President Donald Trump said Thursday that the United States may “completely” cut federal income taxes in the coming years, stating that tariff revenue could be large enough to replace the current system.

Trump made the remarks during his Thanksgiving address, where he outlined what he described as a major shift in how the federal government could collect revenue.

“The next couple of years I think we’ll be substantially cutting, and maybe cutting out completely, but we’ll be cutting income tax. Could be almost completely cutting it because the money we’re going to be taking in is so large. Other countries have been ripping us off for many years,” Trump said.

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His comments followed earlier statements made throughout 2024, during which he proposed returning the country to a tax structure centered on tariffs rather than income taxes.

Trump has raised the possibility of eliminating the federal income tax several times over the past year.

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In October, CNN reported that he discussed the idea with barbers in the Bronx. According to that report, Trump said, “There is a way, if what I’m planning comes out,” and added, “In the 1890s … it had all tariffs. It didn’t have an income tax.”

Those remarks drew attention to historical periods when tariffs served as the primary source of federal revenue, before the modern income tax system was created in the early 20th century.

The concept resurfaced days later during Trump’s appearance on The Joe Rogan Experience.

In that interview, Rogan asked about the prospect of replacing the federal income tax with tariffs.

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Trump responded, “Yeah, sure, why not?”

Thursday’s Thanksgiving address marked the first time Trump suggested a specific timeline, stating that the next “couple of years” could bring substantial reductions or a near-total removal of federal income taxes.

The proposal relies on the idea that increased tariffs on imported goods would produce enough federal revenue to offset the elimination of income tax collections.

Trump’s statements throughout 2024 have referenced the late 19th century, when the federal government relied heavily on tariffs.

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The modern federal income tax system was introduced after the ratification of the 16th Amendment in 1913, establishing a national tax on individual earnings.

Trump pointed to earlier periods as examples of how the government operated without income taxes, though he did not outline a specific tariff structure in his recent comments.

During his Thanksgiving remarks, Trump reiterated his view that foreign countries have benefitted from trade imbalances and that tariffs would serve as a corrective measure.

He argued that the revenue generated under a new tariff system could be significant enough to replace the federal income tax.

While discussing the potential shift, he said the money taken in from tariffs would be “so large” that it could allow the government to move away from the current tax structure.

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Trump’s comments have drawn periodic attention as he continues to promote the idea of tariff-based revenue.

His statements in October and during his appearance on The Joe Rogan Experience showed a consistent message about exploring alternatives to federal income taxes.

The Thanksgiving address provided additional clarity on the timeline he envisions for such changes, though no further specifics were provided regarding implementation details or any legislative steps.

Trump’s remarks represent the latest in a series of discussions about the possibility of reducing or eliminating income taxes.

His Thanksgiving comments were consistent with his earlier statements but included the suggestion that significant changes could occur within the next few years under a tariff-based system.

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