Tariffs In, Taxes Out? Former White House Advisor: This is Trump’s Plan

New framework could eliminate income tax

/EIN News/ -- WASHINGTON, May 24, 2025 (GLOBE NEWSWIRE) -- A historic pivot may be underway inside the U.S. government—one that could shift the financial burden of running the country away from working Americans and onto foreign imports and buried national assets.

That’s according to former White House and Pentagon advisor Jim Rickards, who says a plan now gaining traction in Washington would replace the IRS and income tax with tariffs.

No More Taxes on Wages?

The policy shift would eliminate income taxes for tens of millions of Americans—especially those earning under $150,000 a year—ending taxes on wages, tips, and Social Security payments.

“Presidents’ goal is very simple,” Commerce Secretary Howard Lutnick confirmed. “To abolish the Internal Revenue Service and let all the outsiders pay.”

But Rickards says we could also rely on revenue from previously untouchable mineral wealth under U.S. federal land. The legal key to making this transition possible was the 2024 Supreme Court decision that struck down the Chevron Doctrine—a ruling that stripped unelected agencies of their power to block access to America’s mineral resources.

A $150 Trillion Windfall Beneath Our Feet

What makes this plan viable, Rickards argues, is the scale of America’s untapped resource base—estimated at $150 trillion and held in regions like Texas, Alaska, and the western U.S.

“These aren’t hypothetical numbers,” Rickards says. “$3.1 trillion in Nome. $7.35 trillion in Midland. $516 billion in the Salton Sea area. And that’s just the beginning.”

Rickards lays out the full case in a new interview, where he connects the tax overhaul, the Supreme Court ruling, and the push for a sovereign wealth fund modeled on global powers like Norway and Saudi Arabia.

About Jim Rickards

Jim Rickards is a former advisor to the CIA, U.S. Treasury, and Federal Reserve, and has counseled government leaders on systemic risk and financial warfare.

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