President Donald Trump spoke with reporters exterior the White Home on Wednesday and pledged People’ taxes shall be considerably decrease as soon as his tariff plan is totally carried out.
“All people desires to be part of what we’re doing. They know that they cannot get away with it any longer, however they’re nonetheless going to do high-quality,” Trump said in a clip circulating on X. “We’re gonna have a rustic that you would be able to be pleased with, not a laughing inventory all around the world for a few years.”
The president then pointed to when America had “a lot cash, they did not know the best way to spend it” earlier than the Income Act of 1913, which lowered tariffs from 40% to 26% beneath Democratic President Woodrow Wilson.
The act additionally established a 1% revenue tax on People making greater than $3,000 a 12 months, which quantities to roughly $95,000 at the moment, and a company tax of 1%.
Trump: “In 1913 they traded to the revenue tax system. We was all tariff. And we had no revenue tax and we had the wealthiest nation we ever had proportionately from about 1870 to 1913. We had extra money than anyone.” pic.twitter.com/rIVq85enes
— Aaron Rupar (@atrupar) April 23, 2025
“We’re gonna have the ability to considerably decrease taxes when that is completed,” Trump added, regardless of already giving America’s wealthiest 1% a tax break throughout his first time period.
In 2017, the Trump-GOP Tax Regulation reduce the federal company revenue tax fee from 35% to 21%. Since then, American billionaires’ wealth has practically doubled from $3.6 trillion to $6.5 trillion. The legislation additionally made it simpler for billionaires and companies to evade paying revenue tax.
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