Landmark shift may bring end to income tax for workers earning under $150K
WASHINGTON, May 22, 2025 (GLOBE NEWSWIRE) — A new economic plan quietly gaining momentum in Washington could make 2025 the last year millions of Americans owe the federal government a penny.
That’s the claim from Jim Rickards, a former advisor to the CIA, Federal Reserve, and four U.S. presidential administrations, who says the Internal Revenue Service may soon be rendered obsolete by design.
“For the first time in modern history, there’s a realistic chance the income tax could be abolished,” Rickards says. “And this time, it’s not a political stunt—it’s a strategic shift.”
No More Tax on Wages, Tips, or Social Security?
The foundation of the plan is simple: eliminate federal income taxes for Americans—particularly those earning under $150,000 per year—and replace that revenue through external tariffs
One of Trump’s closest allies, Commerce Secretary Howard Lutnick, confirmed the intention: “Presidents’ goal is very simple. To abolish the Internal Revenue Service and let all the outsiders pay.”
Rickards says this approach mirrors historical U.S. policy, where the government was once funded almost entirely through tariffs—until the creation of the IRS in 1913. But he also believes these taxes could be replaced with new monetization strategies tied to U.S. land and mineral assets.
A Solution to the Deficit?
Beyond the potential personal benefit for millions of taxpayers, Rickards says this restructuring could also solve one of America’s biggest financial problems: its debt.
In a newly released interview, Rickards lays out the mechanics of how this system would work, who stands to benefit, and why it may already be in motion.
About Jim Rickards
Jim Rickards is an economist, attorney, and former advisor to the CIA, Pentagon, and U.S. Treasury. He has testified before Congress and played a key role in financial crisis response planning.
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