2025 plan could eliminate income tax—and redirect trillions back into the U.S.
WASHINGTON, May 23, 2025 (GLOBE NEWSWIRE) — According to former White House and Pentagon Insider Jim Rickards, two major shifts are now unfolding: the possible closure of the IRS and the unlocking of a $150 trillion natural resource windfall beneath U.S. soil.
“For decades, we’ve watched trillions flow out of this country—to China, to global banks, and to a dysfunctional tax system,” Rickards says. “But that drain may finally be shutting off.”
Rickards, a veteran intelligence analyst and advisor to four U.S. presidential administrations, believes the Supreme Court’s 2024 Chevron ruling was the first domino. It could clear the path to access enormous U.S. mineral reserves that had been frozen by environmental red tape for nearly 50 years.
A Tax System Designed to Fail?
At the same time, Rickards says a new plan gaining traction inside Trump’s economic team could end income taxation for the working and middle class—replacing it with tariffs.
The plan would eliminate taxes on wages, tips, Social Security, and even small business income for Americans earning under $150,000 per year. In its place: revenue from imported goods.
“Presidents’ goal is very simple,” said Howard Lutnick, Trump’s Commerce Secretary. “To abolish the Internal Revenue Service and let all the outsiders pay.”
Where Would the Money Come From?
According to Rickards, that question already has an answer: a dormant federal reserve of mineral wealth valued at over $150 trillion.
“This reserve is not hypothetical,” he explains. “It’s real. It’s documented. It’s mapped. The only reason we haven’t accessed it is because of legal sabotage.”
Rickards highlights data showing massive holdings across federally controlled land:
- $3.1 trillion in Nome, Alaska
- $7.35 trillion in Midland, Texas
- $516 billion in California’s Salton Sea region
In his new interview The American Birthright, Rickards outlines how these mineral-rich zones—once off-limits—may now power a sovereign wealth engine for the U.S., just as similar reserves did in Norway and the UAE.
A New Era of National Funding?
Rickards cautions that while change won’t happen overnight, the framework is being put in place now—and fast.
He believes this dual strategy—cutting income taxes and activating the country’s real, physical wealth—could finally put the U.S. on the same footing as the world’s most resource-wealthy nations.
About Jim Rickards
Jim Rickards is a former advisor to the CIA, Pentagon, U.S. Treasury, and Federal Reserve. He has advised government officials on financial warfare and systemic risk, and currently serves as the editor of Strategic Intelligence, a research advisory focused on geopolitics and wealth protection.
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