No Taxes on Americans Making Less than $150,000

The current Commerce Secretary, Howard Lutnick, recently gave an interview where the administration is floating the idea of no taxes on American taxpayers who make less than $150,000 per year. This would mean no federal income taxes or payroll taxes on the first $150k of earnings.

In this video we break down the proposal and the impact on the loss federal revenue using the IRS statistics on returns filed and taxes collected.

Sources:
IRS Statistics: https://www.irs.gov/statistics/soi-tax-stats-individual-statistical-tables-by-size-of-adjusted-gross-income

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