- Commerce Secretary Howard Lutnick suggested President Donald Trump wants to eliminate income tax for people earning less than $150,000 annually. He said it is part of an overall plan by the Trump administration to drive down taxes for all Americans.
- Lutnick said the federal government would make up the revenue by eliminating overseas tax evasion and implementing tariffs.
- Roughly 93% of American adults earn less than $150,000 annually, according to the U.S. Census Bureau.
Full Story
President Donald Trump touted his desire to eliminate taxes on tips and social security. Now, Commerce Secretary Howard Lutnick said one of Trump’s ultimate goals is to eliminate income tax for individuals earning less than $150,000 annually.
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This story is a Media Miss by the left as only 18% of the coverage is from left leaning media. Learn more
Left 18%
Center 24%
Right 59%
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Lutnick told CBS News that he knows the president’s goal, saying Trump wants “no tax for anybody who makes less than $150,000.”
He said it’s part of the overall Trump administration plan to drive down taxes for all Americans.
What’s the current tax bracket for people who earn $150,000?
The remarks come as people file their 2024 income tax returns, which are due in April 2025. According to IRS tax tables, the 2024 income tax rate for anybody who currently earns between $100,526 and $191,950 per year is 24%.
The U.S. Census Bureau reported roughly 93% of American adults earn less than $150,000 annually.
In Washington, the Republican-led House approved Trump’s plan for $4.5 trillion in tax cuts as part of a larger bill involving immigration, trade and defense spending. The measure awaits a Friday, March 14, vote from the Senate.
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How would the federal government compensate for the lost tax revenue?
Lutnick added that the federal government would compensate for the loss of tax revenue by targeting overseas tax scams and evasions, as well as imposing the widely discussed tariffs on other countries.
PRESIDENT TRUMP HAS OFTEN TOUTED HE WANTS TO ELIMINATE TAXES ON TIPS AS WELL AS SOCIAL SECURITY. NOW, HIS COMMERCE SECRETARY SAYS one OF THE PRESIDENT’S ULTIMATE GOALS IS TO ELIMINATE INCOME TAX ON PEOPLE EARNING LESS THAN $150,000 A YEAR.
HOWARD LUTNICK MADE THE REMARKS IN A SIT-DOWN INTERVIEW WITH CBS NEWS.
TELLING CORRESPONDENT NANCY CORDES, THIS.
HOWARD LUTNICK/ COMMERCE SECRETARY :” I know what his goal is, no tax for anybody who makes less than $150,000 a year. That’s his goal and that’s what i’m working for. “
LUTNICK SAYS ITS PART OF AN OVERALL TRUMP ADMINISTRATION PLAN TO DRIVE DOWN TAXES FOR ALL AMERICANS.
THE REMARKS COME AT A TIME WHEN PEOPLE ARE FILING THEIR 2024 INCOME TAX RETURNS, DUE APRIL 15TH.
ACCORDING TO IRS TABLES, THE 2024 INCOME TAX RATE, FOR ANYBODY WHO CURRENTLY EARNS BETWEEN $100,526 DOLLARS AND $191,950 DOLLARS, IS 24 %.
IN WASHINGTON, THE REPUBLICAN-LED HOUSE ALREADY APPROVED PRESIDENT TRUMP’S PLAN FOR $ 4.5 TRILLION IN TAX CUTS AS PART OF A LARGER BILL INVOLVING IMMIGRATION, TRADE AND DEFENSE SPENDING. THE MEASURE NOW HEADS TO THE SENATE.
ACCORDING THE U.S CENSUS BUREAU, ROUGHLY 93 % OF AMERICAN ADULTS, EARN LESS THAN $150,000 PER YEAR
LUTNICK ADDED THE FEDERAL GOVERNMENT WOULD MAKE UP FOR THE LOSS OF TAX REVENUE FROM THE MASSIVE TAX CUT BY IMPLEMENTING THE MUCH-TALKED ABOUT TARIFFS ON OTHER COUNTRIES AND ENDING OVERSEAS TAX SCAMS AND EVASIONS. FOR MORE UNBIASED UPDATES, DOWNLOAD THE STRAIGHT ARROW NEWS APP
Media Landscape
This story is a Media Miss by the left as only 18% of the coverage is from left leaning media. Learn more
Left 18%
Center 24%
Right 59%
Bias Summary
- Commerce Secretary Howard Lutnick stated that President Donald Trump's goal is to eliminate taxes for individuals earning less than $150,000 annually.
- Lutnick mentioned potential tax strategies, including abolishing tax on tips and implementing tariffs on foreign nations.
- According to the U.S. Census Bureau, in 2022, around 93% of Americans aged 15 and over earned less than $150,000.
- Trump proposed significant tax cuts, claiming they would stimulate the economy and that taxation should focus on foreign entities instead of U.S. citizens.
Bias Distribution
29 other sources covering this story
Total News Sources
29
Leaning Left
3
Center
4
Leaning Right
10
Last Updated
10 hours ago
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