Good News for US Citizens: Trump has already talked about re-implementing his 2017 tax cut bill. Trump’s plans include not imposing any kind of tax on service charges. There should also be no tax on overtime earnings.
Donald Trump Plan: In our country, from April 1, 2025, there will be no income tax on income up to Rs 12 lakh. Currently its limit is up to Rs 7 lakh. While presenting the general budget on February 1, Finance Minister Nirmala Sitharaman gave a big relief to the citizens regarding income tax. But do you know on how much income people have to pay income tax in super power America. US President Donald Trump is planning to completely abolish income tax for those who earn 150,000 US dollars (about 1.25 crore rupees) or less annually.
At present, 22 percent federal tax has to be paid
This plan of the US President was claimed by Commerce Secretary Howard Lutnick during an interview. Currently, a person in the US who earns 150,000 dollars annually has to pay 22% federal tax. But Trump’s intention is that there should be no tax on income up to 150,000 dollars. Trump has already talked about re-implementing his 2017 tax cut bill. Trump’s plans include not imposing any tax on service charges. There should also be no tax on overtime earnings. His intention is that there should be no tax on the social security (pension like scheme) of senior citizens. There should be tax exemption for ‘Made in America’ (products made in America).
No tax on overtime income
Commerce Secretary Lutnick said, ‘No tax on tips, no tax on overtime, no tax on social security, these are the things that will change America.’ ‘I know what Trump’s target is, absolutely no tax for people who earn less than $150,000 annually. This is his dream and I am working on it.’ Defending Trump’s economic policies, Lutnick said, ‘These policies are the most important things for America so far.’ ‘If there is a recession in America, then the reason for it is the policies of the Biden government.’ ‘Trump’s policies increase revenue, growth and factory construction.
It can become the most popular law in history
However, it is not yet clear how the Trump administration will implement such a huge tax exemption and how the government’s income will be compensated. After these news came out, many people on social media praised Trump’s plan. One user wrote, ‘This can become the most popular law in the history of America.’ Another user wrote, ‘Not imposing tax on those earning less than $ 150,000 will be a very good step. This will benefit millions of people and will also strengthen the economy.’ If this rule is implemented by Trump, then it can be very relieving for the middle class of America.
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