President Donald Trump spoke with reporters outside the White House on Wednesday and pledged Americans' taxes will be significantly lower once his tariff plan is fully implemented.
"Everybody wants to be a part of what we're doing. They know that they can't get away with it any longer, but they're still going to do fine," Trump stated in a clip circulating on X. "We're gonna have a country that you can be proud of, not a laughing stock all over the world for many years."
The president then pointed to when America had "so much money, they didn't know how to spend it" before the Revenue Act of 1913, which lowered tariffs from 40% to 26% under Democratic President Woodrow Wilson.
The act also established a 1% income tax on Americans making more than $3,000 a year, which amounts to approximately $95,000 today, and a corporate tax of 1%.
Trump: "In 1913 they traded to the income tax system. We used to be all tariff. And we had no income tax and we had the wealthiest country we ever had proportionately from about 1870 to 1913. We had more money than anybody." pic.twitter.com/rIVq85enes
— Aaron Rupar (@atrupar) April 23, 2025
"We're gonna be able to substantially lower taxes when this is finished," Trump added, despite already giving America's wealthiest 1% a tax break during his first term.
In 2017, the Trump-GOP Tax Law cut the federal corporate income tax rate from 35% to 21%. Since then, American billionaires' wealth has nearly doubled from $3.6 trillion to $6.5 trillion. The law also made it easier for billionaires and corporations to evade paying the tax altogether.
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