President Donald Trump is contemplating a significant overhaul of the country’s financial system by proposing to use revenue generated from his tariff policies to replace the federal income tax. Trump highlighted the historical significance of tariffs, citing the period from 1870 to 1913 when tariffs were the primary form of revenue and the nation was at its peak of prosperity. The 16th Amendment to the U.S. Constitution in 1913 established the federal income tax, but Trump’s administration is now exploring alternative financial strategies.

Currently, the administration has imposed tariffs on numerous countries worldwide, claiming substantial daily revenue from these measures. While implementing a temporary pause on new reciprocal tariffs, the administration has raised rates on Chinese goods significantly. Additionally, Trump discussed a proposed self-deportation program for undocumented immigrants, offering them financial assistance and a plane ticket to leave voluntarily, with the possibility of returning as legal immigrants if deemed “good.”

In another development, Trump reiterated his allegation against former President Joe Biden’s use of the autopen to sign documents, questioning the validity of some pardons issued during the transition of power. Trump’s assertions regarding Biden’s use of the autopen have raised legal and procedural concerns regarding the authenticity of official documentation. These recent statements from Trump shed light on his ongoing policy initiatives and his stance on key issues during his presidency.