- Trump aims to have no income tax less than $ 150,000 annually as part of a wider tax reform voltage, according to the Minister of Trade Howard Lottenic.
- The plan includes canceling taxes on additional advice and social security that aims to significant tax cuts for individuals and companies.
- Lutnick believes that increasing revenues from curbing tax fraud abroad can compensate for concerns about the high national debt due to tax cuts.
President Donald Trump is considering a plan to cancel the income tax for Americans who earn less than $ 150,000 a year, and commerce Minister Howard Lootnick shares it.
In a recent interview with him, Lootnick reported that Trump's goal is to make sure that those who make this threshold will not have to pay any taxes, and it is dedicated to achieving this.
Lutnick also discussed Trump's broader strategies for tax reform, which includes removal of taxes on advice, additional work and social security. These initiatives are in line with Trump pushing major tax discounts for both individuals and companies.
In addressing concerns about the increasing national debt of tax cuts, Lutnick suggested that additional revenues can be generated by conducting a tax fraud abroad.
He said that the reduction of tax evasion can help financing Trump's tax policies without putting additional financial pressure on US taxpayers. In addition, Lutnick launched the proposed Trump visa program for $ 5 million as another possible source to increase financial revenues.
🚨 Trade Minister Howard Lootnick says President Trump does not want any taxes for people who get less than $ 150,000 a year.
pic.twitter.com/j1cos3smxmBennyjohnson March 13, 2025
The ambitious tax reduction plan has already been approved by $ 4.5 trillion by the Republican Parliament and is now awaiting voting in the Senate. While it slows down these tax cuts, Trump also focuses on reducing government spending and treating it on the country's financial deficit.
However, some controversial policies by the Ministry of Governmental efficiency, such as the widespread demolition of workers for federal employees, have sparked the debate. Lootnick defended Trump's economic strategies, and insisted that she “deserves all this trouble”, even if she might lead to recession.
Also read: Barack and Michelle Obama think about the production of the biography of the tiger Woods
Last update on March 13, 2025 of 247 news around the world
