Will Donald Trump eliminate taxes for Americans earning less than $200,000 per year? Is it possible, and what would the consequences be?

Donald Trump suggests eliminating income taxes for many Americans. He thinks import tariffs can replace the lost revenue. Experts doubt the math works. They worry about the economic impact. Higher tariffs might raise prices. US GDP fell in the first quarter of 2025. Growth expectations were not met. Businesses may be trying to get ahead of the tariffs.