiating.
He joined White House Press Secretary Karoline Leavitt in the briefing room this morning to discuss the Trump Administration’s success on “Unleashing Economic Greatness” as the White House commemorates the first 100 days of Trump’s presidency.
As The Gateway Pundit reported, President Trump announced on Sunday morning that a “BONANZA FOR AMERICA” is on the horizon with tariffs and foreign investments, which he hopes will lead to the elimination of income taxes on most Americans.
This is in addition to his plan to eliminate taxes on tips, Social Security, and overtime.
“When Tariffs cut in, many people’s Income Taxes will be substantially reduced, maybe even completely eliminated. Focus will be on people making less than $200,000 a year,” President Trump announced over the weekend.
Bessent responded to a reporter’s question about President Trump’s intent to replace income tax with tariff revenue and ongoing negotiations with countries on tariffs and indicated that tariff revenues are ready to provide immediate tax relief.
WATCH:
Reporter: On tariffs, the president said over the weekend that we are hoping that maybe tariff revenues could replace income tax, but we also keep hearing about the deals that the administration is pursuing. So, my question is, what is the White House’s ultimate objective here? Do you want to have long-term tariff revenue or deals that might reduce those tariffs?
Bessent: I think it’s a combination of both. So, we’re going to take in long-term tariff revenue. We put a process in place. We have 18 important trading relationships. We will be speaking to all those partners, or at least 17 of them, over the next few weeks; many of them have already come to Washington. What President Trump is referring to is the ability for tariff revenue to give income tax relief.
And I think there’s a very good chance that we will see this in the upcoming tax bill. The President campaigned on no tax on tips, no tax on Social Security, no tax on overtime and the restoring interest deductibility for autos, for America-made autos. So, tariff income could be used for tax relief on all those immediately.
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