Donald Trump set to eliminate income tax
Story by Kevin Harrish, Next Impulse Sports, 1/28/25
Professional athletes throughout the United States often face enormous federal income tax payments to go along with their massive contracts. However, a tax plan set forward by newly-elected United States President Donald Trump would ease that tax burden for those well-compensated athletes.
In a speech at a House Republican Members Conference on Monday, Donald Trump proposed abolishing income tax in the United States and replacing it with a system of import tariffs to generate revenue for the government.
Trump referred to the import tariff system as a “system that made us richer,” declaring that the period from 1870 to 1913 was the wealthiest in the history of the United States, utilizing an import tariff system.
“It’s time for the United States to return to the system that made us richer and more powerful than ever before… Instead of taxing our citizens to enrich foreign nations, we should be taxing foreign nations to enrich our citizens,” Trump said in his speech as he outlined his tax reform plans.
This is a more formal proposal of the plan that Trump discussed in his inauguration address.
“Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens. For this purpose, we are establishing the External Revenue Service to collect all tariffs, duties and revenues. It will be massive amounts of money pouring into our treasury coming from foreign sources,” Trump said during his inaugural address earlier this month.
It’s not clear how Trump intends to go about this change or whether or not it will receive support from the other branches of the federal government, but it is pretty apparent that Trump intends to follow through on his campaign promise to move toward eliminating income taxes.
Obviously this will be a substantial change that will have wide-reaching ramifications for high-paid professional athletes and everyone else in the United States.