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The US has $36 trillion in debt and will need to borrow $2 trillion in 2025. Trump's economic plan involves three levers. First, cut $1 trillion in expenses by targeting waste and fraud, such as Social Security payments to 50-year-olds. Second, increase revenue by $1-2 trillion through tariffs, raising them from $50 billion to a $500 billion target. The US is the biggest customer on earth, and current tariffs are unfair. Tariff changes will incentivize building factories in the US, creating jobs and attracting foreign investment. Revenue will also increase through deregulation and a "gold card" offering US residency for $5 million, potentially generating $1 trillion if 100,000 people buy it. Third, reduce taxes. If the US cuts $1 trillion in waste and adds $1-2 trillion in revenue, it will have a surplus, allowing for individual tax cuts for those earning over $1,500 and a corporate tax reduction from 21% to 15%. This would make the US one of the most business-attractive countries.

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At the start of the 20th century, America was the richest country. We used tariffs to defend our workers from unfair trade policies and had no income tax. Foreign companies paid to sell to America. Now, we have the Internal Revenue Service, charging us internally. Politicians who can't manage money keep taking more from us. Donald Trump plans to fix this by creating the External Revenue Service. Foreign companies will pay to sell to the U.S. If they want to compete with American workers, we shouldn't tax our own people. This will ensure that no bureaucrat will cut your benefits.

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Crooked Joe Biden has wasted trillions of taxpayer dollars, causing uncontrolled inflation that is hurting working families. To stop inflation and rescue the economy, we must rein in Biden's spending. However, the burden should fall on special interests and Washington bureaucrats, not American families and seniors. The president should have the power to stop unnecessary spending, as Thomas Jefferson and other presidents did. The Impoundment Control Act of 1974 curtailed this power, which is unconstitutional and violates the separation of powers. When I return to the White House, I will challenge this act in court and use impoundment to save money and reduce taxes. We won't touch Medicare or Social Security, and the funds saved can strengthen these programs. Restoring impoundment will also help control spending, balance the budget, and eliminate the deep state and globalists from our government. I alone can make America great again.

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If you earn less than $400,000 a year, your federal taxes won't increase. I managed to achieve this without raising taxes on the middle class. Additionally, I successfully reduced the federal budget by $1.7 trillion in just two years.

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The world has been cheating the U.S. for decades with tariffs and non-tariff barriers like VAT taxes, dumping, currency manipulation, and technical and agricultural barriers. These barriers transfer $1.2 trillion of wealth abroad annually, and $18 trillion since the U.S. started running deficits. The president's strategy is to charge other countries what they charge the U.S. It's easy to calculate the tariff differential, but non-tariff barriers are much higher. The U.S. paused for ninety days, knowing countries would want to bargain, and anticipates potentially having 90 deals in 90 days. The speaker believes this pause was a success for President Trump, and they are going to get this done for the American people.

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The President has initiated a complete restructuring of the international trading system with a fair and reciprocal plan. For too long other countries have damaged our defense industrial base and threatened our national security. Take Europe, for example. The US runs a $230 billion trade deficit with them, especially in the auto industry. A Cadillac faces tariffs and VAT taxes that significantly increase its price in Germany, while a BMW coming to the US gets rebates, allowing it to be sold much cheaper. This disparity explains why Germany sells us eight times more cars than we sell them. To address this, we're going to identify how countries are unfairly exploiting us through tariffs and non-monetary barriers. Then we will determine reciprocal tariffs to counteract this unfairness, ensuring fair treatment for America. This isn't a political issue, it's an American issue. We want jobs, factories, and a strong defense industrial base here at home so we can be safe, secure, and prosperous.

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Joe Biden has run up record trade deficits, costing the country jobs and wealth. To address this, I will pass the Trump Reciprocal Trade Act, which will impose the same tariffs on countries that impose tariffs on us. If they charge us, we charge them. This will either lead to them dropping their tariffs or paying us billions of dollars. It will benefit farmers, manufacturers, and the middle class, and reduce our dependence on China. This act will bring fairness and reciprocity to our trade relationships and put American workers on a level playing field. No more being disrespected on trade. The Trump Reciprocal Trade Act is the solution.

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Joe Biden has run up record trade deficits, costing the country jobs and trillions of dollars. To address this, I will pass the Trump Reciprocal Trade Act, which imposes the same tariffs on countries that impose tariffs on us. They can either eliminate their tariffs or pay us billions of dollars. This will benefit farmers, manufacturers, and the middle class, and reduce our dependence on China. We have been disrespected on trade for too long, but that ends now with the Trump Reciprocal Trade Act.

