(DailyEmailNews.com) – President Donald Trump has dropped a bold proposal to free hardworking Americans from the IRS: he plans to eliminate federal income tax for those earning under $150,000 annually.
Commerce Secretary Howard Lutnick revealed the ambitious plan that would benefit 93% of Americans ages 15 and older, according to Census Bureau data.
This revolutionary tax reform would finally let middle-class families keep more of what they earn.
Lutnick made the announcement while discussing President Trump’s vision for economic prosperity.
“I know what his 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,” stated Lutnick, outlining a tax policy that would dramatically reshape federal revenue collection.
The thorough plan extends beyond just income tax relief. It would also abolish taxes on tips, overtime, and Social Security benefits.
These additional provisions would provide immediate financial relief to service workers, hourly employees, and seniors living on fixed incomes, groups that have been particularly hard-hit by Bidenomics and inflation.
“These policies are the most important thing America has ever had. The only reason there could possibly be a recession is because of the Biden nonsense we had to live with,” said Lutnick.
“These policies generate revenue. They drive growth. They lead to factories being built here,” he added.
While Democrats and establishment media outlets claim these cuts would explode the deficit, the Trump administration has already identified multiple revenue sources to offset the changes.
The plan centers on making foreign countries and tax evaders pay their fair share rather than burdening American citizens.
One innovative proposal involves creating a $5 million “gold card” visa program to attract wealthy foreign investors.
This alone could generate billions in revenue while ensuring only those who contribute financially to America can gain legal entry.
The plan has been praised for being the exact opposite of Democrat-led open-border policies that have allowed millions of illegal aliens to drain public resources.
President Trump’s strategy also includes implementing strategic tariffs on industries crucial to national security, such as steel, aluminum, pharmaceuticals, semiconductors, and automobiles.
These tariffs would protect American manufacturing while generating revenue from foreign imports rather than American paychecks.
“We’ve got to have a steel and aluminum industry here in America to protect us for National Security right you can’t be at a war and not make steel you can’t have some other country supply your steel if God forbid you need it for a war,” Lutnick explained.
The administration is additionally targeting overseas tax fraud and evasion that has gone unchecked for decades.
Lutnick highlighted how addressing these “tax scams” with trading partners would further offset any revenue reduction from domestic tax cuts.
President Trump’s fiscal plan, which includes $4.5 trillion in tax cuts, has already passed the House and awaits Senate approval.
The proposal aligns with his broader goal of abolishing the IRS and creating an External Revenue Service focused on collecting from foreign entities instead of American citizens.
The Tax Cuts and Jobs Act, President Trump’s signature 2017 achievement, is set to expire at the end of this year.
This new tax plan would not only extend those benefits but dramatically expand them, ensuring hard-working Americans can keep more of their own money.
The plan represents a complete reversal of the Biden-Harris administration’s approach, which burdened Americans with higher taxes and inflation while expanding government control.
By eliminating income taxes for those making under $150,000, President Trump’s proposal would instantly put more money in the pockets of middle-class families and small business owners who form America’s backbone.
Copyright 2025, DailyEmailNews.com
