Trump correctly points out that tariffs, at one time, served as the principal source of federal government revenue. From the nation's founding until the Civil War, tariffs generated 90% of federal ...

and is the largest source of federal revenue. In 2024, the IRS collected $823 billion in individual taxes—amounting to 52 percent of total revenue, according to the Treasury Department.

The promised tax cuts could slash federal revenue by up to $11.2 trillion over ... a small offset compared to the overall cost. Source: CFRB Without spending cuts to balance the tax reductions ...

Mr. Trump correctly points out that tariffs, at one time, served as the principal source of federal government revenue. From the nation’s founding until the Civil War, tariffs generated 90 percent of ...

The Constitution grants Congress the power to tax, and that authority is enacted under the Internal Revenue Code, which is part of federal law. The code breaks down how much tax can be levied on ...