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Is Trump Really Eliminating Taxes for Americans Under $150K?
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Subscribe18 MAR 2025 / ACCOUNTING & TAXES
The Trump administration has proposed a dramatic tax plan under which individuals earning less than $150,000 a year would not pay federal income tax, a move affecting over 76% of U.S. citizens, according to remarks from Commerce Secretary Howard Lutnick. While intended to boost economic growth, critics argue the plan could cause significant funding issues, particularly for Social Security and Medicare, and raise questions about how the lost revenue will be replaced; solutions may include higher corporate taxes, increased tariffs, or a national consumption tax.
The Trump administration is floating a bold new tax proposal: If you earn less than $150,000 a year, you won’t pay federal income tax. U.S. Commerce Secretary Howard Lutnick revealed this plan during a CBS interview, emphasizing that it is a key prio...
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