onlyTrustedInfo.comonlyTrustedInfo.comonlyTrustedInfo.com
Notification
Font ResizerAa
  • News
  • Finance
  • Sports
  • Life
  • Entertainment
  • Tech
Reading: Trump Wants To Eliminate Income Taxes: Here’s How Long Experts Think It Could Take
Share
onlyTrustedInfo.comonlyTrustedInfo.com
Font ResizerAa
  • News
  • Finance
  • Sports
  • Life
  • Entertainment
  • Tech
Search
  • News
  • Finance
  • Sports
  • Life
  • Entertainment
  • Tech
  • Advertise
  • Advertise
© 2025 OnlyTrustedInfo.com . All Rights Reserved.
Finance

Trump Wants To Eliminate Income Taxes: Here’s How Long Experts Think It Could Take

Last updated: May 10, 2025 8:00 pm
Oliver James
Share
7 Min Read
Trump Wants To Eliminate Income Taxes: Here’s How Long Experts Think It Could Take
SHARE

President Donald Trump has expressed his desire to cut federal income taxes entirely and replace them with the income from higher tariffs, CNN reported. While Trump’s proposal taps into frustration over taxes and globalization, some experts have said that such a sweeping change would face enormous political, legal and economic hurdles.

Contents
Trump’s Tax PlanPolitical ObstaclesThe Road Ahead

Read Next: Trump Wants To Replace Income Taxes With Tariffs: 2 Impacts on the Middle Class

Check Out: How Middle-Class Earners Are Quietly Becoming Millionaires — and How You Can, Too

Eliminating income taxes wouldn’t happen overnight, even with full support. Here’s how long experts think it could take.

Trending Now: Suze Orman’s Secret to a Wealthy Retirement–Have You Made This Money Move?

Trump’s Tax Plan

According to CNN, President Trump recently told reporters he wanted to eliminate federal income taxes altogether. In their place, he proposed significantly raising tariffs on imports, which would serve as the federal government’s primary revenue source.

“We’re going to make a lot of money, and we’re going to cut taxes for the people of this country,” Trump said. “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.”

There aren’t any official policy documents detailing plans. However, the U.S. Treasury Department found that individual income taxes have accounted for 51% of all federal revenue so far in fiscal 2025. Replacing that amount solely through tariffs would require unprecedented changes to the country’s trade policy and consumer pricing.

“Bold tax reform has always fueled economic growth, but the complete elimination of income taxes faces steep political, fiscal and practical hurdles,” said Javier Palomarez, founder and CEO at the United States Hispanic Business Council. “It’s an inspiring vision for taxpayers and small businesses, but without a clear alternative to fund essential government services, full elimination is extremely unlikely.”

Be Aware: Trump Wants To Eliminate Income Taxes: 10 States That Would Benefit the Least

Political Obstacles

Experts said the size and complexity of this change mean it would likely face a long, uncertain path even with full political backing.

“The bill would have to be crafted in such a way to get enough votes,” said Tasha Preisner, managing partner at DeMar Consulting Group. “Then he (Trump) would need to add pressure on the correct people to vote for it. There would be conflict and pushbacks. It would be difficult, but possible.”

And there are questions about whether the proposal would have support. “I am not sure how much support there is even among Republicans to replace the income tax. Some Republicans have talked about a flat income tax with just one tax rate rather than a ‘Fair Tax’, the term being used for a national consumption tax,” said Mark Luscombe, principal analyst for Wolters Kluwer’s Tax and Accounting division.

Even if the bill were to be passed, it would likely take some time to go into effect. “After a financial bill gets passed, it usually takes a few months to go into effect, but that depends on the bill itself and how it is written. Some bills take effect quicker than others. I would think that a larger overhaul would take a little more time than smaller changes,” Preisner said.

The Road Ahead

Even if eliminating federal income taxes became a top political priority, experts say the process would likely take years, if it happens at all. Deep legislative hurdles, legal challenges and economic risks make it a long and uncertain journey.

“Legally, eliminating federal income taxes would require sweeping legislation passed by Congress and an overhaul of the Internal Revenue Code,” Palomarez said. “Politically, it would demand a national consensus on not just eliminating a revenue source but replacing it. Without bipartisan agreement on how to fund programs like Social Security, Medicare and national defense, the effort would quickly stall.”

With the velocity and intensity with which Trump has attempted to overhaul the federal government, some experts said it could be possible for Trump to eliminate federal income taxes within the next four years.

“I used to believe that Congress was too divided and that the opposing parties would take too strong of a stance to allow for income tax changes that would injure their favorite projects,” Preisner said. “After watching months of large changes and government chaos, I have changed my point of view to believe that it could be possible for the current administration to kill off the income tax if they decided to.”

Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.

More From GOBankingRates

  • Mark Cuban: Trump’s Tariffs Will Affect This Class of People the Most

  • 5 Things You Must Do When Your Savings Reach $50,000

  • How To Get the Most Value From Your Costco Membership in 2025

  • 7 Wealth-Building Shortcuts Proven To Add $1K to Your Wallet This Month

Sources

  • CNN, “Trump says he’ll eliminate income taxes. There’s a problem with that.”

  • Javier Palomarez, U.S. Hispanic Business Council

  • Tasha Preisner, DeMar Consulting Group

  • Mark Luscombe, Wolters Kluwer

This article originally appeared on GOBankingRates.com: Trump Wants To Eliminate Income Taxes: Here’s How Long Experts Think It Could Take

You Might Also Like

Does buying a home in retirement make sense?

Tesla robotaxi rollout in Austin tests Musk’s vision of self-driving future

5 Most Affordable Beach Trips in the South in 2025

50 Cities Where the Upper-Middle Class Is Growing the Most

ARK Invest Raises 2030 Bitcoin Bull Case Price Target To $2.4 Million

Share This Article
Facebook X Copy Link Print
Share
Previous Article Israel capitalises as Gaza fatigue sets in | TV Shows Israel capitalises as Gaza fatigue sets in | TV Shows
Next Article Schrödinger’s cat theory may prove that parallel universes actually exist Schrödinger’s cat theory may prove that parallel universes actually exist

Latest News

‘Just a jumble of bones.’ How a baby grave discovery has grown to haunt Ireland
‘Just a jumble of bones.’ How a baby grave discovery has grown to haunt Ireland
Life July 30, 2025
‘Chamber of horrors’ being exhumed at Ireland mass baby grave
‘Chamber of horrors’ being exhumed at Ireland mass baby grave
Life July 30, 2025
Is the latest trendy diet actually healthy? Dietitians talk ‘fibermaxxing’
Is the latest trendy diet actually healthy? Dietitians talk ‘fibermaxxing’
Life July 30, 2025
Can I use Ozempic after gastric bypass?
Can I use Ozempic after gastric bypass?
Life July 30, 2025
//
  • About Us
  • Contact US
  • Privacy Policy
onlyTrustedInfo.comonlyTrustedInfo.com
© 2025 OnlyTrustedInfo.com . All Rights Reserved.