(The Epoch Times)—President Donald Trump said on April 27 that the tariffs he imposed on U.S. trading partners will lead to a substantial reduction in tax rates for those making less than $200,000 a year.
“When Tariffs cut in, many people’s Income Taxes will be substantially reduced, maybe even completely eliminated,” Trump wrote in a post on his Truth Social platform.
“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.”
He called it a “bonanza for America.”
Trump has been looking to extend his 2017 tax cuts, which are set to expire later this year, along with keeping his 2024 campaign promises of no taxes on tips or on Social Security payments.
In an interview with TIME Magazine that was published on April 25, Trump said he “love[s] the concept” of raising taxes on millionaires as a means of paying for an extension of the 2017 tax cuts.
“I certainly don’t mind having a tax increase,” Trump told TIME. “I would be honored to pay more, but I don’t want to be in a position where we lose an election because I was generous, but me, as a rich person, would not mind paying and you know, we’re talking about very little.”
He said it would involve raising taxes on the wealthy to “take care of [the] middle class.”
“But I don’t want it to be used against me politically, because I’ve seen people lose elections for less, especially with the fake news.”
Former White House strategist Steve Bannon told News Nation’s “CUOMO” on Friday that he supported the idea.
“This is being fought behind closed doors right now, and I’m telling you, with the massive tax cut, in addition, he’s going to give the working class and the middle class, the math only works out if you actually increase taxes on the wealthy,” Bannon said.
The former White House strategist said it could help Trump politically if he decided to run again in 2028, despite the Constitution preventing a third term in the Oval Office.
However, on April 23, the day after he sat down with TIME, Trump told reporters at the White House that raising taxes on the wealthy could be “very disruptive” and could lead to a loss of money for the United States.
House Speaker Mike Johnson dismissed the idea in an interview with Fox News.
“I’m not in favor of raising the tax rates because our party is the party that stands against that,” Johnson said on April 23.
He acknowledged that the proposal had been discussed as one of many possible ways to permanently implement personal income tax cuts in the Republicans’ final funding package.
“There were lots of ideas thrown out on the table along this process over the last year, but I would just say for everybody, just wait and see,” Johnson said.
Joseph Lord contributed to this report.
At Last, a Company With Integrity in the Gold IRA Industry
For several years, I’ve been vetting out precious metals companies in search of the best. I believe in gold and silver but it’s hard to find integrity in the Gold IRA industry. The vast majority operate with shady tactics and gigantic spreads that take advantage of Americans who simply want to protect their life’s savings.
I’ve found a handful that I like and I’ve worked with some of them. By no means would I “unrecommend” them because, again, I vetted them out and found them to be above the fold. Unfortunately, it isn’t hard to be better than the rest when the rest are so darn awful.
After years of searching, I finally found a company that truly operates with integrity. Augusta Precious Metals has three important attributes that set them far above the competition:
- Non-Commissioned Sales Team: I cannot stress how important and unique this is. With just about every other company in the Gold IRA industry, the sales teams make commission from every account they open. This means they steer their clients toward the gold and silver products with the highest commission. With Augusta Precious Metals, the team is solely focused on putting the best gold and silver for their clients into their IRA. They get paid to serve the best interests of the Gold IRA client, NOT their own commission pay.
- Incredibly Low Fees: Most Americans would be shocked if they knew the spread other Gold IRA companies charge. Augusta charges just 5% versus up to 45% elsewhere.
- No Pressure, No Gimmicks: There’s an understanding among most in the Gold IRA industry that fear and pressure is the way to go. Augusta Precious Metals takes a sober approach when working with clients because they hold integrity in the highest possible regard. This is why they don’t offer gimmicks like “free” or “bonus” silver. It’s also why they do not apply pressure tactics to get quick sales. Their educational and transparent approach to doing business is exceedingly rare in the Gold IRA industry.
