by Peter Schiff, Schiff Gold:
Freshly-confirmed U.S. Commerce Secretary Howard Lutnick recently appeared on CBS News, declaring that President Trump aims to eliminate income taxes for Americans earning less than $150,000 per year. Lutnick touted Trump’s vision for tariffs to replace the revenue lost from this massive tax cut.
“That’s his goal. That’s what I’m working for.”
It’s a bold statement, one that taps into a very Trumpian populist vein and promises relief for the vast majority of taxpayers—over 90% of Americans fall into the $150,000-or less club.