Donald Trump proposes eliminating income tax 

President Donald Trump has proposed “almost completely” cutting income tax, which he said could be achieved thanks to the effects of his trade policies.

In a Thanksgiving message delivered from his Mar-a-Lago estate in Florida, the president referenced the investment commitments that had been made by other nations, pledges from companies to expand their production presence in the U.S., as well as the revenue accrued from income taxes.

“Over the next couple of years, I think we’ll substantially be cutting — and maybe cutting out completely — income tax,” Trump said. “We could be almost completely cutting it because the money we’re taking in is going to be so large.”

The administration has several times floated slashing or even abolishing income tax thanks to tariffs, though experts broadly agree that the revenue-generating effects of these policies would be unable to match the over $2 trillion the Internal Revenue Service generates each year through this form of taxation.

This is a developing story. More to come