Trump announced his tax goal. He plans to stop taxing individuals earning less than $150k yearly and replace the lost revenue with a combination of addressing overseas tax fraud and tariffshttps://www.newsweek.com/donald-trump-eliminate-tax-people-earning-less-150000-howard-lutnick-2044049President Donald Trump's goal is to eliminate taxes for people earning less than $150,000 per year, Commerce Secretary Howard Lutnick has said."I know what his goal is — no tax for anybody making under $150,000 a year. That's what I'm working for," Lutnick told CBS News on Wednesday.He said that major tax cuts could be implemented without causing spiraling national debt through tackling overseas tax fraud.Why It MattersThe proposal to remove taxes for people earning less than $150,000 per year would impact the vast majority of Americans.In 2022, around 93 percent of Americans aged 15 and over earned less than $150,000, according to the U.S. Census Bureau.The proposal would consequently massively reduce tax revenue generated for the federal government and threaten a huge increase in national debt.What To KnowLutnick said on Wednesday that Trump's aim is to remove taxes for individuals earning less than $150,000 per year. He also outlined the president's other tax strategies, which include abolishing tax on tips, overtime, and Social Security, and implementing significant reductions to individual and corporate taxesLutnick said that the federal government would counteract massive U.S. tax cuts by implementing tariffs on foreign nations and curbing overseas tax evasionCommercial ships sail under the flags of other nations such as Liberia to avoid U.S. taxation. "All those ships are paying no tax, its a tax scam," he said.He added that U.S. companies hold their ip in Ireland because of its favorable tax regime."Ireland has a $60 billion surplus... because our companies drop their IP there. They pay Ireland the money," he said. "How about we end the tax scams."
Lutnick also touted Trump's proposal to charge $5 million for "Gold Card" visas as a way of raising trillions of dollars per year. Trump said in January that the visas would give Green Card privileges, along with a route to citizenship.Commenting on Trump's tax proposals, Lutnick said: "The rest of the world leans on our economy, breathes off our economy - not only is our economy $29 trillion, but we consume $20 trillion a year. We are the buyer of everybody's stuff."He added: "So, we are the buyer of everybody's commodities, products, goods and services. Everything comes from us. Let them pay a membership fee. We all understand that model - let them pay."Commerce Secretary Lutnick told CBS News on Wednesday: "We're all so used to paying taxes. We're so used to it we have like Stockholm Syndrome - 'Don't stop the external revenue service, God forbid.'"President Trump proposed doing away with income tax for Americans in January, saying it was "time for the U.S. to return to a system that made us richer and powerful.""America's gonna be very rich again and its gonna happen very quickly. It's time for the United States to return to the system that made us richer and more powerful than ever before," Trump told the 2025 Republican Issues Conference in Miami on January 27."Instead of taxing our citizens to enrich foreign nations we should be tariffing and taxing foreign nations to enrich our citizens. Does that make sense? Right?"The House of Representatives approved a Republican budget resolution in February that included $4.5 trillion in tax cuts and $2 trillion in spending reductions over the next decade. It will now face a Senate vote.The package, championed by Speaker Mike Johnson, seeks to extend expiring tax cuts from the 2017 Tax Cuts and Jobs Act.
Board's been taken over by Trump dick suckers, huh
>>1391925This board is for posting recent news and I would appreciate it if you keep your strange kink fantasies out of it
>>1391926i can't hear you, you still have billionaire dick in your mouth
>>1391923mega based>>1391925>>1391929you literally deep throat biden and then lick his ass for him
>>1391929You should write socialist erotica fanfic
>>1391933don't talk with your mouth full faggot
>$150k as the new poverty levelHe's just telling us how much more inflation to expect.
>>1391923Really cool. However, we literally cannot fucking afford this; even if we were tariffing enough to replace that tax bracket, the resulting increased price of goods would effectively wind up HIGHER than the loss of taxes. We'd be getting higher taxes with a different name.
>>1391953>the resulting increased price of goods would effectively wind up HIGHER than the loss of taxesIt's great how you people argue this relationship with tariffs but not with minimum wage
>>1391961>It's the same as minimum wage lol!It really isn't. Minimum wage doesn't actively make it harder to produce goods by making it harder for a company to afford materials. Also, even the most radical of minimum wage increases would put anywhere near the increases tariffs bring. Also, you know, minimum wage would actually mean wages would keep pace with the increases, as opposed to tariffs where wages remain the same and things get more expensive anyways. Tariffs are literally all the downsides of increased minimum wage with none of the benefits.
