US President Donald Trump does not want taxes for people who generate less than $ 150,000 per year, Trade Secretary Howard Lutnick told CBS News in an interview earlier this week.
“I know what the purpose is (Trump) … there is no tax, for anyone who produces less than $ 150,000 per year. That’s the goal. For this reason, I work, “Lutnick told CBS.
“What if there is no tax on tips? How about no tax for overtime? How about no social security? What about all of that. “
Lutnick’s comments on TIP Tax and Social Security promised from Trump that he would eliminate taxes on tips, while also encouraging tax cuts to sweep individuals and companies.
When asked about increasing deficits and debt due to tax deductions, Lutnick claimed that “others” would pay for the government instead of Americans. Lutnick claims that tax fraud abroad denies US income, and the end of such practices can increase the country’s fiscal income while allowing tax cuts for Americans.
Lutnick also believes that Trump’s plan for a US $ 5 million visa will bring more fiscal income.
Trump’s plan for a tax cut of $ 4.5 trillion was approved by the House of Representatives led by Republican in February, as part of a bill that described a broader agenda for immigration, trade and defense expenditure. The bill will now face the voting in the Senate.
While Trump encouraged tax cuts, he also tried to cut government spending and reduce the country’s fiscal deficit, despite the steps- especially those carried out by the government efficiency department- had caused various reactions.
The main point of quarrels is the mass shooting of federal workers in several institutions.
Concerns about economic disorders under Trump, especially from the tariff agenda, encouraging US recession fears in recent weeks. When asked about this issue, Lutnick told CBS that it would be “commensurate” in risking the recession to encourage Trump’s policy.
Source: Investting.com
