Trump suggested that federal income taxes should be "eliminated," while stating that America was at its richest from 1870 to 1913, when tariffs were a thing.

The likelihood of Trump eliminating income tax and the IRS remains low, but the ongoing debate highlights the need for tax reform.

Trump once again hinted at the idea of eliminating the federal income tax and making up for lost revenues with tariffs.

One thing is certain a little over a week into Donald Trump's second term: He plans to go big. On Monday, the president appeared to call for an end to income taxes altogether in favor of tariffs, which is how the federal government was primarily funded throughout much of its history until the early 20th century.

Donald Trump outlined his vision of a new economic model where the US would no longer tax its citizens to enrich foreign nations.