President Trump proposes eliminating income tax entirely, suggesting tariff revenue could replace traditional taxation in ambitious economic overhaul plan.

Michael and Susan Dell’s donation made news for a lot of reasons. Here’s what you need to know about private foundations, government gifts and the tax consequences.

The president believes tariff revenue could completely replace federal income taxes within four years, despite current tariffs bringing in just one-tenth of what would be needed.

It’s not clear how that would work or if Trump could afford to do so without worsening the national debt, which he claims his tariffs will also cut.

Thanks to tax cuts from the “one, big, beautiful” law, Utah won’t collect about half a billion dollars of income tax revenue in coming years — about $300 million in 2026 and $200 million in 2027. That’s according to Gov.