In a recent Joe Rogan Experience episode, former President Donald Trump discussed his proposal to eliminate the federal income tax, suggesting that tariffs on imports could replace it as the primary revenue source for the U.S. government.
Trump, a 2024 presidential candidate, referenced the tariff policies of former President William McKinley from the 1890s, claiming that such policies had made the U.S. so prosperous that public officials struggled to decide how to allocate the funds. “We were so rich. We had so much money. We didn’t know what to do, so they set up a blue ribbon commission on tariffs. And the sole purpose was what to do with all the money we had,” Trump explained.
Critics of the plan argue that tariffs would increase prices for goods, effectively creating a “hidden tax” on consumers. Trump, however, believes that tariffs can boost the dollar’s value, protect American jobs, and make U.S. exports more competitive internationally.
Taxes, United States, Donald Trump, Tax Reduction, US Elections 2024
Source: Joe Rogan Experience podcast
Related: Trump’s Election Could Drive BTC to $100K and Lift Altcoins
Trump has also floated the idea of using Bitcoin to address the national debt, currently at $35 trillion. During a conversation with Fox News’ Maria Bartiromo, he suggested that the U.S. could pay down debt by “handing them a little Bitcoin,” which, he said, could “wipe away our $35 trillion.”
Bryan Courchesne, an asset manager, believes establishing a Bitcoin reserve for the U.S. government could be possible, though challenging. Courchesne suggested that the Department of Justice could transfer roughly 200,000 BTC seized through law enforcement to the U.S. Treasury, creating a strategic reserve asset in Bitcoin. Yet, he noted that bureaucratic hurdles could complicate this process.
Trump is not alone in proposing a Bitcoin reserve for the U.S. Earlier in 2024, former independent candidate Robert F. Kennedy Jr. also promoted Bitcoin as a potential solution to stabilize the U.S. dollar before exiting the race.
