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TaxBuzz Top 5 - Trump Suggests Tariffs Could Replace Income Taxes Amid Skepticism, Levi's Billionaire Pushes to End Ultrarich Tax Loophole & More

12/5/2025

Each Friday, TaxBuzz brings you the top five tax and accounting headlines you need to know from the workweek. We know life can get busy and you don't always have time to scroll through your news feed to stay informed.

We weed through all of the week's stories to showcase the most important updates in the tax and accounting world.

1. Trump Suggests Tariffs Could Replace Income Taxes, Though Experts Are Skeptical

Credit: Eva Marie Uzcategui/Getty Images

President Donald Trump said this week that rising U.S. tariff revenue could eventually allow Americans to stop paying federal income taxes — a claim economists say is far from realistic. In remarks during a Cabinet meeting, Trump argued that the U.S. is “taking in so much” from tariffs that income taxes might one day be unnecessary.

According to reporting from CBS News, Trump’s vision hinges on dramatically expanding tariffs, which he has repeatedly framed as a way to shift the tax burden onto foreign countries rather than U.S. households. He has floated the idea before, including during the 2024 campaign, and has suggested the government could even issue rebate checks funded by tariff revenue.

However, analysts across the political spectrum say the math doesn’t support the claim. Even under aggressive tariff scenarios, projected revenue would fall far short of what income taxes generate, roughly $2 trillion per year. Economists also warn that raising tariffs high enough to replace income taxes would sharply drive up consumer prices, reduce imports and demand, and ultimately shrink the revenue stream Trump is pointing to.

The proposal is not part of any formal legislative plan, but it is already shaping debates around tax policy, federal revenue, and who ultimately bears the cost of Trump’s tariff-first economic approach.

2. Florida House Advances Major Property Tax Cut Package Amid Warnings Of Billions In Lost Revenue

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Florida's ongoing property tax debate continues, as the Florida House of Representatives this week pushed forward a sweeping set of proposed constitutional amendments aimed at significantly reducing—or in some cases eliminating—non-school homestead property taxes for homeowners.

Among the measures is one version (HJR 201) that would eliminate all non-school homestead property taxes, a move projected to slash local-government revenue by an estimated $14.1 billion in the first year alone. Other proposals include versions targeted to seniors, partial exemptions, or deregulatory changes to local tax-rate processes.

Supporters argue the measures will give homeowners much-needed relief and help address rising cost burdens, especially for retirees or longtime residents whose home values have climbed. Opponents, including city and county officials, warn that lost tax revenue could decimate funding for schools, public safety, infrastructure, and other essential local services.

The proposals must still clear additional committee votes and likely go before voters, as constitutional amendments require approval at the ballot box. If they pass, the change could dramatically reshape how Florida funds local government and redistributes tax burdens across homeowner and, potentially, renters or non-property-owners.

3. Levi Heir in Congress Pushes End to Tax Loophole for Ultrarich

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One of the wealthiest members of Congress, Dan Goldman (descendant of the founders of Levi Strauss & Co.), is introducing legislation aimed at closing a major tax loophole that ultra-wealthy Americans use to avoid paying capital gains taxes.

Under the proposed bill, dubbed the ROBINHOOD Act (Redistribution of Billions by Instituting New High-Income Obligations on Overlooked Debt), individuals with adjusted gross income over $400,000 (or $450,000 for joint filers) would face a 20% excise tax on loans or lines of credit backed by capital assets. The idea is to treat borrowing against investments (rather than selling them) as a taxable event, closing a common method the ultra-rich use to extract value from their holdings without triggering capital-gains tax.

Supporters — including advocacy groups such as Americans for Tax Fairness — argue the bill would reduce wealth inequality and ensure that the richest pay a fairer share. Critics likely point out that the plan faces steep political headwinds, especially in a Republican-controlled House, and that wealthy individuals may find new legal work-arounds.

As of now, the bill’s path forward remains uncertain.

4. Hochul May Back Corporate Tax Hike As Pressure Mounts For More Revenue

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Credit: Andres Kudacki/Getty Images

Facing mounting pressure from progressive allies, Kathy Hochul — governor of New York — signaled she may support increasing corporate taxes to help close a looming budget gap, though she continues to reject hikes on individual income taxes.

