Posted on 03/13/2025 6:49:28 PM PDT by NoLibZone
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.
(Excerpt) Read more at newsweek.com ...
Sounds good to me.
I can live with no income tax upto $150k.
Starve The Beast.
THAT WOULD ALSO REDUCE THE NUMBER OF IRS EMPLOYEES NEEDED.
Consider the huge efficiencies to be gained if the economy were not distorted by the income tax and the attendant social engineering!
What about Social Security taxes?
I hope it is for the first $150,000. Otherwise there is a incentive not to make anything more than that if you are just over the $150,000. It would be a disincentive to work.
As late as the 1920s, complaining about income tax was a backhanded way of boasting about wealth.
Then came the New Deal.
I don’t want an exemption on SS on any income as long as the Ponzi scheme is kept alive. If people are going to draw on it when they get old, they need to pay into it. Otherwise it’s a typical government transfer of wealth. I know, I know, it is a transfer of wealth no matter what.
Call me skeptical
You clearly do not understand how marginal tax rates work.
I do not think this includes FICA taxes. No one gets out of that.
“””You clearly do not understand how marginal tax rates work.”””
Please clarify for me what you are stating. The article clearly said those making less than $150,000. So that means those above would be taxed. There is no mention that this was a marginal tax rate. As far as I see that means they can tax all the way up to and above $150,000.
Gee, I guess I’ll carry everyone else’s water. What a stupid plan. Everyone needs skin in the game. Everyone.
Written by the King of Jordan. LOL.
And no gov subsidies for anyone over 150 years of age.
Everyone should pay taxes. Especially those bums on the street corners. It’s the only way we are going to get the drug cartels to pay taxes for the evil they have caused.
Would everyone who is for this, also be for those exempt from paying income taxes also are NOT allowed to vote?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.