Record Tariffs, Record Deficits: The Fantasy of Eliminating Income Taxes

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Okay, Trump administration is touting, they’re thrilled. They’ve got record tariff revenue for the month of October. $31.4 billion new monthly record. Yeah, surpassing all prior monthly readings and marking the strongest single month tariff haul since the modern reporting era began. Huh. Now.

Let me explain to you something. We talked about this last week. We had record tariff revenue, record tariff revenue for October. We also had a massive deficit in the month of October.

Okay, so we’re still going back.

Trump was on a Thanksgiving call with US service members and he said that the tariff revenue boom could soon allow the United States to dramatically reduce or even eliminate federal income taxes for many Americans. We’re taking in hundreds of billions of dollars like we’ve never done before. The portion of money could be returned to Americans in the form of a dividend

while the rest would contribute to debt reduction. Over the next couple of years, I think we’ll substantially be cutting and maybe cutting out completely income taxes. Again, Trump talked about this, this was back in, what was it? May? April. April, he put out a truth social post that said Americans earning under $200,000 might see their income taxes sharply reduced or eliminated.

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once the tariff program reached full effect. Okay, I.

I want, because again, you had a lot of the Trump, you know, MAGA influencers, the sick fans online tout this. are we, why more people talking about this? This could be huge.

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I’m begging, could you show me your work please?

How?

Explain to me the math on this.

Explain it to me Let’s just for for arguments sake. Let’s say tariff revenue goes to a hundred billion dollars, but that’s one point two trillion dollars a year

It’s not chump change, but it doesn’t cover our nut. It’s not even close. $1.2 trillion a year is what we’re spending right now on interest payments on our debt.

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The only person in history of the planet that’s been able to do something like this was Jesus with loaves and fishes. Okay? You’re not going to be able to do this with tariff revenue.

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You’re not.

So why would you talk about this more? It’s not mathematically possible. used to, this frustrates me. I used to make fun of liberals with the math that they would come up with. We did a whole bits on it on the show, liberal math, two plus two equals 20. How? How could you possibly eliminate the income tax?

with tariff revenue? are you planning on charging? Because they can’t be at the numbers that you have right now.

But again, we live in this world. This world, I guess if you say things, you say things enough that you keep repeating the same thing again and again and again. People just, they believe it. It’s funny. Buck Sexton is talk radio show host, if I’m not mistaken. He’s got a new book coming out. He’s reading a little excerpt from it.

sent over to me. And he described it, he described it like this. It’s like if you’re in the eastern part of the state of Colorado, where the Rocky Mountains out there, and you just start basically telling people, Rocky Mountains don’t exist, Rocky Mountains don’t exist, Rocky Mountains don’t exist, and they just don’t. And people are like, okay, that’s it, Rocky Mountains don’t exist. Then you just start driving. Somebody one day said, they start driving west, and they see the Rocky Mountains.

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And rather than being upset that they’ve been lied to, they’re actually upset that the Rocky Mountains are actually there, because they’re in their way.

I talk about this all the time, know, with crafting narratives, which happens, know, with the media does it, politicians do it, all this stuff. You have to live in the real world here, people.

When you repeat something or you say something that is just patently absurd, replacing the income tax, and people say, well, the country ran for, before the income tax was completely run on tariff revenue. You’re gonna compare the United States of America, okay, pre-income tax. We were not an empire power like we are now, okay? We didn’t take that.

really start taking that mantle over until post-World War I. Okay? We didn’t have a social security program. We didn’t have all of these welfare programs. Are you kidding me? You’re comparing apples to oranges for crying out, makes no sense. But people bring it up. Like it makes sense. Oh yeah, ran this country, we ran on tariffs. We just went to the same country. You think we’re gonna go back to that?

Anyway, I’m sorry, I’m trying to keep my cool here post Thanksgiving, but the stupidity, quite frankly, oftentimes knows no bounds. Watchdogonwallstreet.com.