>>1391968>Minimum wage doesn't actively make it harder to produce goods by making it harder for a company to afford materials.You are correct.Minimum wage actively makes it harder to produce goods by making it harder for a company to afford wages
>>1391970Please explain how it's better to need to pay 50% more per material vs about 20% more per employee. The math doesn't add up, and in the case of minimum wage prices increase but so do wages, while in the case of tariffs wages don't increase but prices still do.
>>1391973How many things actually have a 50% tariff proposed? Like a single material originating in canada? Two materials originating in canada? Doesn't even look like this. 50% tariff is going to happen. The minimum wage increase applies to every employee, this arbitrary number you pulled out of your ass i can only assume is the 50% tariff originally threatened by trump against Canada for steel and aluminum as a result of their threat about energy tariffs, and none of the tariffs ever materialized
>President Donald Trump's goal is to eliminate taxes for people earning less than $150,000 per yearIncome* taxBecause they want a national sales tax to fund the government. Because they are demons.
>>1391975>He thinks Trump's not gonna try another round next month
>>1391961>It's great how you people argue this relationship with tariffs but not with minimum wageMinimum wage should at a minimum be adjusted to the cost of living, else the government is subsidizing businesses that stiff their workers with welfare. Government shouldn't be picking and choosing winners and losers like that. Doubly so for the shittiest businesses available. If increasing minimum wage to the cost of living makes it so you legitimately can't keep your business open, then your business shouldn't have existed in the first place. It's not government's job to keep failures afloat.If a good or service is necessary for society to function AND can't be profitable while still serving the public, e.g. the post office, then that business should be nationalized in the first place like the fucking post office.We've let failson business owners subsidize their shitty companies for too damn long in this country.
Looking at this new Trump administration and all the libtard cope over tax cuts, I have come to realize that this isn't a left/right thing, it's ruling class vs working class, but not rich vs poor as libturds frame it. For instance, I'd put Elon Musk and Trump in the working class and our local school board in the ruling class.
>>1391996>For instance, I'd put Elon Musk and Trump in the working classTell me you're retarded without saying you're retarded
>>1391996>What's the matter libtard? Don't like free puppies for everyone? You're evil>But anon the price of getting dog food for the puppies skyrocketed. This is costing more of my paycheck than if I'd bought the puppy before this.>I can't believe you're so opposed to free puppies...
Removing tax on workers making less than $150k and replacing it with stopping overseas tax fraud and bringing back industry to the US is a great idea.No wonder Democrats hate it so much. They just want to tax poor people into oblivion
>>1392006This is a dogshit idea. By the time we can build those factories we'll be in a full recession. The price increase will outpace the removed taxes almost immediately.
>>1391968Are you retarded? Labor is the most expensive business expense. The entire reason manufacturing went overseas was for free slave labor
>>1392011So you're saying that unless Trump lowers wages they have no reason to come to the US?Also, doesn't matter. The reality is a minimum wage increase would result in increased prices but also increased wages. Tariffs result in increased prices but no increased wages. All the benefits with none of the downsides.
>>1392012>So you're saying that unless Trump lowers wages they have no reason to come to the USTariffs are being proposed as the balancing instrument, not further slave labor as the Democrats support
>>1392026Tariffs aren't a balancing instrument in a global economy. The time to throw a hissy fit over neoliberalism was 50 years ago. You missed it.
>>1392026How? The amount of tariffs means companies that move manufacturing to the US will lose profit exporting from the US to elsewhere. We're a big market but the rest of the world is, in-fact, bigger.
>>1392011>Labor is the most expensive business expenseHi. You seem to have confused labor and marketing. Simple mistake. Please make sure not to make it again.
>>1391923That's literally me on the right
>>1392065Well it obviously depends on what's being manufactured though. Sometimes it may be sometimes it isn't
>>1391925If you want to see opinions you agree with, go talk to the eglin bots on reddit.
>>1391953I've been saying this shit for years about public vs private health care and the chuds won't listen. I doubt this will be any different.
dems are so upset that normal working class folk are getting a huge tax break.
>>1391925Trump is King. Hope this helps!
