Trump REVEALS *When* "No Tax on Under $150k Income"

yesterday the Trump Administration told

us no tax on under

$150,000 of income per year is the goal

mind you if you make exactly $150,000 a

year you pay the government

$337,000 that's just the federal

government don't mind sales tax

registration fees and all the other BS

it's a lot of money people work hard for

this money but there's been some talk

about the realism of this and today we

get some insights thanks to another

interview with Mr lotnik we get some

insights in terms of when we might

expect this no tax on under $150,000 and

we'll go through some of the realism of

the claims so that way you can make an

educated informed decision now in case

you missed yesterday's video here's just

a quick reminder of the 10-second clip

of what the promise was and then I want

you to hear the promise here which is is

a goal he does make it clear it's a goal

uh and then you could hear the follow-up

comment today and how things are getting

revised a little bit and where we stand

now let's listen in this was

yesterday I know what his goal is no tax

for anybody who makes less than $150,000

a year that's his goal that's the goal

that's what we heard now Martha McCullum

who is a straight shooter she hits right

to the core hey first thing hey you said

no tax on $150,000 tell us some more

about this also

when we're going to get that in this

video let's get into it here today great

good to see you um so so what about that

you said on CBS that President Trump

wants no taxes on people making below

$150,000 annually and um our sources are

saying that the treasury Department uh

doesn't have any plan to put that into

action no no that's taking it out of

context what we discussed was when the

president balances the budget

his first move is going to be uh he has

suggested that he would like to wave

taxes for people under

$150,000 that's that's aspirational that

when we balance the budget and let me

tell you he's got a plan to balance this

budget right we are going to take a

trillion dollars out of the waste Fraud

and Abuse of our all of our entitlements

and all of our systems and all of our

waste wait a second waste Fraud and

Abuse a trillion dollars waste Fraud and

Abuse this is important

because so far we've been making some

progress but it's been a little bit of

one step forward two steps back that's

because the government expenditures so

far under the Trump Administration and

through February have been the highest

that we have ever seen so spending in

February for any other February in

history for the United States has been

the highest ever now of course the Trump

Administration argues that's because of

the lingering programs of the B

Administration and that's what they're

trying to fix okay fine but spending has

gone up now we do have Doge that's

working to help and if we take Doge at

what they say as 100% credible let's

make that argument okay they claim right

now they've saved about $18

billion in American taxpayer money which

is great let's assume for a moment that

they're 100% correct because there are

allegations that they double count

triple count they count old contracts

that had already been cancelled they

count uh you know as the same weight

recurring and non-recurring contracts

which you know that's important if we

want no taxes $150,000 we need to save

this money every single year so you know

cutting a one-time expense is great but

cutting a recurring expense like a

salary for a de worker let's just say

you know somebody working on

implementing

Dei that you know obviously uh is

recurring that saves more money so let's

say that doge is right and the amount

that they've claimed of $18 billion of

savings is accurate well that works out

to about

$16.88 per taxpayer in savings which is

good but we're not quite yet there where

we're making enough money to offset the

taxes we're paying under $150,000

remember people making 150k $37,000 in

taxes you obviously somebody making

$50,000 a year is going to pay a

significantly lower amount in taxes but

still 116 bucks in total savings per

American taxpayer $154 million of them

not quite there and especially since the

Doge dividend is talked about

potentially being a 25% portion of this

we kind of have to evaluate priorities

here like we going to do 25% as a doge

dividend then only 75% potentially goes

to reduction of costs so 25% of Doge

dividend by the way is 29 bucks and if

they kept this cutting up that is every

6ish weeks they were able to cut $18

billion in savings then we can multiply

this 29 doar to figure out an annualized

Doge dividend uh by about 8.6 52 divided

by 6 for 6 weeks says they could cut 18

times 8.6 times so basically $18 billion

16 or eight different periods what do we

get with that well then we get $155

billion of cuts that's great that works

out to a little bit more in terms of a

doge dividend if we could get that kind

of Doge dividend we're talking about

$246 as a doge dividend still a far cry

from being able to offset though the

massive cost uh that that it would take

to overcome to have no taxes on under

$150,000 of income yesterday we

estimated in our video that it would be

about $660 billion so some estimates

vary some are like 575 some are 550 some

are 700 they vary my numbers are $660

billion to

offset $560 billion of uh you know

taxable income that well income that the

government is generating from taxes

we're going to have to do a lot more

work than doge is currently doing now

letnik suggest that's okay because we've

got the green card or the gold card the

new trump card coming you're going to

hear him comment on this it's worth

remembering what we talked about

yesterday was there are2 million people

