Trump Proposes Eliminating Income Taxes For People Earning Less Than $150k/year. (3 Viewers)

[SkyChief]

Trump's goal is to eliminate Income Taxes for people earning less than $150k per year.

Eliminating taxes for people who earn less than $150,000 would effectively eliminate taxes for the vast majority of the country’s population.

Individual Income Taxes are the largest source of revenue for the U.S. government. So far in fiscal year 2025, individuals have paid $1.14 trillion in taxes, which is 51% of the total tax revenue collected, according to the Department of Treasury.

The Trump administration’s attempts to replace income taxes with import taxes is more likely to benefit high-income households rather than lower- or middle-income ones.

“We’re going to make a lot of money, and we’re going to cut taxes for the people of this country,” - Trump

source: https://moneywise.com/taxes/trumps-...-no-tax-for-people-making-under-150000-a-year

I just wish Trump would slightly raise the no-tax cutoff point to $162k/year.

 

[dmpi]

It's not a totally shocking thing. Already 50% pay no income tax. If we can generate substantial tax revenue from tariffs, why not move that number up?

 

[j brown's body]

Who pays that tariff tax?

 

[ElChupacabra]

The problem with his premise is it relies way to much on replacing that revenue on tariffs, and based on the analysis cited in the article, it's not a one to one replacement.

 

[ColdHardTruth]

Trump's goal is to eliminate Income Taxes for people earning less than $150k per year.

Eliminating taxes for people who earn less than $150,000 would effectively eliminate taxes for the vast majority of the country’s population.

Individual Income Taxes are the largest source of revenue for the U.S. government. So far in fiscal year 2025, individuals have paid $1.14 trillion in taxes, which is 51% of the total tax revenue collected, according to the Department of Treasury.

The Trump administration’s attempts to replace income taxes with import taxes is more likely to benefit high-income households rather than lower- or middle-income ones.

“We’re going to make a lot of money, and we’re going to cut taxes for the people of this country,” - Trump

source: https://moneywise.com/taxes/trumps-...-no-tax-for-people-making-under-150000-a-year

I just wish Trump would slightly raise the no-tax cutoff point to $162k/year.

He's lying.

Never forget that.

 

[Airyaman]

Trump's goal is to eliminate Income Taxes for people earning less than $150k per year.

Eliminating taxes for people who earn less than $150,000 would effectively eliminate taxes for the vast majority of the country’s population.

Individual Income Taxes are the largest source of revenue for the U.S. government. So far in fiscal year 2025, individuals have paid $1.14 trillion in taxes, which is 51% of the total tax revenue collected, according to the Department of Treasury.

The Trump administration’s attempts to replace income taxes with import taxes is more likely to benefit high-income households rather than lower- or middle-income ones.

“We’re going to make a lot of money, and we’re going to cut taxes for the people of this country,” - Trump

source: https://moneywise.com/taxes/trumps-...-no-tax-for-people-making-under-150000-a-year

I just wish Trump would slightly raise the no-tax cutoff point to $162k/year.

Must be your salary?

In any case, it's just another example of the confused fiscal policy of the Trump admin. I've been told this was about bringing manufacturing back to the US. So if that happens, then tariff income will decrease. Then what? A straight up national sales tax?

 

[tharock220]

I would want a $150k a year reduction in our taxable income then.

Expect the leftoids to oppose this. If you actively avoid working then you're not paying taxes, so this policy won't benefit you.

 

[stealthycat]

100% support this

the tax revenue from $150K or less lost would mean how much? really ??? in the grand scheme of things is it THAT much ? no, and adding a few trillion in debt? big frickin deal, national debt doesn't matter anyway anymore


https://usafacts.org/articles/who-pays-the-most-income-tax/

Most of the government’s federal income tax revenue comes from the nation’s top income earners. In 2021, the top 5% of earners — people with incomes $252,840 and above — collectively paid over $1.4 trillion in income taxes, or about 66% of the national total. If you include the top 10% — everyone who made at least $169,800 — that figure rises to $1.7 trillion, or 76% of the total.

The top 50% of earners contributed 97.7% of federal income tax revenue.

 

[ColdHardTruth]

The goal should be to eliminate the income tax on all Americans.

No. The 1% needs to be taxed. They have been dodging taxes for too long and should be made to pay their fair share.

 

[ColdHardTruth]

I would want a $150k a year reduction in our taxable income then.

Expect the leftoids to oppose this. If you actively avoid working then you're not paying taxes, so this policy won't benefit you.

Baseless reich-wing bullshit.

 

[tharock220]

No. The 1% needs to be taxed. They have been dodging taxes for too long and should be made to pay their fair share.

