President Trump just suggested that tariffs will substantially reduce income taxes for many, if not even completely eliminate some of them, saying the External Revenue Service is happening:

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. Also, massive numbers of jobs are already being created, with new plants and factories currently being built or planned. It will be a BONANZA FOR AMERICA!!! THE EXTERNAL REVENUE SERVICE IS HAPPENING!!!

I absolutely love the sound of this and what a wonderful thing it would be. But this is one of those things I’ll believe when I see it. It just sounds too pie in the sky. I’m not saying it can’t happen, but this is a radical change from what America has been doing for many decades.