US President Donald Trump, famous for his strange decisions, has given a big relief to the people of America this time. He is going to give a big gift to crores of Americans.
Just as the Indian government has made annual income up to Rs 12 lakh tax free, Donald Trump is also going to take a similar decision. In India, from April 1, 2025, there will be no tax on income up to Rs 12 lakh. Right now this limit is Rs 7 lakh. Finance Minister Nirmala Sitharaman had announced this in the budget on February 1. US Commerce Secretary Howard Lutnick has told about a tax plan, due to which a large number of Americans will not have to pay tax.
0 tax on Rs 1.30 crore
In a CBS interview, Lutnick said that Donald Trump wants to make income up to $1,50,000 tax free. In Indian rupees, this amount is Rs 1 crore 30 lakh per year. That means a person in America who earns up to Rs 1 crore 30 lakh in a year will not have to pay tax. Currently, 22 percent federal tax is levied on an annual income of $1,50,000 in America. Earlier in 2017, Donald Trump had talked about re-implementing the tax cut bill. Apart from this, Trump plans to not impose any tax on overtime income and service charges.
Overtime income is also tax free
Trump’s new tax plan is going to give a big relief to Americans. Lutnik 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 those who earn less than $1,50,000 annually. This is his dream and I am working on it.” Trump wants that there should be no tax on the social security or pension of senior citizens. Along with this, there should be tax exemption on Made in America products as well.
