Fiscal Econ 1, Trump's plan of zero income tax below $150,000/year

US outstanding public debt, data from Debt to the Penny, Dept of Treasury.

Nearly 2 months old Trump admin until Feb 13, public debt did not increase, declined by $1 billion. In contrast, Biden admin two months before the Nov. 4 elections, public debt increased by $540.6 billion or average of $9 billion/day increase hoping they could bribe more voters to support Kamala and the Democrats.

The former is an example of fiscal discipline and responsibility. The latter is an example of fiscal imprudence and irresponsibility. And many people are angry at Trump (smiley)

Next fiscal move by Trump is a new law that will have zero tax on tips, zero tax on overtime pay, zero tax on social security payments. And soon zero tax on income below $150,000/year. 

Income tax revenue decline will be compensated by spending cut, bureaucracy cut, higher revenues on sales tax and import tariff. The never-Trumpers and TDS camp will be unhappy again.  

No taxes if you earn under $150k in the US: Trump’s radical plan to rewrite America’s tax code revealed

Trump’s proposal, if implemented, would exempt anyone earning below $150,000 — about ₹1.3 crore a year — from paying taxes. Lutnick emphasized that making this goal a reality is his current mission.

Business Today Desk, Mar 13, 2025,

https://www.businesstoday.in/world/us/story/no-taxes-if-you-earn-under-150k-in-the-us-trumps-radical-plan-to-rewrite-americas-tax-code-revealed-467957-2025-03-13 

Trump eyes no taxes for Americans making less than $150k, says Lutnick

The plan could offer $24,000 in relief for some taxpayers, but experts warn of consequences.

Leo Almazora, MAR 14, 2025
https://www.investmentnews.com/tax/trump-eyes-no-taxes-for-americans-making-less-than-150k-says-lutnick/259713

 

Lutnick Explains Trump Plan To Eliminate Taxes For Those Earning Under $150,000

Tyler Durden, MAR 15, 2025
https://www.zerohedge.com/political/lutnick-explains-trump-plan-eliminate-taxes-those-earning-under-150000

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See also:

Fiscal Irresponsibility 35, The AFP and PCG lobby for trillions pesos procurement

Fiscal Irresponsibility 37, On the $14 billion/day increase in US public debt, October 26, 2024

Fiscal Irresponsibility 38, Biden vs Trump borrowings, March 01, 2025