Trump’s Plan To Eliminate Taxes
Howard Lutnick, the Commerce Secretary under President Donald Trump, says the administration is working on a clearcut plan that would abolish all federal taxes on income of less than $150,000 annually.
This would not only include earnings, but also tips and Social Security. Roughly 93 percent of all Americans earn less than the $150,000 cutoff, so federal taxes would disappear for these residents.
The goal is to make up for these losses by raising new monies through tariffs on imports. In essence, those shipping goods into the United States would pay for the privilege.
It’s not clear yet if this goal can be achieved, or how quickly it can be implemented. Here’s more from Dave Rubin on The Rubin Report, sharing a clip of Lutnick outlining the plan to CBS News Host Nancy Cordes.
