In a recent appearance on the Joe Rogan Experience, former President Donald Trump proposed a controversial plan to eliminate federal income tax, replacing it with revenue from import tariffs. Inspired by former President William McKinley’s tariff policies of the 1890s, Trump argued that similar measures could generate abundant revenue for the U.S. government. According to Trump, McKinley’s tariffs were so successful that the nation had more money than it could allocate, resulting in a commission dedicated solely to managing the surplus.

Critics warn that relying on tariffs could increase prices for American consumers by raising the costs of imported goods. However, Trump counters that tariffs would strengthen the dollar, protect U.S. jobs, and enhance the appeal of American-made exports.

Trump’s bold economic ideas don’t stop there. The 2024 presidential hopeful also floated the idea of using Bitcoin to reduce the $35 trillion national debt. In a recent discussion with Fox News anchor Maria Bartiromo, Trump suggested that handing over Bitcoin could serve as a method to pay off U.S. creditors. Financial expert Bryan Courchesne remarked that creating a U.S. Bitcoin reserve, while challenging, is possible, suggesting the Department of Justice’s seized 200,000 BTC could be transferred to the Treasury.

Trump isn’t alone in proposing Bitcoin as a financial tool. Earlier in 2024, former presidential candidate Robert F. Kennedy Jr. also suggested a Bitcoin reserve as a means to reinforce the dollar’s strength. As the race for 2024 heats up, Trump’s unconventional ideas are certain to spark debate across the political spectrum.