Donald Trump gives update on Russia-Ukraine talks

U.S. President Donald Trump delivers remarks at the Governors Working Sessions. State Dining Room, White House.

Trump’s commerce secretary has suggested that the administration could scrap federal income taxes.

Howard Lutnick, who was confirmed in his role on Wednesday, said the White House’s goal was to abolish the Internal Revenue Service (IRS) and instead rely on Treasury coffers being filled by tariffs collected from other countries.

In 2024 the US federal government collected $4.92 trillion. The biggest source of revenue — about 49 per cent — was from individual income taxes.

“Think about it, Donald Trump announces the External Revenue Service, and his goal is very simple … his goal is to abolish the Internal Revenue Service and let all the outsiders pay,” Lutnick told Fox News.

He also indicated that Elon Musk’s effort to cut waste and fraud from government departments would allow taxes to be cut. Musk said in a separate Fox News interview on Monday that he would cut the national debt by $1 trillion. It had previously been suggested that his Department of Government Efficiency, or Doge, would trim $2 trillion from the budget.

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