US Commerce Secretary Howard Lutnick says President Donald Trump wants to eliminate taxes on those earning under $150,000 per year once the budget is balanced.
“I know what [Trump’s] 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 News in a Wednesday interview.
The on Thursday, Lutnick told Fox News: “What we discussed was 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 under $150,000. That’s aspirational.”
Watch:
LUTNICK: "What we discussed was 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 under $150,000. That's aspirational."pic.twitter.com/7V8sEmugWQ
— Josh Caplan (@joshdcaplan) March 13, 2025
Lutnick also mentioned Trump’s 2024 proposals to end taxes on overtime pay, tips, and Social Security payments – while the president has also touted the creation of an “External Revenue Service” to collect duties, and even floated ending all federal income tax if the tariff revenues are sufficient.
“How about no tax on tips? How about no tax on overtime? How about no social security? How about all those things?” Lutnick said on Wednesday.
