President Donald Trump is considering a new tax policy where individuals earning less than $150,000 annually might not have to pay taxes, according to U.S. Commerce Secretary Howard Lutnick. This proposal is part of broader discussions on fiscal strategy as the 2017 tax cuts face expiration. The policy aims to shift taxation burdens away from internal revenue to external sources, like a ‘membership fee’ from other countries trading with the U.S.
“I know what his goal is—no tax for anybody making under $150,000 a year. That’s what I’m working for,” Lutnick stated, emphasizing Trump’s broader tax reform efforts. He also highlighted plans to remove taxes on tips, overtime, and Social Security, aligning with Trump’s push for substantial tax cuts for both individuals and corporations. $150,000 is pretty much the entire middle class. The national median household income is $80,610.
Howard Lutnick is an American billionaire and Trump’s U.S. Secretary of Commerce. As Chairman and CEO of Cantor Fitzgerald, he rebuilt the firm after losing 658 employees, including his brother, in the 9/11 attacks. A philanthropist, he supports Trump’s policies and leads BGC Group.
Watch how he outlines Trump’s plan to lower taxes and the debt, it is incredible. (And listen for the swipe at Ontario premier, Doug Ford.)
SEC. Lutnick says Trump's goal he is working towards is to have anyone making $150k or less pay ZERO taxes. pic.twitter.com/b8dqVCVfhE
— unseen1 (@unseen1_unseen) March 12, 2025