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The speaker announces anticipated savings of $150 billion in FY 2026 by reducing waste and fraud, citing examples such as people fraudulently receiving unemployment insurance. The speaker suggests waste and fraud are easily found within the government. The speaker believes these savings will result in better services for the American people and ensure tax dollars are spent sensibly. Speaker 0 praises the team's skills in identifying previously unnoticed issues and their computer proficiency, expressing a desire to retain them long-term. Speaker 1 mentions working with Howard on the "Trump gold card operation."

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The president will protect working and middle-class Americans making less than $400,000 a year. Republicans want to give tax breaks to billionaires and cut Medicare, Medicaid, and Social Security. The president's focus is on building the economy from the middle out and bottom up to support everyday Americans and strengthen the middle class. Republicans in Congress have opposing views, but the president remains committed to his plan.

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The president plans to let the Trump tax cuts expire, but assures that taxes will not increase for those earning less than $400,000 a year.

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The president plans to let the Trump tax cuts expire, but won't raise taxes for those earning under $400,000. He aims to protect Americans from tax hikes, contrasting with Republicans who favor tax breaks for corporations and the wealthy. The president prioritizes expanding the Affordable Care Act to ensure access to quality healthcare for all.

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Speaker 0: In America, we don't have a tax problem. We've got a third world problem. This is not an exaggeration. The United States collects over $2,400,000,000,000 in income taxes every year and then burns $1,500,000,000,000 through fraud, waste, and third world robbery. If the elites actually did their jobs and cut out the waste, the government would only need about $900,000,000,000 to function. And here's the crazy part. That would mean anyone earning under $500,000 a year could pay zero income tax, and everything would still be fully funded. So if this money isn't funding our future, whose dream is it really building? Look at Minnesota. The Somali daycare scandal gave us the answer. Billions of dollars you worked for, money meant to feed hungry kids, was diverted through fake daycare centers, phantom meals, and paperwork designed to approve. Not question, no kids, no food, just checks. Your hard earned labor was turned into Lamborghinis, beachfront mansions, and luxury vacations most of us will never experience even after a lifetime of honest work. On top of that, your tax dollars were routed to foreign organizations The US Military is fighting. Let that sink in. We went from defending liberty to bankrolling the threat. That's not compassion. That's collapse. And when systems fail like this, they don't admit mistakes. They don't apologize for wasting your money. They dig deeper into your pockets to fund their failure.

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The White House is pursuing both long-term tariff revenue and trade deals. The administration has 18 important trading relationships and will be speaking to those partners. President Trump believes tariff revenue could provide income tax relief, potentially in the upcoming tax bill. He campaigned on no tax on tips, Social Security, and overtime, while restoring interest deductibility for American-made autos. Tariff income could be used for tax relief on those items. The speaker believes tariffs will bring back American manufacturing and generate substantial revenues, suggesting a significant role for tariff revenue in US fiscal policy.

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Joe Biden has run up record trade deficits, costing the country jobs and wealth. To address this, I will pass the Trump Reciprocal Trade Act, which will impose the same tariffs on countries that impose tariffs on American goods. If they don't drop the tariffs, we'll make money. Other countries will have two choices: eliminate tariffs on us or pay us billions of dollars. This will benefit farmers, manufacturers, and the middle class, and reduce our dependence on China. We have been disrespected on trade for too long, but with this act, that will change. The Trump Reciprocal Trade Act.

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Trump proposes replacing the income tax, which costs Americans $2.4 trillion annually, with tariffs: 20% on most countries and 60% on China. This could generate around $900 billion yearly, potentially boosting the economy by 20% and providing an extra $30,000 in income for the average American family. This shift could lead to a doubling of annual economic growth, making 5% growth the new standard. If successful, families could see significant financial benefits, enhancing wealth for future generations. If voters support this plan, Congress is likely to follow suit, benefiting middle and lower-class Americans. Voting for Trump could restore the economic opportunities of the past.

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Joe Biden has wasted a trillion dollars in less than three years, causing inflation that hurts working families. To stop inflation and save the economy, we need to cut spending, but not at the expense of American families and seniors. The president should have the power to refuse unnecessary spending, as Thomas Jefferson did. The Impoundment Control Act of 1974, which curtailed this power, is unconstitutional and needs to be challenged. When I return to the White House, I will fight to overturn this act and use impoundment to save money. This will not affect national defense, Medicare, or Social Security. The funds saved can even be used to strengthen Medicare and Social Security. Impoundment will also help control spending and eliminate the deep state and globalists from our government. It's a pro-growth, pro-American, and pro-freedom policy that only I can accomplish.

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Technology companies have committed over $2.5 trillion to build in America due to tariffs, with sovereign wealth funds from the Middle East also investing, totaling over $3 trillion committed. The pharma industry, auto, and industrial sectors are also returning to America. The speaker mentioned the Trump Gold Card's popularity and a plan to replace the Internal Revenue Service with an external revenue service, funded by tariffs, so outside countries trading with the U.S. pay their fair share. Ending de minimis will rebuild mom and pop and small businesses in America by stopping foreign countries from sending small packages for free.

