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Trump Administration Proposes Tax Cuts for 76% of Americans

3/18/2025

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Summary

Story summary

The Trump administration is set to abolish federal income taxes for individuals earning under $150,000, a move that could benefit over 76% of Americans. Commerce Secretary Howard Lutnick emphasized that this initiative seeks to balance revenue losses from tariffs. With Maryland's median household income at $101,652 and New Hampshire's at $95,628, many residents stand to gain significantly.

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Story summary

The Trump administration is set to abolish federal income taxes for individuals earning under $150,000, a move that could benefit over 76% of Americans. Commerce Secretary Howard Lutnick emphasized that this initiative seeks to balance revenue losses from tariffs. With Maryland's median household income at $101,652 and New Hampshire's at $95,628, many residents stand to gain significantly.