Usa & Nbsp; News: US Commerce Secretary Howard Lutnik has introduced a comprehensive tax scheme, which can make millions of Americans tax free. In an interview given to CBS, Lutynik said that former President Donald Trump is insisting on abolishing federal taxes for those whose annual income is less than $ 150,000.
Lutnik said, "I know what Trump’s goal is. Any person who earns less than $ 150,000 per year will not be taxed. This is their purpose and I am working in this direction."
US Commerce Secretary Howard Lutynik said this thing & nbsp;
Howard Lutnik did not stop here. He offered several important suggestions to further reduce the tax burden of Americans. They said, "There is no tax on tips? There is no tax on overtime? There is no tax on social security? All these things should not be taxed." He said that he is adopting an aggressive approach to tax improvement.
If the proposal of Trump applies, then any person with income less than $ 150,000 (about ₹ 1.3 crore) will be fully exempted from taxes. Lutnik stressed this plan as important, that it is his current mission to make it a reality.
Modi government also gave the middle class gift
Finance Minister Nirmala Sitharaman presented the second full budget of Modi 3.0 in Lok Sabha on 1 February 2025. In this budget, giving a big relief to middle class taxpayers, it was announced to make income up to Rs 12 lakh tax. The last several budgets were expecting a change in the tax slab and finally a new income tax structure was introduced in the budget 2025. Under this, taxpayers with annual income up to Rs 12 lakh will be given full tax exemption.
Budget 2025 major changes:
- Annual income tax-free of up to Rs 12 lakh: Now people earning up to Rs 12 lakh will not have to pay any income tax, which will give great relief to the salary class.
- Increase in standard deduction: It was increased from Rs 50,000 to Rs 75,000, which will save additional to taxpayers.
- Change in tax slab: The government has implemented a progressive taxation to reduce tax burden on middle-class, making tax structure more balanced.