In a major announcement that could redefine American tax policy, U.S. Commerce Secretary Howard Lutnick disclosed President Donald Trump’s bold plan to eliminate federal taxes for earners making less than $150,000 a year. This strategy is set to empower hardworking American families by returning substantial financial resources back to them.
Lutnick shared this revelation during an interview with CBS News on Tuesday, stating, “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.” This ambitious vision is aimed at significantly boosting the financial well-being of middle-class families across the nation.
JUST IN: Secretary of Commerce Howard Lutnick says President Trump’s goal is to eliminate taxes for anyone earning less than $150,000 per year.
— Watcher.Guru (@WatcherGuru)
March 13, 2025
Further elaborating on Fox News, Lutnick explained how the Trump administration plans to fund this groundbreaking tax relief while maintaining a balanced budget. The focus is on generating revenue through tariffs, closing loopholes exploited by offshore tax evaders, and slashing wasteful government spending.
Lutnick emphasized, “When the President balances the budget, his first move is going to be—he has suggested that he would like to waive taxes for people earning under $150,000. That’s aspirational.
When we balance the budget—and let me tell you, he’s got a plan to do it—we are going to take a trillion dollars out of the waste, fraud, and abuse in all of our entitlements, systems, and government waste. Then we are going to raise a trillion dollars.
That’s the Trump card. The Trump Gold Card is going to be a huge revenue producer. Tariffs are going to be a huge revenue producer. Then, we will get rid of all the tax scams—like Ireland making a $75 billion budget surplus.
We’ve got all the ships of the world flying the Liberian flag. I mean, imagine—a Liberian flag—just so they can avoid paying U.S. taxes.
You cut all that stuff out, and you’ve got a balanced budget. But on the way, we’re going to cut taxes—no tax on tips, no tax on overtime, and no tax on Social Security.”
JUST IN — Commerce Secretary Howard Lutnick issues further details on President Trump’s goal to waive taxes for Americans making $150,000 or < per year.
— livefreeopinion (@livefreeopinion)
March 13, 2025
This initiative underscores a bold step towards fiscal responsibility while ensuring American families keep more of their hard-earned money. With tariffs and rigorous financial oversight, the Trump administration aims to fortify the nation’s economic stability and secure a prosperous future for generations to come.
