Commerce Secretary Howard Lutnick stated that President Trump aims to eliminate income taxes for individuals earning under $150,000 a year, according to Benzinga. Lutnick outlined Trump's tax strategy in a CBS News interview, which includes abolishing taxes on tips and overtime and making substantial reductions to individual and corporate taxes. Lutnick suggested offsetting revenue losses from tax cuts by combating overseas tax fraud and introducing a $5 million U.S. visa. Trump's $4.5 trillion tax cut plan, passed by the Republican-led House in February, is pending a Senate vote.
