Commerce Secretary Howard Lutnick said this week that President Donald Trump’s goal is to significantly cut taxes across the board, and completely eliminate the federal income tax on Americans making under $150,000 annually — which could impact 93% of Americans.
Lutnick said the administration wants to have other nations chip in through tariffs and closing overseas tax loopholes so Americans can pay less in taxes. “His goal is to have external revenue,” Lutnick said of Trump, on CBS this past Wednesday.
“The rest of the world leans on our economy, breathes off our economy,” he said. “Not only is our economy $29 trillion GDP, but we consume $20 trillion a year — we are the buyers of everybody’s stuff. So, who’s more important, the people who sell stuff, or the people who buy stuff?”
“Let them pay a membership fee — we all understand that model,” Lutnick continued. “How about no tax on tips, how about no tax on overtime, how about no social security [tax]?”
“These are the kinds of things that will change America,” the secretary added. “I know what [Trump’s] goal is: no tax for anybody who makes less than $150,000 a year. That’s his goal.”