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Trump announced his tax goal. He plans to stop taxing individuals earning less than $150k yearly and replace the lost revenue with a combination of addressing overseas tax fraud and tariffs
https://www.newsweek.com/donald-trump-eliminate-tax-people-earning-less-150000-howard-lutnick-2044049
President Donald Trump's goal is to eliminate taxes for people earning less than $150,000 per year, Commerce Secretary Howard Lutnick has said.
"I know what his goal is — no tax for anybody making under $150,000 a year. That's what I'm working for," Lutnick told CBS News on Wednesday.
He said that major tax cuts could be implemented without causing spiraling national debt through tackling overseas tax fraud.
Why It Matters
The proposal to remove taxes for people earning less than $150,000 per year would impact the vast majority of Americans.
In 2022, around 93 percent of Americans aged 15 and over earned less than $150,000, according to the U.S. Census Bureau.
The proposal would consequently massively reduce tax revenue generated for the federal government and threaten a huge increase in national debt.
What To Know
Lutnick said on Wednesday that Trump's aim is to remove taxes for individuals earning less than $150,000 per year. He also outlined the president's other tax strategies, which include abolishing tax on tips, overtime, and Social Security, and implementing significant reductions to individual and corporate taxes
Lutnick said that the federal government would counteract massive U.S. tax cuts by implementing tariffs on foreign nations and curbing overseas tax evasion
Commercial ships sail under the flags of other nations such as Liberia to avoid U.S. taxation. "All those ships are paying no tax, its a tax scam," he said.
He added that U.S. companies hold their ip in Ireland because of its favorable tax regime.
"Ireland has a $60 billion surplus... because our companies drop their IP there. They pay Ireland the money," he said. "How about we end the tax scams."
https://www.newsweek.com/donald-trump-eliminate-tax-people-earning-less-150000-howard-lutnick-2044049
President Donald Trump's goal is to eliminate taxes for people earning less than $150,000 per year, Commerce Secretary Howard Lutnick has said.
"I know what his goal is — no tax for anybody making under $150,000 a year. That's what I'm working for," Lutnick told CBS News on Wednesday.
He said that major tax cuts could be implemented without causing spiraling national debt through tackling overseas tax fraud.
Why It Matters
The proposal to remove taxes for people earning less than $150,000 per year would impact the vast majority of Americans.
In 2022, around 93 percent of Americans aged 15 and over earned less than $150,000, according to the U.S. Census Bureau.
The proposal would consequently massively reduce tax revenue generated for the federal government and threaten a huge increase in national debt.
What To Know
Lutnick said on Wednesday that Trump's aim is to remove taxes for individuals earning less than $150,000 per year. He also outlined the president's other tax strategies, which include abolishing tax on tips, overtime, and Social Security, and implementing significant reductions to individual and corporate taxes
Lutnick said that the federal government would counteract massive U.S. tax cuts by implementing tariffs on foreign nations and curbing overseas tax evasion
Commercial ships sail under the flags of other nations such as Liberia to avoid U.S. taxation. "All those ships are paying no tax, its a tax scam," he said.
He added that U.S. companies hold their ip in Ireland because of its favorable tax regime.
"Ireland has a $60 billion surplus... because our companies drop their IP there. They pay Ireland the money," he said. "How about we end the tax scams."
