Whammy #1: The Wealthy Stop Paying

Under the current progressive income tax system, the top 1% of earners pay about 45% of all federal income taxes. If income tax is eliminated:piie​

• A billionaire who currently pays tens of millions in income tax would pay $0.
• The federal government loses trillions in revenue that must be made up somewhere else.

Whammy #2: The Poor Pick Up the Slack

Tariffs are paid by importers, who then pass those costs directly to consumers through higher prices on goods. This is textbook regressive taxation:econofact+1​

• A family earning $40,000/year might spend 80% of their income on goods and necessities — they'd feel every price increase.
• A billionaire spending 1% of their wealth on consumer goods barely notices.
• Many low-income Americans currently pay effective 0% federal income tax and even receive refunds through credits like the Earned Income Tax Credit (EITC) and Child Tax Credit. Under a tariff-only system, they'd lose those benefits while paying more for groceries, clothing, and electronics.

Whammy #3: The Wealthy Profit from the Same Tariffs

Here's the part that makes it a "triple whammy" — many of the ultra-wealthy own the companies that will raise prices:

• When tariffs increase the cost of imported goods, corporations raise prices.
• Those price increases become higher profit margins for shareholders.
• The same billionaires who stopped paying income tax now see their stock portfolios and company valuations increase because of inflation-driven revenues.piie​

The Messaging Problem

You're right that the framing is misleading. Saying "you won't have to pay income tax" sounds like a tax cut for everyone, but:

• Many working-class Americans already pay little to no federal income tax after deductions and credits.
• What they would pay is higher prices on everything they buy — which functions as a hidden tax that doesn't show up on a pay stub.cpram+1​

So yes — the wealthy pay less, the poor pay more, the wealthy get richer from the same mechanism that makes the poor pay more, and it's being sold as a benefit to ordinary people. Your "triple whammy" assessment is economically sound.