The Federal Income Tax: Coming to an End?
Big Picture Retirement®
Devin Carroll
4.7 • 545 Ratings
🗓️ 8 December 2025
⏱️ 31 minutes
🧾️ Download transcript
Summary
In this episode, we break down the headlines about eliminating the federal income tax, $2,000 tariff-funded checks, and "no taxes below $150,000." We look at the math, the Supreme Court challenges, and what these proposals would actually mean for retirees.
Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms.
📍Contact Devin's team at https://carrolladvisory.co/podcast1
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Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide tax, legal, or financial advice. |
| 0:04.3 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:10.8 | Hey, everyone, welcome to the Big Picture Retirement Show. |
| 0:13.9 | I'm your host, Devin, joined by my co-host, as I always am. |
| 0:17.4 | John, is there ever another host? |
| 0:19.1 | There's not. |
| 0:19.8 | No. |
| 0:23.9 | John Ross. Tony. All right, John, is there ever another host? There's not. No. John Ross. Tony. All right, John, |
| 0:30.1 | is it possible? Could we be moving into the era where there is no federal income tax? No. |
| 0:35.7 | Oh, come on. Do not bust my bubble that early in the podcast. Look, we've got to keep our listeners hanging on the edge here, wondering if by the |
| 0:39.1 | end of the show we're going to reveal to them that in fact, there's a chance that we might see |
| 0:46.4 | the abolition of the federal income tax and the IRS. Go with that. So you right here at the |
| 0:51.6 | beginning, you've already got some people that go, okay, next podcast. |
| 0:55.2 | Moving on. But there's been some really interesting headlines. So today, as we're sitting here |
| 1:00.7 | recording this, it's December 3rd, I believe, if I have that right. Yesterday, in a cabinet meeting, |
| 1:07.1 | President Trump said something to the effect of, and I actually listened to the video, but I can't remember exactly what the words were, I think you're going to see us getting rid of federal income tax really soon. |
| 1:18.4 | Yes. |
| 1:19.1 | Man, that's exciting, because John, I pay a lot of taxes. |
| 1:22.1 | I do too. |
| 1:23.0 | I pay more in taxes than I used to earn. |
| 1:25.8 | I would love to see federal income taxes go away. Right. Now, I'm not going to be one of those who say that, you know, I feel like I need to make my contribution because, frankly, if they end federal income taxes, but they can magically figure out a way to still take care of all this other stuff, cool with me. Don't know how they're going to do it, but that's fine. |
| 1:45.2 | Right. |
... |
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