President Trump proposes eliminating income tax entirely, suggesting tariff revenue could replace traditional taxation in ambitious economic overhaul plan.

The president believes tariff revenue could completely replace federal income taxes within four years, despite current tariffs bringing in just one-tenth of what would be needed.

Monaco is the only European state with zero personal income tax, except for French citizens residing there, who are taxed under French law. Gulf states like the United Arab Emirates, Qatar and Kuwait fund government spending largely through oil and gas revenues.

Many people will be shocked when they discover the intricate rules — and lack of supporting paperwork — when filing 2025 federal income tax returns.

It's never too early to gather documents to file your 2025 income taxes. Here's the earliest you can file taxes for the 2026 tax season.