President Donald Trump has proposed a bold plan to eliminate taxes for Americans earning less than $150,000 annually. In a recent statement, Trump outlined his vision for providing significant financial relief to middle-class and working Americans, aiming to reduce their tax burdens and stimulate economic growth.
U.S. Commerce Secretary Howard Lutnick confirmed Trump’s proposal to scrap taxing people earning less than $150,000 a year, which Lutnick said he's working on turning Trump's goal into a reality.
During a recent interview with CBS, Lutnick said Trump’s plan could offer $24,000 in relief for some taxpayers that would otherwise go to federal income taxes. Trump’s tax plan also seeks to eliminate tips and overtime pay taxes while substantially cutting individual and corporate tax rates. Lutnick proposed that the revenue shortfall created by these cuts could be offset by cracking down on international tax fraud, which he argues is draining U.S. resources.
“How about no tax on tips? How about no tax on overtime? How about no Social Security? How about all those things – these are the kind of thoughts that will change America," he said. “I know what his goal is ... no tax for anybody who makes less than $150,000 a year. That's his goal. That's what I'm working for.”
🚨BREAKING: Commerce Secretary Howard Lutnick just announced that President Trump wants to waive ALL taxes for Americans making under $150,000 per year on Fox News.pic.twitter.com/t6UBN5FSYA
— AJ Huber (@Huberton) March 14, 2025
Lutnick also stood by Trump’s tariff disputes with Canada and Mexico, asserting they are "worth it," even if they lead to a potential recession.
“These policies are the most important thing America has ever had... The only reason there could possibly be a recession is because of the Biden nonsense we had to live with. These policies generate revenue. They drive growth. They lead to factories being built here,” he added.
The Trump appointee also highlighted the introduction of a proposed $5 million U.S. visa as a potential new revenue stream. The president’s extensive fiscal proposal, which includes $4.5 trillion in tax cuts, was passed by the Republican-controlled House of Representatives last month and is now awaiting a vote in the Senate.
What Secretary of Commerce Howard Lutnick breaks down here is beyond my wildest dreams of what I voted for.
— Tim Young (@TimRunsHisMouth) March 13, 2025
Trump’s plan to lower taxes and the debt is incredible.
This is a must watch.
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