Trump’s huge tax move would change everything

News.com.au - 10/04
An ambitious Donald Trump proposal to abolish income tax for millions of Americans could see the President secure an unconstitutional third term, a venture capitalist has claimed.

An ambitious Donald Trump proposal to abolish income tax for millions of Americans could see the President secure an unconstitutional third term, a venture capitalist has claimed.

Mr Trump is floating a tax reform proposal which would eliminate income taxes for Americans earning less than $150,000 per year if his administration is able to balance the budget.

“How about every single person we know pays less tax, how about no tax on tips? How about no tax on overtime? … These are the kind of thoughts that will change America,” US Commerce Secretary Howard Lutnick told CBS last month.

“I know what his (Trump’s) goal is … no tax, for anybody who makes less than $150,000 a year. That’s his goal. That’s what I’m working for.”

US President Donald Trump speaks before signing an executive order in the Oval Office of the White House on April 9, 2025 in Washington, DC. (Photo by SAUL LOEB / AFP)

The bold proposal sparked a debate on social media this week after it was discussed by American-Canadian venture capitalist Chamath Palihapitiya, US comedian Andrew Schulz and o...
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