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The White House is pursuing both long-term tariff revenue and trade deals. The administration has initiated a process involving 18 important trading relationships, engaging with these partners in the coming weeks. President Trump envisions tariff revenue potentially providing income tax relief, which could be included in the upcoming tax bill. Trump campaigned on eliminating taxes on tips, Social Security, and overtime, while restoring interest deductibility for American-made autos. Tariff income could be used for immediate tax relief in these areas. The administration believes tariffs can revive American manufacturing and generate significant revenues.

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Donald Trump and JD Vance have a manual called Project 2025, which is a plan to give tax cuts to the wealthiest at the expense of the middle class. Just as a manual is used to fix a truck, Project 2025 is intended to be used. Trump and Vance have a playbook to rig the economy.

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We are working to cut a trillion dollars from the deficit because if we don't get the deficit under control, America will go bankrupt. A country is no different than an individual. If you overspend, you will go bankrupt, and the massive waste and abuse that has been going on has led to a $2 trillion a year deficit. That is what the President was handed on January 20th: a $2 trillion deficit. It's insane.

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Technology companies have committed over $2.5 trillion to build in America due to tariffs, with sovereign wealth funds committing over $3 trillion. The pharma industry is returning home because America pays for global drug costs, and the auto and industrial sectors are also reshoring. The speaker mentioned efforts to train the workforce to rebuild America. There is significant attention on the "Trump Gold Card." The tariffs are generating hundreds of billions of dollars to build the "external revenue service," intended to replace the internal revenue service, with the goal of having foreign countries pay their fair share to America. Eliminating de minimis will help rebuild mom and pop and small businesses in America. De minimis was described as a big scam against the country and small businesses.

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The speaker expresses concern about $2,000,000,000,000 deficits, claiming they are destroying the future for children and grandchildren, contrasting them with previous $400,000,000,000 deficits. They state Donald Trump cares about balancing the budget, which they believe will lower interest rates. The speaker suggests the world leans on and breathes off the U.S. economy, which has a $29,000,000,000,000 GDP and consumes $20,000,000,000 a year. They propose that since the U.S. buys everyone's goods and services, other countries should pay a "membership fee." They suggest reducing or eliminating taxes, including taxes on tips, overtime, and Social Security. The speaker claims Trump's goal is no tax for anyone making less than $150,000 a year.

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I had two questions regarding tariff revenue and the IRS. President Trump discussed replacing income tax with tariff revenue to combat waste, fraud, and abuse. The China tariff revenue, estimated between $500 billion and a trillion dollars over ten years, should facilitate the passage of a Republican bill. I also asked about comments regarding cutting $50 billion in waste, fraud, and abuse by unelected bureaucrats. The narrative from the president's critics is that Elon Musk is an unelected bureaucrat. Is one of Doge's objectives to get rid of the federal bureaucracy? The executive power is vested in the president. The existential threat to democracy is the unelected bureaucracy. President Trump is removing federal bureaucrats who defy democracy by failing to implement his lawful orders, which are the will of the whole American people.

All In Podcast

Howard Lutnick | All-In DC

Guests: Howard Lutnick

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Howard Lutnick discusses his long-standing friendship with Donald Trump, which began when he was a young CEO in New York. He recounts how they met at charity events and developed a bond over shared experiences. Lutnick describes Trump as an intuitive and energetic person who thrives on the energy of those around him, stating that attacks against him only serve to empower him further. Lutnick reflects on his role during the aftermath of 9/11, where he committed to supporting the families of victims and rebuilding his company. He emphasizes the importance of relationships in politics, mentioning his past support for various candidates, including Hillary Clinton, due to her assistance after 9/11. He explains that he initially stayed out of politics until Trump asked for his help in 2023, leading him to raise significant funds for Trump's campaign. He shares insights into Trump's approach to governance, particularly regarding the budget and tariffs. Lutnick proposes a plan to balance the U.S. budget by cutting waste and fraud, suggesting that a significant portion of government spending is nonproductive. He emphasizes the need to stop sending money to those who do not need it while ensuring that benefits for those who do are protected. Lutnick introduces the concept of "Doge," a plan to streamline government efficiency and reduce waste through innovative approaches, including the idea of "gratus vendors" who provide services without the bureaucratic hurdles. He discusses the importance of tariffs in reshoring jobs and revitalizing American manufacturing, arguing that tariffs can lead to better economic outcomes for the U.S. He also touches on the idea of a sovereign wealth fund to support Social Security, suggesting that investing in equities rather than just treasuries could significantly benefit retirees. Lutnick concludes by expressing his excitement about working with Trump and the cabinet, emphasizing their shared goal of making America great again through practical and innovative policies.