- Trump Aims for No Tax on Income Below $150,000 annually as part of a broader tax reform effort according to Commerce Secretary Howard Lutnick.
- The plan includes eliminating taxes on tips overtime and social security aiming for substantial tax cuts for individuals and corporations.
- Lutnick believes increased revenue from curbing overseas tax fraud can offset concerns about rising national debt due to the tax cuts.
President Donald Trump is considering a proposal to get rid of income tax for Americans earning under $150,000 annually, according to Commerce Secretary Howard Lutnick.
Lutnick recently stated in an interview that Trump’s goal is to exempt individuals below this income level from tax obligations, a change Trump is strongly committed to implementing.
Lutnick also shed light on Trump’s comprehensive tax reform plans, which involve eliminating taxes on tips, overtime pay, and Social Security benefits. These efforts align with Trump’s agenda of substantial tax cuts for both ordinary citizens and businesses.
Addressing worries about the growing national debt from tax cuts, Lutnick suggested that extra revenue could be generated by cracking down on overseas tax fraud.
He argued that reducing tax evasion could help fund Trump’s tax policies without placing extra financial strain on American taxpayers. Additionally, Lutnick brought up Trump’s proposed $5 million U.S. visa program as another possible source for increasing fiscal revenue.
BREAKING: Commerce Secretary Howard Lutnick says President Trump wants no taxes for people who make less than $150,000 a year.
— Benny Johnson (@bennyjohnson) March 13, 2025
Trump’s ambitious $4.5 trillion tax cut plan has already been approved by the Republican-led House of Representatives and is now waiting for a vote in the Senate. While he champions these tax cuts, Trump is also focused on reducing government spending and tackling the country’s fiscal deficit.
However, some controversial policies from the Department of Government Efficiency, such as large-scale layoffs of federal employees, have stirred up debate. Lutnick defended Trump’s economic strategies, insisting that they are “worth it,” even if they might lead to a recession.
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Last Updated on March 13, 2025 by 247 News Around The World
