Trump Proposes Eliminating Federal Taxes for Those Under $150,000, Including No Tax on Tips, Overtime, and Social Security

President Donald Trump is reportedly seeking to eliminate federal income taxes for individuals earning less than $150,000 per year, according to U.S. Secretary of Commerce Howard Lutnick. This proposal aims to provide significant financial relief to middle and lower-income Americans, with ideas such as no tax on tips, overtime, and social security. Lutnick's statements have sparked a wide range of reactions across the political spectrum, with some praising the initiative as a step towards tax reform that benefits everyday Americans, while others express concerns about potential revenue losses for the federal government and the impact on public services. The proposal also includes Trump's plans to renew his 2017 tax cut bill and implement policies like no tax on tips and overtime pay, no tax on seniors' social security, and cuts for 'Made in America' products. Currently, a single person making $150,000 falls in the 22% federal tax bracket. Lutnick defended Trump's economic policies, including tariffs, stating they are crucial for America's growth, despite potential risks of recession linked to previous Biden policies.