Trump Tax Proposal Passes House, Awaits Senate Approval

President Donald Trump is proposing to eliminate taxes for individuals earning less than $150,000 per year, according to Commerce Secretary Howard Lutnick. This proposal is part of a broader tax strategy that includes reducing corporate taxes and targeting overseas tax fraud to offset revenue losses. Critics express concern that eliminating these taxes could lead to increased national debt or cuts to essential programs like Social Security and Medicare, which are funded by payroll taxes. Lutnick suggests that tariffs on foreign nations and curbing tax evasion could compensate for the revenue shortfall. However, the plan has sparked debate over its feasibility and the potential impact on lower-income Americans and federal programs. The proposal awaits approval from the Senate after passing the Republican-led House of Representatives.