Rickards: IRS Could Be Replaced by $150 Trillion Hidden Asset

New legal and economic blueprint may eliminate income tax and fund the nation through a long-forgotten mineral reserve

/EIN News/ -- BALTIMORE, May 23, 2025 (GLOBE NEWSWIRE) -- The IRS has stood as a fixture of American life for more than a century. But according to former CIA advisor and financial intelligence expert Jim Rickards, a radical new plan quietly gaining traction could mark the end of income taxes—and the agency itself—as early as next year.

But Rickards believes it centers on something bigger. This “forgotten inheritance,” as Rickards calls it, originates from a little-known provision in Title 30 of the U.S. Code—an 1872 statute originally designed to give American citizens ownerships of the mineral wealth under public land. But for decades, it’s been sealed off by a now-defunct federal legal doctrine called Chevron—until the Supreme Court struck it down in 2024.

A Plan to Close the IRS—And Replace It with Tariffs

Now, Rickards says, we’re on the verge of something much bigger than just a tax cut: a full-scale transformation of how the federal government funds itself.

“There is a realistic chance that Trump could abolish the income tax,” Rickards says. “It’s not just campaign rhetoric—it’s a complete reversal of how our economy works.”

Under this new plan, rather than tax labor, the government would generate revenue through tariffs on foreign goods.

But Rickards believes we could also be monetizing dormant national resources—starting with the $150 trillion of copper, lithium, uranium, and other strategic metals spread across 28% of U.S. land.

Rickards explains that this model would return America to a pre-IRS system used throughout the 18th and 19th centuries—funding government operations through taxes on imports and exports.

A Path Toward Fiscal and Strategic Independence

Rickards believes this dual breakthrough—the legal clearance to access untapped resource wealth and the shift away from income taxation—could solve both the debt crisis and the political war over taxes in one stroke.

Beyond the revenue implications, he says, tapping into these domestic reserves would also end America’s dangerous reliance on foreign powers—particularly China—for key materials used in A.I., electric vehicles, and military systems.

The potential benefits, Rickards argues, extend far beyond Washington.

“This is not a stimulus check. This is not a temporary credit,” he says. “This is a structural shift in how wealth flows through the American economy—and a once-in-a-generation chance for working families to come out ahead.”

Inside the $150 Trillion Opportunity

In his newly released briefing, Rickards details:

• The Supreme Court ruling that makes this all possible

• The forgotten law that grants public access to buried wealth

• How a sovereign wealth fund could form around this mineral reserve

• And how it all connects to a broader plan to eliminate the income tax entirely

He also pinpoints regions like Alaska, Nevada, Texas, and Arizona—where massive deposits have been mapped and valued, but remain untouched.

“$516 billion in the Salton Sea area... $3.1 trillion in Nome... $7.35 trillion in Midland, Texas,” Rickards notes. “These aren’t just estimates. These are documented, measurable assets.”

Rickards says the public has a narrow window to understand what’s happening—and to take steps before these changes are formalized.

“The vault is open,” he says. “And what happens next could redefine the American economy.”

About Jim Rickards

Jim Rickards is an economist, attorney, and former advisor to the CIA, White House, and U.S. Treasury. He has worked on financial crisis response planning and testified before Congress on systemic risk. He currently serves as editor of Strategic Intelligence, a monthly research advisory focused on global macro shifts and U.S. economic policy.

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