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On the Joe Rogan Experience podcast, ex-President Donald Trump revealed his desire to eliminate the federal income tax if he has the opportunity in future, replacing it with tariffs on imported goods. He cited the precedent of President William McKinley, whose tariffs created a surplus. Despite criticism, Trump believes tariffs could stimulate demand for the U.S. dollar, helping American jobs and exports. Trump also suggested using Bitcoin to manage America’s $35 trillion national debt, an idea also proposed by potential presidential candidate Robert F. Kennedy Jr. as a means to save the U.S. dollar.

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On an episode of the Joe Rogan Experience podcast, ex-President Trump revealed that he would’ve loved to wipe out America’s federal income tax and replace it with fees on imported goods, if he had gotten his way.

Trump, who’s planning to run for president again in 2024, told Rogan that his inspiration came from the policies of William McKinley, an earlier U.S. president. According to Trump, McKinley’s tariff laws in the 1890s were so profitable that the government didn’t know what to do with all the extra cash.

“We were so rich. We had so much money. We didn’t know what to do, so they set up a blue-ribbon committee on tariffs. And the sole purpose was what to do with all the money we had,” Trump recalled.

Despite critics stating that taxes on imports could lead to increased prices of goods, Trump defended that these tariffs could stimulate demand for the U.S. dollar. This, he maintained, could help protect American jobs and make U.S. exports look a lot more appealing.

That aside, Trump has also suggested more radical solutions like using Bitcoin (BTC), a type of digital currency, to take care of America’s huge $35 trillion national debt. During a chat with Fox News’ Maria Bartiromo, Trump floated an idea of paying back America’s creditors by giving them some Bitcoin, which could potentially eliminate America’s debt.

According to Bryan Courchesne, an asset manager, although it would be tough, it’s not impossible for the U.S. government to set up a Bitcoin reserve. Ideas like these, he explained, could involve shifting the Bitcoin confiscated by law enforcement to the U.S. Treasury and continuing to build up more Bitcoin as a reserve asset.

However, Courchesne also warned that the government would have to navigate a lot of red tape to make this happen.

Interestingly, Trump isn’t the only one thinking along these lines. Robert F. Kennedy Jr., another potential presidential candidate, has also proposed using Bitcoin to save the U.S. dollar.

Source: Cointelegraph