Overview

• President Trump announced on Truth Social that new tariffs could significantly reduce or eliminate income taxes for Americans earning under $200,000 annually.
• Trump described the initiative as a 'bonanza for America,' asserting that it is already spurring job creation through new factories and plants.
• An ABC News/Washington Post/Ipsos poll shows only 34% of Americans support the tariff plan, with 72% fearing it could lead to a recession.
• The same poll found 73% of respondents believe the economy is in poor condition, and 53% say it has worsened since Trump took office in January.
• Economists warn the tariff-based revenue model could trigger inflation, trade conflicts, and fail to generate sufficient funds to replace income taxes.