Notes from James:

I’ve been seeing a ton of misinformation lately about tariffs and inflation, so I had to set the record straight. People assume tariffs drive prices up across the board, but that’s just not how economics works. Inflation happens when money is printed, not when certain goods have price adjustments due to trade policies.

I explain why the current tariffs aren’t a repeat of the Great Depression-era Smoot-Hawley Tariff, how Trump is using them more strategically, and what it all means for the economy. Also, a personal story: my wife’s Cybertruck got keyed in a grocery store parking lot—just for being a Tesla. I get into why people’s hatred for Elon Musk is getting out of control.

Let me know what you think—and if you learned something new, share this episode with a friend (or send it to an Econ professor who still doesn’t get it).

Episode Description:

James is fired up—and for good reason. People are screaming that tariffs cause inflation, pointing fingers at history like the Smoot-Hawley disaster, but James says, “Hold up—that’s a myth!”

Are tariffs really bad for the economy? Do they actually cause inflation? Or is this just another economic myth that people repeat without understanding the facts?

In this episode, I break down the truth about tariffs—what they really do, how they impact prices, and why the argument that tariffs automatically cause inflation is completely wrong. I also dive into Trump's new tariff policies, the history of U.S. tariffs (hint: they used to fund almost the entire government), and why modern tariffs might be more strategic than ever.

If you’ve ever heard that “tariffs are bad” and wanted to know if that’s actually true—or if you just want to understand how trade policies impact your daily life—this is the episode for you.

What You’ll Learn:

• Why tariffs don’t cause inflation—and what actually does (hint: the Fed’s magic wand).
• How the U.S. ran on tariffs for a century with zero inflation—history lesson incoming!
• The real deal with Trump’s 2025 tariffs on Mexico, Canada, and chips—strategy, not chaos.
• Why Smoot-Hawley was a depression flop, but today’s tariffs are a different beast.
• How supply and demand keep prices in check, even when tariffs hit.
• Bonus: James’ take on Cybertruck vandals and why he’s over the Elon Musk...

Notes from James:

What if I told you that we could eliminate the IRS, get rid of personal income taxes completely, and still keep the government funded? Sounds impossible, right? Well, not only is it possible, but historical precedent shows it has been done before.

I know what you’re thinking—this sounds insane. But bear with me. The IRS collects $2.5 trillion in personal income taxes each year. But what if we could replace that with a national sales tax that adjusts based on what you buy?

Under my plan:

• Necessities (food, rent, utilities) 5% tax
• Standard goods (clothes, furniture, tech) 15% tax
• Luxury goods (yachts, private jets, Rolls Royces) 50% tax

And boom—we don’t need personal income taxes anymore! You keep 100% of what you make, the economy booms, and the government still gets funded.

This episode is a deep dive into how this could work, why it’s better than a flat tax, and why no one in government will actually do this (but should). Let me know what you think—and if you agree, share this with a friend (or send it to Trump).

Episode Description:

What if you never had to pay personal income taxes again? In this mind-bending episode of The James Altucher Show, James tackles a radical idea buzzing from Trump, Elon Musk, and Howard Lutnick: eliminating the IRS. With $2.5 trillion in personal income taxes on the line, is it even possible? James says yes—and he’s got a plan.

Digging into history, economics, and a little-known concept called “money velocity,” James breaks down how the U.S. thrived in the 1800s without income taxes, relying on tariffs and “vice taxes” on liquor and tobacco. Fast forward to today: the government rakes in $4.9 trillion annually, but spends $6.7 trillion, leaving a gaping deficit. So how do you ditch the IRS without sinking the ship?

James unveils his bold solution: a progressive national sales tax—5% on necessities like food, 15% on everyday goods like clothes, and a hefty 50% on luxury items like yachts and Rolls Royces. Seniors and those on Social Security? They’d pay nothing. The result? The government still nets $2.5 trillion, the economy grows by $3.7 trillion thanks to unleashed consumer spending, and you keep more of your hard-earned cash. No audits, no accountants, just taxes at the cash register.

From debunking inflation fears to explaining why this could shrink the $36 trillion national debt, James makes a compelling case for a tax revolution. He even teases future episodes on tariffs and why a little debt might not be the enemy. Whether you’re a skeptic or ready to tweet this to Trump, this episode will change how you see taxes—and the economy—forever.

What You’ll Learn:

• The history of taxes in America—and how the country thrived without an income tax in the 1800s
• Why the IRS exists and how it raises $2.5 trillion in personal income taxes every year
• How eliminating income taxes would boost the economy by $3.75 trillion annually
• My radical solution: a progressive national sales tax—and how it works
• Why this plan would actually put more money in your pocket
• Would prices skyrocket? No. Here’s why.

Timestamps:

00:00 Introduction: Trump's Plan to Eliminate the IRS

00:22 Podcast Introduction: The James Altucher Show

00:47 The Feasibility of Eliminating the IRS

01:27 Historical Context: How the US Raised Money in the 1800s

03:41 The Birth of Federal Income Tax

07:39 The Concept of Money Velocity

15:44 Proposing a Progressive Sales Tax

22:16 Conclusion: Benefits of...

A note from James:

I love digging into topics that make us question everything we thought we knew. Fort Knox is one of those legendary places we just assume is full of gold, but has anyone really checked? The fact that Musk even brought this up made me wonder—why does the U.S. still hold onto all that gold when our money isn’t backed by it anymore? And what if the answer is: it’s not there at all?

This episode is a deep dive into the myths and realities of money, gold, and how the economy really works. Let me know what you think—and if you learned something new, share this episode with a friend!

Episode Description:

Elon Musk just sent Twitter into a frenzy with a single tweet: "Looking for the gold at Fort Knox." It got me thinking—what if the gold isn’t actually there? And if it’s not, what does that mean for the U.S. economy and the future of money?

In this episode, I’m breaking down the real story behind Fort Knox, why the U.S. ditched the gold standard, and what it would mean if the gold is missing. I’ll walk you through the origins of paper money, Nixon’s decision to decouple the dollar from gold in 1971, and why Bitcoin might be the modern version of digital gold. Plus, I’ll explore whether the U.S. should just sell off its gold reserves and what that would mean for inflation, the economy, and the national debt.

If you’ve ever wondered how money really works, why the U.S. keeps printing trillions, or why people still think gold has value, this is an episode you don’t want to miss.

What You’ll Learn:

• The shocking history of the U.S. gold standard and why Nixon ended it in 1971
• How much gold is supposed to be in Fort Knox—and why it might not be there
• Why Elon Musk and Bitcoin billionaires like Michael Saylor are questioning the gold supply
• Could the U.S. actually sell its gold reserves? And should we?
• Why gold’s real-world use is questionable—and how Bitcoin could replace it
• The surprising economics behind why we’re getting rid of the penny

Timestamp Chapters:

00:00 Elon Musk's Fort Knox Tweet

00:22 Introduction to the James Altucher Show

00:36 The Importance of Gold at Fort Knox

01:59 History of the Gold Standard

03:53 Nixon Ends the Gold Standard

10:02 Fort Knox Security and Audits

17:31 The Case for Selling Gold Reserves

22:35 The U.S. Penny Debate

27:54 Boom Supersonics and Other News

30:12 Mississippi's Controversial Bill

30:48 Conclusion and Call to Action