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Commerce Secretary Howard Lutnick has confirmed President Trump’s economic plan includes eliminating taxes for individuals making less than $150,000 per year. In a recent interview with CBS, Lutnick said Trump’s overall vision includes cutting taxes and strengthening the U.S. economy through the strategic use of tariffs.
“How about no tax on tips? How about no tax on overtime?” Lutnick said. “These are the kind of thoughts that will change America.”
Lutnick went further in sharing Trump’s plans, saying that he ultimately wants to eliminate taxes altogether for a large portion of the population.
“I know what his goal is. No tax for anybody that makes less than $150,000 a year. That’s his goal. That’s what I’m working for,” Lutnick said.
The proposal fits into Trump’s overall plan to replace a large portion of tax revenue by imposing tariffs on other countries.
Trump has followed through on his tariff plans since taking office. Lutnick also expressed his enthusiastic support for Trump’s strategic use of tariffs, saying the policies would be important for U.S. economic development.
“These policies are the most important thing America has ever had…These policies generate revenue. They drive growth. They lead to factories being built here,” Lutnick said.
President Trump’s agenda is making headway with support from GOP members of Congress. The House of Representatives took the first step towards enacting President Trump’s economic agenda in February with the passage of a budget resolution that included an extension of prior Trump tax cuts.