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This tax-slashing idea could directly benefit an estimated 85% of Americans—effectively turning the entire U.S. tax code on its head if implemented. But make no mistake, this isn’t some random pitch. Lutnick framed the proposal as a return to America’s original financial philosophy.
“America was built on tariffs with no income tax. No income tax until 1913. None, greatest, richest country in the world,” Lutnick explained, referencing the nation’s pre-World War I era. “So when Donald Trump says, ‘Make America Great Again,’ what he’s talking about is from 1880 to 1913, when the country had so much money that we had blue-ribbon commissions to try to figure out how to spend the money. And no income tax.”
He continued, “Then we put in the income tax in 1913. Why? Because we’re entering World War I, and don’t we all need to contribute to protect democracy and protect our way of life?”
During a separate interview with CBS, Lutnick doubled down, floating a wide range of populist economic reforms that could completely reframe how Americans think about taxation.
“How about no tax on tips? How about no tax on overtime? How about no Social Security? How about all those things?” he asked, pointing out the burdens workers face through payroll deductions—not the benefits they receive.
“These are the kind of thoughts that will change America,” he said.
“I know what his goal is,” Lutnick added, referring again to Trump. “No tax, for anybody who makes less than $150,000 a year. That’s his goal. That’s what I’m working for.”
Lutnick admitted that a rough patch in the economy might be necessary to bring Trump’s vision to life—but insisted the outcome would be well worth it.
“These policies are the most important thing America has ever had,” he told CBS. “It’s worth it.”
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He didn’t hold back when pointing fingers at the current administration for the nation’s financial troubles. “The only reason there could possibly be a recession is because the Biden nonsense that we had to live with. These policies produce revenues. They produce growth. They produce factories being built here,” Lutnick said.
If Trump returns to the White House and this plan becomes reality, it could usher in a tax revolution unlike anything seen in modern history. For millions of Americans living paycheck to paycheck, the promise of zero income tax could be a game-changer.
But that “if” looms large. First, the federal budget has to be balanced—a Herculean task in today’s debt-laden political landscape. Still, Trump’s willingness to sign on to such a sweeping policy shows just how bold his second-term agenda could be.
