U.S. President Donald Trump aims to eliminate taxes for individuals earning less than $150,000 annually, according to Commerce Secretary Howard Lutnick in a recent CBS News interview.
“I know what his goal is—no tax for anybody making under $150,000 a year. That’s what I’m working for,” Lutnick stated, emphasizing Trump’s broader tax reform efforts. He also highlighted plans to remove taxes on tips, overtime, and Social Security, aligning with Trump’s push for substantial tax cuts for both individuals and corporations.
Concerns over rising national debt due to tax cuts were met with Lutnick’s assurance that increased revenue would come from tackling overseas tax fraud. He claimed that curbing tax evasion could help fund Trump’s ambitious tax policies without burdening American taxpayers. Additionally, he pointed to Trump’s proposed $5 million U.S. visa program as a way to boost fiscal revenue.
Trump’s $4.5 trillion tax cut plan was approved by the Republican-led House of Representatives in February and now faces a Senate vote. While his administration seeks to slash government spending to reduce the deficit, policies enforced by the Department of Government Efficiency—particularly mass layoffs of federal employees—have sparked controversy.
Economic concerns under Trump’s leadership have intensified, especially amid fears of a recession fueled by his aggressive tariff policies. When asked about potential economic risks, Lutnick stated that pushing Trump’s policies would be “worth it,” even if it meant facing a recession.
As debates continue, Trump’s tax strategy remains a central topic, shaping discussions on government revenue, job markets, and economic stability ahead of the upcoming elections.