Core Viewpoint - The U.S. government, under President Trump, may consider completely eliminating income tax in the coming years, relying on tariff revenues as a primary source of government income, which raises significant concerns among economists [1][2]. Group 1: Taxation and Revenue - Trump suggested that the substantial revenue from tariffs could allow for a significant reduction or complete elimination of income tax, which he views as a solution to the U.S. deficit problem [1]. - The total federal revenue for FY 2024 is projected to be approximately $4.9 trillion, with personal income tax contributing about $2.43 trillion, nearly 50% of total revenue [1]. - Current tariff revenue stands at around $80 billion, which is insufficient to cover even the interest on national debt, highlighting the challenge of replacing income tax with tariffs [1]. Group 2: Economic Implications - To replace the $2.4 trillion gap left by income tax with tariffs, an average tariff rate of 70% to 80% would need to be applied to all imported goods, which is unrealistic [2]. - Such high tariffs would likely lead to a dramatic decline in import demand, shrinking the tariff base and making it impossible for the government to raise the necessary funds [2]. - Economists, including a senior researcher at the Peterson Institute for International Economics, argue that it is mathematically unfeasible to fund the required revenue through tariffs without severely damaging global trade and the U.S. economy [2].