Former White House Insider: 2025 May Be the Final Year You Ever Owe a Penny to the IRS

Trump’s income tax abolition plan could reset the U.S. economy—and Jim Rickards says it’s more realistic than anyone thinks

BALTIMORE, May 22, 2025 (GLOBE NEWSWIRE) -- A new plan gaining traction in Washington could eliminate income tax for tens of millions of Americans—starting as early as 2025. And according to former CIA and White House advisor Jim Rickards, it’s not just a campaign promise. It’s a plan already in motion.

“There is now a realistic chance Trump could abolish the income tax,” Rickards says. “This is not some fringe fantasy—it’s a strategy backed by serious policy, legal precedent, and global economic models.”

In a newly released interview, Rickards—who has advised four presidential administrations, along with the CIA, Federal Reserve, and U.S. Treasury—warns that we are approaching a once-in-a-century fiscal reset. At the center of it: a plan to shut down the IRS, eliminate income taxes for most working Americans, and replace lost revenue with tariffs.

“Let the Outsiders Pay”

According to Rickards, the groundwork for this plan is already being laid. Trump’s incoming Treasury team has made the goal clear.

“Presidents’ goal is very simple,” says Howard Lutnick, Trump’s Secretary of Commerce. “To abolish the Internal Revenue Service and let all the outsiders pay.”

Rickards agrees—and says and additional move could restore U.S. economic sovereignty while closing the federal deficit once and for all.

Who Wins If It Happens?

If enacted, the plan could immediately benefit tens of millions of Americans—especially those earning less than $150,000 annually, who currently shoulder a large portion of federal income tax collection.

And the impact wouldn’t just be personal—it could also unlock massive federal revenue.

“A Real Plan, Not Just a Promise”

Rickards cautions that this proposal is not some off-the-cuff idea. It’s part of a broader playbook designed to redirect wealth from foreign competitors like China back into U.S. hands.

In his recent interview, Rickards details how the elimination of income tax, the restructuring of the Treasury, and the monetization of federal resources could spark the first true financial independence movement in modern U.S. history.

About Jim Rickards

Jim Rickards is a former advisor to the CIA, Pentagon, and White House, and has testified before Congress on systemic risk. He currently serves as editor of Strategic Intelligence, a research service focused on geopolitics and financial forecasting.

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