General Discussion

"President Donald Trump has flirted with the idea of abolishing the IRS and creating a revenue stream from tariffs to offset major tax cuts. His latest pitch reportedly calls to end taxes for individuals earning less than $150,000 a year.

“I know what his goal is — no tax for anybody making under $150,000 a year,” Commerce Secretary Howard Lutnick told CBS News. “That’s his goal. That’s what I’m working for.”

Lutnick later walked his assertion back adding that Trump would consider such a massive tax cut if he were able to balance the budget (a feat that hasn't been accomplished since 2001 under the Clinton administration, when the U.S. last experienced a fiscal year-end budget surplus). The U.S. has only experienced a budget surplus four times in the last 50 years, according to the U.S. Treasury Department.

https://www.kiplinger.com/taxes/trumps-latest-pitch-no-taxes-if-you-earn-less-than-usd150k