Uploaded February 2025 | Updated September 2026, 1 week ago
President Trump has proposed abolishing federal income taxes and funding the government primarily through tariffs. This idea is shaking up discussions about how taxes work in the U.S.
In this video, we’ll break it down:
✅ How the U.S. used tariffs for revenue before income tax existed
✅ What this plan could mean for economy, businesses, and everyday Americans
✅ How it could affect prices, trade, tax collection and government funding
By the end of the video, you'll have a clear understanding of the potential benefits and significant challenges of moving away from an income tax-based system to a tariff-based system.
Replacing Federal Income Tax with Tariffs sounds simple, but could it really work in today’s economy? What do you think about this idea? Would you rather pay higher prices on goods instead of income taxes? Let me know in the comments!
💜 Enjoy my work? Support me on Patreon!
patreon.com/noellorenzana
☕ Buy Me a Coffee: Help support the channel!
buymeacoffee.com/NoelLorenzana
Hi, I'm Noel Lorenzana, a Registered CPA based in Illinois. I created this channel to help everyday people better understand money, protect their wealth, and prepare for whatever comes next through thoughtful discussions about gold and silver, wealth management, and tax strategy.
On, this channel, I simplify taxes for your business and offer tax tips for you! Let me know if there is anything you would like me to discuss. Feel free to connect with me on Social Media.
★CONNECT WITH ME ON SOCIAL MEDIA ★
Website: noellorenzanacpa.com
Facebook: web.facebook.com/noelblorenzana
LinkedIn: linkedin.com/in/noellorenzanacpa
🎥 RECOMMENDED VIDEOS 🎥
youtu.be/gmewoNZeyHM
youtu.be/AL62LiFMD3A
youtu.be/pEK2E_u7ULo
Thanks for watching my video on, "Trump's Plan to Eliminate Income Tax with Tariffs Explained"
Disclaimer: The information presented in this video is for informational and educational purposes only and should not be considered accounting, tax, legal, financial, or investment advice. Watching this video does not create a client relationship. While I strive for accuracy, I cannot guarantee that all information is complete, current, or applicable to your specific situation. Always consult with a qualified professional before making financial, tax, or investment decisions.
Affiliate Disclosure: Some links in the description may be affiliate links, which means I may earn a commission if you purchase through them at no additional cost to you. I only recommend products and services that I have personally researched, use, or believe provide genuine value to my audience.
⏱️VIDEO CHAPTERS⏱️
00:00 - Trump’s Big Tax Plan: No More Income Tax?
00:56 - What is Tariff: How the U.S. Used Tariffs Before Income Tax
01:38 - How the Government Makes Money Now
01:49 - Comparison: Current Tax System Vs Trump's Proposed Plan
02:39 - How Tariffs Could Affect You, Everyday Americans
03:11 - Potential Impacts of Tariffs on the Economy
03:26 - Tariff-based System: Implications for Tax Collection
04:00 - Tariff-based System: Implications for The Funding of Public Services
04:13 - Conclusion: President Donald Trump's Tariff Plans
Replay Video Link: youtu.be/qtwTbrWHXIY
#Trump2025 #trumptariffs #taxcuts #trumpplan
President Trump has proposed abolishing federal income taxes and funding the government primarily through tariffs. This idea is shaking up discussions about how taxes work in the U.S.
In this video, we’ll break it down:
✅ How the U.S. used tariffs for revenue before income tax existed
✅ What this plan could mean for economy, businesses, and everyday Americans
✅ How it could affect prices, trade, tax collection and government funding
By the end of the video, you'll have a clear understanding of the potential benefits and significant challenges of moving away from an income tax-based system to a tariff-based system.
Replacing Federal Income Tax with Tariffs sounds simple, but could it really work in today’s economy? What do you think about this idea? Would you rather pay higher prices on goods instead of income taxes? Let me know in the comments!
💜 Enjoy my work? Support me on Patreon!
patreon.com/noellorenzana
☕ Buy Me a Coffee: Help support the channel!
buymeacoffee.com/NoelLorenzana
Hi, I'm Noel Lorenzana, a Registered CPA based in Illinois. I created this channel to help everyday people better understand money, protect their wealth, and prepare for whatever comes next through thoughtful discussions about gold and silver, wealth management, and tax strategy.
On, this channel, I simplify taxes for your business and offer tax tips for you! Let me know if there is anything you would like me to discuss. Feel free to connect with me on Social Media.
★CONNECT WITH ME ON SOCIAL MEDIA ★
Website: noellorenzanacpa.com
Facebook: web.facebook.com/noelblorenzana
LinkedIn: linkedin.com/in/noellorenzanacpa
🎥 RECOMMENDED VIDEOS 🎥
youtu.be/gmewoNZeyHM
youtu.be/AL62LiFMD3A
youtu.be/pEK2E_u7ULo
Thanks for watching my video on, "Trump's Plan to Eliminate Income Tax with Tariffs Explained"
Disclaimer: The information presented in this video is for informational and educational purposes only and should not be considered accounting, tax, legal, financial, or investment advice. Watching this video does not create a client relationship. While I strive for accuracy, I cannot guarantee that all information is complete, current, or applicable to your specific situation. Always consult with a qualified professional before making financial, tax, or investment decisions.
Affiliate Disclosure: Some links in the description may be affiliate links, which means I may earn a commission if you purchase through them at no additional cost to you. I only recommend products and services that I have personally researched, use, or believe provide genuine value to my audience.
⏱️VIDEO CHAPTERS⏱️
00:00 - Trump’s Big Tax Plan: No More Income Tax?
00:56 - What is Tariff: How the U.S. Used Tariffs Before Income Tax
01:38 - How the Government Makes Money Now
01:49 - Comparison: Current Tax System Vs Trump's Proposed Plan
02:39 - How Tariffs Could Affect You, Everyday Americans
03:11 - Potential Impacts of Tariffs on the Economy
03:26 - Tariff-based System: Implications for Tax Collection
04:00 - Tariff-based System: Implications for The Funding of Public Services
04:13 - Conclusion: President Donald Trump's Tariff Plans
Replay Video Link: youtu.be/qtwTbrWHXIY
#Trump2025 #trumptariffs #taxcuts #trumpplan