This is a change for the Democratic governor, who had previously doubled-down on not increasing taxes in the Empire State. The shift comes amid demands from left-wing supporters of incoming New York City mayor Zohran Mamdani, who are pushing for roughly $9 billion in new spending on initiatives such as universal child care and free public transit.

Hochul blamed fiscal strain partly on federal policy changes under Donald Trump, specifically legislation she says eliminated certain subsidies, arguing that the state needs flexibility to navigate uncertain funding ahead of 2027.

Still, no concrete corporate-tax bill has been put forward yet. And with Albany’s divided politics, any change would face strong headwinds from business groups and some legislators concerned about harming economic growth and driving firms out of the state.

5. Utah To Lose $500 Million In Income Tax Revenue In 2026-2027 Because Of Trump Tax Cuts

Credit: Renphoto/Getty Images

According to a new report from the Utah News Dispatch, the recent federal tax changes under the One Big Beautiful Bill Act (OBBBA) will shrink Utah’s projected income tax collections by roughly $500 million across 2026 and 2027 — about $300 million in 2026 and $200 million in 2027.

State leaders had already steadily cut state tax rates over the past few years, most recently lowering Utah’s income tax rate to 4.5%. The federal law’s deductions — which reduce taxable income for individuals and businesses — mean that even more revenue will slip away, compounding pressure on an already tight budget.

Because much of Utah’s income-tax revenue funds public education, the shortfall raises worrying questions about future funding for schools and other essential services. In response, Gov. Spencer Cox has proposed a cautious $30.7 billion budget for 2027 — and, notably, forgoing a new round of tax cuts.

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You agree that: (i) the Website shall be deemed solely based in California; and (ii) the Website shall be deemed a passive website that does not give rise to personal jurisdiction over Taxbuzz or CountingWorks, Inc., either specific or general, in jurisdictions other than California. These Terms and Conditions shall be governed by the internal substantive laws of the State of California, without respect to its conflict of laws principles. Any claim or dispute between you and Taxbuzz that arises in whole or in part from the Website shall be decided exclusively by a court of competent jurisdiction located in Los Angeles County, California. These Terms and Conditions, together with the Privacy Policy at https://www.taxbuzz.com/t/privacy and any other legal notices published by Taxbuzz on the Website, shall constitute the entire agreement between you and Taxbuzz concerning the Website. If any provision of these Terms and Conditions is deemed invalid by a court of competent jurisdiction, the invalidity of such provision shall not affect the validity of the remaining provisions of these Terms and Conditions, which shall remain in full force and effect. No waiver of any term of this these Terms and Conditions shall be deemed a further or continuing waiver of such term or any other term, and Taxbuzz's failure to assert any right or provision under the Terms and Conditions shall not constitute a waiver of such right or provision. YOU AND TAXBUZZ AGREE THAT ANY CAUSE OF ACTION ARISING OUT OF OR RELATED TO THE WEBSITE MUST COMMENCE WITHIN ONE (1) YEAR AFTER THE CAUSE OF ACTION ACCRUES. OTHERWISE, SUCH CAUSE OF ACTION IS PERMANENTLY BARRED.
Liability Limitation and Usage Guidelines for TaxBuzz Ai:
Limitation of Liability:

TaxBuzz Ai is a tool designed to provide tax professionals with assistance in generating responses to tax research questions. While we strive to maintain the accuracy and reliability of the information provided, it is imperative to recognize that tax laws are dynamic and subject to change. Therefore, the use of TaxBuzz Ai should be complemented by professional judgment and consultation with legal and tax experts.

By utilizing TaxBuzz Ai, you acknowledge and agree that the information generated should not be considered as a substitute for professional advice tailored to your specific circumstances. We explicitly disclaim any liability for the consequences arising from the use of advice generated by TaxBuzz Ai. Users are encouraged to independently verify the information and seek professional advice before making decisions based on the Ai-generated responses.

Usage Guidelines:
- Professional Judgment: TaxBuzz Ai is a tool to aid tax professionals in research and analysis. It is not a replacement for professional judgment, and users should exercise their expertise when interpreting and applying the information generated.
- Consultation with Experts: While TaxBuzz Ai provides valuable insights, it is crucial to consult with legal and tax experts to ensure the advice aligns with the latest legal developments and specific nuances of a particular situation.
- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz Ai, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz Ai is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz Ai does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz Ai, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz Ai constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz Ai.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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