U.S. Commerce Secretary Howard Lutnick revealed that President Donald Trump aims to abolish federal taxes for all Americans earning under $150,000 annually.
Lutnick made the revelation during an interview with CBS News on Tuesday.
“I know what his goal is: No tax for anybody who makes less than $150,000 a year. That’s his goal. That’s what I’m working for,” Lutnick told CBS, underscoring a vision that would put thousands of dollars back into the pockets of American families.
WATCH:
JUST IN: Secretary of Commerce Howard Lutnick says President Trump’s goal is to eliminate taxes for anyone earning less than $150,000 per year. pic.twitter.com/3zSoqMsqMQ
— Watcher.Guru (@WatcherGuru) March 13, 2025
Lutnick elaborated further in a separate interview with Fox News, detailing how Trump intends to finance this massive tax relief plan while balancing the budget.
According to Lutnick, the Trump administration is focused on driving revenue through tariffs, closing offshore tax scams, and slashing excessive spending, instead of squeezing the middle class for every last penny.
Lutnick:
“When the President balances the budget, his first move is going to be—he has suggested that he would like to waive taxes for people earning under $150,000. That’s aspirational.When we balance the budget—and let me tell you, he’s got a plan to do it—we are going to take a trillion dollars out of the waste, fraud, and abuse in all of our entitlements, systems, and government waste. Then we are going to raise a trillion dollars.
That’s the Trump card. The Trump Gold Card is going to be a huge revenue producer. Tariffs are going to be a huge revenue producer. Then, we will get rid of all the tax scams—like Ireland making a $75 billion budget surplus.
We’ve got all the ships of the world flying the Liberian flag. I mean, imagine—a Liberian flag—just so they can avoid paying U.S. taxes.
You cut all that stuff out, and you’ve got a balanced budget. But on the way, we’re going to cut taxes—no tax on tips, no tax on overtime, and no tax on Social Security.”
WATCH:
JUST IN — Commerce Secretary Howard Lutnick issues further details on President Trump’s goal to waive taxes for Americans making $150,000 or < per year https://t.co/33uIOidcTm pic.twitter.com/vdYtPi2kP5
— livefreeopinion (@livefreeopinion) March 13, 2025
