President Donald Trump hosted a reception at the White House in honor of Black History Month, with a focus on potential changes to the US tax system. Trump’s commerce secretary, Howard Lutnick, proposed the idea of abolishing the Internal Revenue Service (IRS) and instead relying on tariffs collected from other countries to fill the Treasury coffers.
In 2024, the US federal government collected $4.92 trillion in revenue, with individual income taxes accounting for about 49%. Lutnick suggested that Trump’s goal was to create an External Revenue Service, where outsiders would contribute to funding the government.
Elon Musk, known for his efforts to cut waste and fraud from government departments, also made headlines by proposing to cut the national debt by $1 trillion. His Department of Government Efficiency, or Doge, aims to trim $2 trillion from the budget.
The potential changes to the tax system and government efficiency efforts have sparked conversation and debate among policymakers and the public. As Trump continues to host events like the Black History Month reception, the future of US tax policy remains a key topic of discussion.
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Video “LIVE: Donald Trump hosts Black History Month at the White House” was uploaded on 02/21/2025 to Youtube Channel The Times and The Sunday Times