The US may abolish personal income tax.

VTV.vn - US President Donald Trump recently said that his administration could completely cut income tax in the next few years thanks to budget revenue from tariffs.

US President Donald Trump. (Photo: THX/TTXVN)

The White House boss made the remarks during a Thanksgiving call with military personnel in Florida - that the US government "could cut income taxes almost entirely thanks to the huge revenue from tariffs".

Currently, the personal income tax is the financial pillar of the US government . "Cut out" the personal income tax would mean finding alternative sources for more than 2.2 - 2.5 trillion USD per year. If the income tax cut happens, those with average incomes of 50,000 - 100,000 USD / year - would be the group that benefits the most.

After returning to the White House, Mr. Trump imposed a series of import taxes on products and trading partners. The tax rates range from 10 to 50%, depending on the origin of the goods. He asserted that these taxes would increase the national budget and encourage consumers to buy more American goods.

He recently proposed a "tax refund" for Americans, which would see every American, except for high-income earners, receive at least $2,000.

President Trump asserted that the revenue from import tariffs could help reduce the national debt and attract investment, leading to new factories opening across the US. The country's debt is currently up to 37,000 billion USD.

At a White House cabinet meeting in August, Treasury Secretary Scott Bessent estimated the U.S. could collect $500 billion in tariffs this year, with October alone bringing in $34.2 billion.

Source: https://vtv.vn/my-co-the-bo-thue-thu-nhap-ca-nhan-100251201160918019.htm