Resolution Criteria

This market resolves YES if President Trump officially abolishes federal income tax in the United States during the 2024 calendar year. This would require the successful passage and implementation of legislation that eliminates the federal income tax system. The market resolves NO if federal income tax remains in place through December 31, 2024.

Background

• Federal income tax is a major source of revenue for the U.S. government, accounting for approximately 50% of all federal tax revenue.

• Abolishing federal income tax would require significant legislative action, typically requiring passage by both houses of Congress and presidential approval.

• President Trump has previously discussed tax reform ideas, including potentially replacing income tax with other revenue sources such as tariffs.

• Trump's current tax priorities include extending the Tax Cuts and Jobs Act (TCJA), cutting taxes on tips, overtime pay, and Social Security benefits, and implementing tariffs on imports.

Resolution Criteria

This market resolves YES if President Trump officially abolishes federal income tax in the United States during the 2024 calendar year. This would require the successful passage and implementation of legislation that eliminates the federal income tax system. The market resolves NO if federal income tax remains in place through December 31, 2024.

Background

• Federal income tax is a major source of revenue for the U.S. government, accounting for approximately 50% of all federal tax revenue.

• Abolishing federal income tax would require significant legislative action, typically requiring passage by both houses of Congress and presidential approval.

• President Trump has proposed eliminating income taxes for those earning less than $150,000 and replacing the IRS with an External Revenue Service funded by tariffs, but these plans have not been implemented as of late 2024.

• Trump's current tax priorities include extending the Tax Cuts and Jobs Act (TCJA), cutting taxes on tips, overtime pay, and Social Security benefits, and implementing tariffs on imports.