Image Credit: Chip Somodevilla / Staff / Getty Images 
Tariff revenue hit a record $31.4 billion in October, according to newly released Treasury data.
The Treasury’s monthly statement for October, published this week, shows net customs duties totally $31.4 billion, surpassing all previous totals.
Gross customs receipts totally $33.1 billion and were offset by refunds of $1.7 billion.
As The Epoch Times reports, “The record inflow points to the profound fiscal impact of President Donald Trump’s tariff policies, which imposed a 10 percent baseline levy on most imports beginning earlier this year and included a series of reciprocal and country-specific duties that pushed some tariff rates as high as 40 percent.
“The October tariff income surge appears to reflect a deeper structural shift, with tariffs shifting from a marginal revenue source to one of the most rapidly expanding components of federal receipts. The month’s $31.4 billion haul surpassed the previous record of $29.7 billion set in September and came in more than four times higher than the $7.3 billion collected in October 2024.”
Speaking during a Thanksgiving call with US troops this week, President Trump said the massive revenue generated by tariffs could allow the US government to dramatically reduce or even eliminate federal income taxes for many Americans.
He repeated his suggestion that some of the money could be returned to ordinary Americans in the form of a dividend, and the rest of the money would be used for debt-reduction.
“Over the next couple of years, I think we’ll substantially be cutting and maybe cutting out completely… income tax.”
In April, President Trump said Americans earning under $200,000 might see their income taxes slashed or even eliminated totally once his tariff program achieves its full effects.
It’s estimated the US has collected $320 billion in customs and excise duties this year, compared with $171 billion over the same period in 2024.
The Trump administration still faces a serious legal challenge to its flagship tariff policy. At the beginning of the month, the Supreme Court heard arguments in a case challenging the President’s ability to impose tariffs using the International Emergency Economic Powers Act.
Trump has urged the high court to rule on the matter quickly, describing it as “urgent and time sensitive.”
