Trump: No income tax 'in not-too-distant future'

President Donald Trump said on Tuesday that he expects the federal income tax to be abolished or significantly reduced over the next several years. 

"Next year is projected to be the largest tax refund season ever. We're going to be giving back refunds out of the tariffs because we've taken in literally trillions of dollars and we're going to be giving a nice dividend to the people, in addition to reducing [government] debt," Trump said during a cabinet meeting.

"As you know, I inherited a lot of debt, but it's peanuts compared to the kind of numbers we're talking about. So we're going to be making a dividend to the people, and additionally we're going to be able to reduce debt," Trump continued. "And as time goes by, over the next two three four years, those numbers are going to go up, and I believe that at some point in the not-too-distant future, you won't even have income tax to pay, because the money we're taking in is so great, it's so enormous, that you're not going to have income tax to pay."

"Whether you get rid of it or just keep it around for fun, or have it really low, much lower than it is now, but you won't be paying income tax," he added. 

This is breaking news that will be updated as more information becomes available.