President Donald Trump told reporters Wednesday that he plans to "substantially lower" income taxes once trade agreements are finalized with countries, including China. Trump framed the deal as part of a broader effort to restore American strength and financial independence. “We’re going to have a fair deal with China. It’s going to be fair,” Trump said. “We’re going to have a country you can be proud of, not a laughingstock.”
.@POTUS: "We're going to have a fair deal with China. It's going to be fair... we're going to have a country that you can be proud of, not a laughingstock all over the world..." pic.twitter.com/3mTt73UIms
— Rapid Response 47 (@RapidResponse47) April 23, 2025
Trump invoked a historical comparison, noting that prior to the federal income tax in 1913, the U.S. relied on tariffs and was “the wealthiest country we ever had.” He suggested that tariffs — not income taxes — should again be the primary means of funding the federal government. “We had so much money, they didn’t know how to spend it,” he said. “We are going to substantially lower taxes once this is finished,” he added.
