News · 29 November 2025
Trump Proposes Complete US Income Tax Elimination While UK Faces Tariff Pressures
President Trump announced plans to potentially eliminate US income tax completely within two years, claiming tariff revenues of over $2 trillion could replace the $2.66 trillion generated by individual income taxes. Economists express skepticism, noting tariffs cannot realistically offset such massive revenues. Meanwhile, the UK government faces fiscal pressures partly caused by Trump's global tariffs, forcing Chancellor Rachel Reeves to implement tax increases including freezing income tax thresholds through 2031, affecting millions of British workers.
Reported by Newsweek · How we write briefs