The IRS May Soon Be Gone—And No One’s Talking About What Comes Next

A forgotten national asset could replace income taxes and reshape America’s financial future

/EIN News/ -- WASHINGTON, May 26, 2025 (GLOBE NEWSWIRE) -- Millions of Americans dread April 15. But according to former White House and Pentagon advisor Jim Rickards, the days of filing tax returns—and paying income taxes altogether—may soon be over.

Rickards says a new economic model being built behind closed doors could abolish the IRS entirely and fund the U.S. government through tariffs.

No More Filing. No More Withholding.

Rickards says the plan calls for eliminating all income taxes for Americans earning less than $150,000 per year—including taxes on wages, tips, and Social Security. Instead, the government would raise funds through tariffs on imported goods.

The goal is simple: “To abolish the Internal Revenue Service and let all the outsiders pay,” said Commerce Secretary Howard Lutnick in a recent public statement.

The Key Was Buried in Federal Law

But Rickards believes there is another piece to this puzzle – a long-sealed mineral reserve beneath federal lands. He says it could be used to help replace the taxes on our American people.

For decades, one major roadblock prevented this pivot: the Chevron Doctrine, which gave federal agencies the power to block mineral access across U.S. public lands. That changed in 2024 when the Supreme Court overturned it—which could ultimately free up access to one of the most valuable troves of untapped wealth in the world.

Rickards says the scale is staggering: “$3.1 trillion in Nome. $7.35 trillion in Midland. $516 billion near the Salton Sea. And that’s just what’s been confirmed so far.”

He explains that a rarely discussed statute—Title 30 of the U.S. Code—was originally designed to give citizens rights to these minerals as early as the 1800s. Now, with the legal barrier removed, Rickards believes those resources can be monetized to fund the government in place of income tax.

What Fills the Gap?

In his new research briefing, The American Birthright, Rickards lays out how this system could work—connecting the legal ruling, the tax overhaul, and the $150 trillion “national inheritance” that could soon replace taxpayer income as the lifeblood of the U.S. Treasury.

About Jim Rickards

Jim Rickards is a former advisor to the CIA, Pentagon, U.S. Treasury, and Federal Reserve. A legal and economic strategist, he has advised multiple presidential administrations and now serves as editor of Strategic Intelligence, a research service focused on financial defense and policy transformation.

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