In an attention-getting proposal attributed to U.S. Commerce Secretary Howard Lutnick, President Donald Trump aims to eliminate income taxes for individuals earning less than $150,000 annually. This initiative aligns with his broader tax policy vision,

President Donald Trump has called for raising taxes on carried interest, a form of income earned by hedge funds and private equity. Trump and other critics, generally liberal Democrats, maintain that the current tax treatment of carried interest amounts to a loophole that benefits some of the richest people in the country.