Commerce Secretary Lutnick: Trump Aims to Waive Taxes for Earners Under $150,000 After Balancing Budget

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Updated Mar 13, 2025, 09:46 PM

U.S. Commerce Secretary Howard Lutnick has clarified that President Donald Trump's goal is to waive taxes for individuals earning less than $150,000 per year, but this proposal is contingent upon balancing the federal budget. Lutnick emphasized that this tax relief is an aspirational goal and would be Trump's first move once the budget is balanced. The plan to waive taxes for those earning under $150,000 has been discussed in the context of broader economic policies, including reducing waste, fraud, and abuse, as well as increasing revenues through tariffs and other measures such as Trump Gold Card profits. Lutnick's statement comes after initial reports suggested immediate tax elimination, which he clarified was taken out of context.

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Sources

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Tiffany Fong

@TiffanyFong_

Donald Trump reportedly plans to eliminate income tax for individuals earning less than $150K per year. 🔥

Ian Jaeger

@IanJaeger29

Commerce Secretary Howard Lutnick says that President Trump wants to waive taxes for every person in America making under $150,000 once the budget is balanced. https://t.co/ZKZTPMN3bY

Anthony

@AnthonyCabassa_

Just IN 🚨: Commerce Secretary Lutnick announces that President Trump has suggested he will be waiving taxes for Americans making under $150k a year, after he has balanced the national budget. https://t.co/GQZ25kPXjm