Expect the leftoids to oppose this. If you actively avoid working then you're not paying taxes, so this policy won't benefit you.

Case in point. Leftoids always want higher taxes, on anybody but them.

 

[Callen]

It's not a totally shocking thing. Already 50% pay no income tax. If we can generate substantial tax revenue from tariffs, why not move that number up?

The answer then is to shift the tax burden form the middle class to businesses?

 

[ColdHardTruth]

Case in point. Leftoids always want higher taxes, on anybody but them.

No, we want the 1% TO PAY THEIR TAXES.

 

[Quag]

Stop creaming your Jeans MAGA, it aint gonna happen.

 

[Pound4abrown]

Yeah. Good luck with this one.

 

[Pound4abrown]

I would want a $150k a year reduction in our taxable income then.

Expect the leftoids to oppose this. If you actively avoid working then you're not paying taxes, so this policy won't benefit you.

What planet do you live on where "leftoids" don't work or pay taxes?

 

[ataraxia]

It's not a totally shocking thing. Already 50% pay no income tax. If we can generate substantial tax revenue from tariffs, why not move that number up?

So what happens if he is successful in eliminating both the tariffs AND the taxes? Because he is trying to do both.

 

[Callen]

Replacing income tax with a national sales tax is an interesting concept but national sales tax has to be a lot higher than 10% .

 

[Ganondagan]

No. The 1% needs to be taxed. They have been dodging taxes for too long and should be made to pay their fair share.

What do you consider their fair share?

 

[iguanaman]

Trump's goal is to eliminate Income Taxes for people earning less than $150k per year.

Eliminating taxes for people who earn less than $150,000 would effectively eliminate taxes for the vast majority of the country’s population.

Individual Income Taxes are the largest source of revenue for the U.S. government. So far in fiscal year 2025, individuals have paid $1.14 trillion in taxes, which is 51% of the total tax revenue collected, according to the Department of Treasury.

The Trump administration’s attempts to replace income taxes with import taxes is more likely to benefit high-income households rather than lower- or middle-income ones.

“We’re going to make a lot of money, and we’re going to cut taxes for the people of this country,” - Trump

source: https://moneywise.com/taxes/trumps-...-no-tax-for-people-making-under-150000-a-year

I just wish Trump would slightly raise the no-tax cutoff point to $162k/year.

LOL More phony promises from the grifter in chief. What happened to the $5000 DOGE checks? Also if tariffs are so wonderful why are they celebrating making "deals" to cut them? Tariffs are nothing but regressive taxation and the American people can't afford to pay them.

 

[ColdHardTruth]

What do you consider their fair share?

I would say the federal tax rates on the wealthy from the 1950s are workable. 42% is a good number. It will prevent the creation of oligarchs. It will also provide funds for the federal government to use in various programs.

Taxes on the Rich Were Not That Much Higher in the 1950s

Despite high marginal income tax rates, the top 1% of taxpayers in the 1950s only paid about 42% of their income in taxes. See more about taxes on the rich.

taxfoundation.org

 

[VanceMack]

Judging by the expected response...further evidence to the supposition that if Trump ever comes out in favor of breathing, leftists are ****ed.

 

[SkyChief]

LOL More phony promises from the grifter in chief.

To be clear, Trump's proposal to eliminate Income Taxes for people earning less than $150k per year is just that - a proposal. It is NOT a "promise".

What happened to the $5000 DOGE checks? Also if tariffs are so wonderful why are they celebrating making "deals" to cut them? Tariffs are nothing but regressive taxation and the American people can't afford to pay them.

Yes, Tariffs ARE a tax - nobody is pretending that they aren't. Trump claims that tariffs will generate enough revenues to facilitate ending income taxes on Americans making less than $150k/year. That claim is disputed in the article linked in the OP.

 

[Callen]

To be clear, Trumps proposal to eliminate Income Taxes for people earning less than $150k per year is just that - a proposal. It is NOT a "promise".

Yes, Tariffs ARE a tax. Nobody is pretending that they aren't. Trump claims that tariffs will generate enough revenues to facilitate ending income taxes on Americans making less than $150k/year.

Except import taxes have no deductions like, kids and mortgages etc. Yes you can choose not to buy something but America's wonderful standard of living has been based on consumerism. I suspect most who favour this will be older people who have pretty much " arrived".

 

[SkyChief]

Must be your salary?

My salary is less than $162k per year.

In any case, it's just another example of the confused fiscal policy of the Trump admin.

I've been told this was about bringing manufacturing back to the US. So if that happens, then tariff income will decrease.

Makes sense.

Then what? A straight up national sales tax?

I hope so. I've been an advocate for a National Sales Tax for years, now. But only IF the Income Taxes are eliminated entirely. . . for everyone.