Middle Class May Finally Catch a Break as U.S. Eyes Major Tax Overhaul: Former White House Insider

New strategy would eliminate income tax for most workers and replace it with tariffs

/EIN News/ -- BALTIMORE, May 25, 2025 (GLOBE NEWSWIRE) -- For over a century, American workers have shouldered the tax burden that fuels the federal government. But that may soon change. According to Jim Rickards—a former White House advisor—Washington insiders are working on a plan that would eliminate income taxes for the middle class and redirect the country’s funding model back to tariffs.

No More Tax on Wages, Tips, or Social Security?

The proposal, Rickards explains, would zero out federal income taxes for Americans earning under $150,000 per year. Instead of taxing citizens directly, the government would fund itself through tariffs on foreign goods.

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

The Return of Tariff-Funded Government

This would not be the first time America has run on tariffs. Before the IRS was created in 1913, the federal government was primarily funded by taxing foreign imports—not citizen wages.

Rickards says the difference today is scale. In addition to tariffs, the U.S. could now tap into a mineral reserve worth $150 trillion, including copper, lithium, uranium, and rare earths—all critical to defense, energy, and AI systems.

“These minerals aren’t theoretical,” Rickards says. “They’re documented, mapped, and ready. The only thing that stopped us from accessing them was a 40-year legal blockade—which is now gone.”

The 2024 Supreme Court reversal of the Chevron Doctrine eliminated the power of federal agencies to stop mining and drilling operations across public lands—clearing the path for what Rickards calls a “national inheritance” that was sealed off for decades.

About Jim Rickards

Jim Rickards is a former advisor to the CIA, U.S. Treasury, and Federal Reserve. He served as legal counsel during the LTCM bailout and has advised multiple presidential administrations. He now leads Strategic Intelligence, a research publication focused on financial disruption and national security.

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