Is The IRS Phase-Out Happening Now?

Former White House Insider says new U.S. model could replace income tax with tariffs and buried national wealth

/EIN News/ -- BALTIMORE, May 26, 2025 (GLOBE NEWSWIRE) -- It’s one of the most ambitious financial shifts in U.S. history—and according to former White House and Pentagon Insider Jim Rickards, it’s already in motion behind the scenes.

Rickards says Washington insiders are preparing for a future without the IRS. And instead of raising new taxes or printing money, the government would fund itself using tariffs on foreign imports.

Middle-Class Relief, Without Raising Taxes

The foundation of the plan calls for eliminating income taxes for Americans earning under $150,000, including taxes on wages, tips, small business income, and Social Security benefits.

In its place: tariff-based revenue on imported goods.

“Presidents’ goal is very simple,” said Commerce Secretary Howard Lutnick. “To abolish the Internal Revenue Service and let all the outsiders pay.”

But Rickards says we could also replace those taxes with strategic royalties generated from U.S. resource development.

Chevron Is Dead—And the Minerals Are in Play

Rickards believes the 2024 Supreme Court decision overturning the Chevron Doctrine was the true trigger point. For decades, this doctrine empowered federal agencies to block access to resource-rich U.S. lands—keeping the nation from tapping into its most valuable strategic assets.

That’s no longer the case.

“These are hard assets, not abstract numbers,” Rickards explains. “We’re talking about copper, lithium, uranium, and rare earths—enough to fund a generation of American growth without taxing labor.”

A $150 Trillion Engine, Now Unlocked

According to Rickards, estimates show:

• $3.1 trillion in Nome, Alaska
• $7.35 trillion in Midland, Texas
• $516 billion near California’s Salton Sea
  

In a new research briefing titled The American Birthright, Rickards connects the Supreme Court ruling, the income tax exit plan, and how America could build a sovereign wealth model—similar to Norway’s or Saudi Arabia’s—on top of these untapped assets.

About Jim Rickards

Jim Rickards is a former advisor to the CIA, Pentagon, and U.S. Treasury, and has counseled presidents on financial warfare, systemic risk, and global economic restructuring. He now leads Strategic Intelligence, a monthly research advisory focused on financial defense and geopolitical forecasting.

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