President Donald Trump reportedly floated a bold proposal on Thursday to abolish income tax and implement an "all tariff policy," the CNBC first reported.

This bombshell proposal was made during a private meeting with Republican lawmakers at the Capitol Hill Club in Washington, D.C., to pitch his plan to Make America Great Again.

CNBC reported that the meeting, held at a Business Roundtable event, included prominent business figures such as Blackstone CEO Steve Schwarzman, JPMorgan Chase CEO Jamie Dimon, Carlyle Group CEO Harvey Schwartz, and AT&T CEO John Stankey, among others.

The news outlet cited anonymous sources and reported that President Trump proposed abolishing income taxes and adopting an "all-tariff policy."

In a Truth Social post, Trump wrote, "Great meeting with Republican Representatives. Lots discussed, all positive, great poll numbers!"

Trump's strategy aims to empower the U.S. by cutting ties with traditional taxation methods that he claims stifle economic growth and personal prosperity.

He sees high import tariffs as a means to level the international playing field and penalize "bad actors" on the global stage who have long taken advantage of more lenient U.S. trade policies.

Beginning in 2018, Trump introduced tariffs of up to 25% on a range of Chinese goods. These tariffs were employed as a strategic tool in negotiations, designed to impact China's economy and compel Beijing to negotiate a new trade agreement that would tackle issues like intellectual property theft and forced technology transfers.

"For 10 months, China has been paying Tariffs to the USA of 25% on 50 Billion Dollars of High Tech, and 10% on 200 Billion Dollars of other goods. These payments are partially responsible for our great economic results. The 10% will go up to 25% on Friday. 325 Billions Dollars of additional goods sent to us by China remain untaxed, but will be shortly, at a rate of 25%. The Tariffs paid to the USA have had little impact on product cost, mostly borne by China. The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!" Trump wrote in 2019.