with $10 million net worths or more

around the world that aren't already in

the United States something I didn't

talk about yesterday is even if you

tempted some people to do it you have to

ask yourself does it make more sense to

spend $5 million for the gold card and I

know this is wrong and you shouldn't do

it I'm just saying does it make sense to

get married to a citizen in the US and

do it basically for free you know plus

the cost of your wedding you could have

one hell of a glorious wedding for $5

million I'm just saying okay anyway uh

so I I think there's High bar here for

how many people are really going to go

for this five Bill $5 million trump card

I think what you'll find is you'll have

a lot of people who want to sort of say

oh I'm friendly with Trump you know I'm

a Saudi Prince I don't even want or care

about American citizenship but I have

billions of dollars so let me go buy the

gold card cuz it's cool I think that's

going to be more of your customer than

people who actually want to come over

but anyway let's keep listening and then

we are going to raise a trillion dollars

that's the trump card the Trump gold

card is going to be a huge Revenue

producer tariffs are going to be a huge

Revenue producer and then getting rid of

all the tax scams like Ireland making

$75 billion trade you know budget

surplus we've got all the ships of the

world having Liberian I mean imagine a

Liberian flag so they get out of paying

us taxes you cut all that stuff out you

got to you know he's starting to sound

more and more Trump every day you got a

Liberian flag I can't believe they're

flying the Liberian flag anyway I had to

do that okay let me explain that quickly

the reason I want to explain this stuff

by the way is because I want you to be

able to look at the these numbers or at

least listen to these numbers and ask

yourself does it sound realistic that

we're going to be able to cut out taxes

on those making under two or $150,000 a

year and so far Doge does not quite get

us there and and the numbers that I was

doing for Doge we're assuming that Doge

can do the same amount of cutting the

rest of the year that they've done the

first six weeks but usually what happens

if you go around with the axe you're

taking around the easy to cut stuff

first the low hanging fruit and then it

actually becomes harder and harder and

harder to save more money without

causing even more disruption so those

are things that we have to be careful of

so

Doge we're also everybody is in support

of government efficiency there's no

doubt about that the problem is the more

you got to cut deeper the more you're

potentially getting closer to those

vital organs right in addition to that

some people wonder what what do they

mean about Ireland and Liberia like why

does this stuff keep coming up all right

let's do a quick explanation so Ireland

has has a corporate tax rate of 122% the

United States has a corporate tax rate

of 21% that's an 8 1.2%

difference so what do multinational

companies do that get revenues from a

bunch of different places around the

world they throw their headquarters in

Ireland and then they pay Irish

corporate taxes you know 12 a half% and

they're like oh look at us we pay less

in taxes because it makes sense why

wouldn't you go where the taxes are the

lowest if you know you could park your

car or a car in Ireland and pay half the

taxes you probably would park a car

there as well because that car would pay

for itself many times over this is

obviously an extreme

example the downside of potentially

going after those companies is raising

the costs for those companies and then

would those C costs get potentially

passed on to us now people like Warren

Buffett say hey if the top 800 companies

paid their fair share we wouldn't have

to tax people because we'd have so much

money in America but some of this goes

into deductions and is it fair that when

Amazon builds a factory they could take

all these deductions and then pay less

in income because they're building

factories and creating

jobs people go back and forth on this

right like is it fair that Amazon

doesn't pay income tax sometimes or

right anyway topic for really for a

different video the other thing though

that Trump has proposed is actually

lowering C corporate taxes in the United

States down to 15% that would make that

Irish spread only 22% instead of 82%

which should make it more desirable to

potentially just stay headquartered in

the United States maybe you could

capture more of those revenues in the

United States uh however now you're

going from 21% to 15% so now you're

losing that of the companies that are

willing to pay that 6%

increase so how do you make that up this

is a hard thing about government is like

everything screws everything up like for

example this Liberian ship scam okay

this is in reference to like I Beria

reducing registration and tonnage fees

for ships uh as well as having limited

beneficial ownership disclosures so it

makes it easier for people to kind of

hide their ownership of of uh you know

basically cargo companies cargo shipping

companies so this is also by the way why

cruise ship stocks have been doing a

little poorly in the last few weeks

because letnik really been targeting the

ship industry and the more he targets

the ship industry the more people at

cruise lines are like oh my gosh you

know we take advantage of convenient

labor laws because we fly either a

Liberian flag or often what you'll see

is like a Bahamian flag or jamaic

whatever um and and one of the reasons

you see that is because you have

substantially fewer labor laws but you

also have lower taxation for these ships

based on the weight of the ships example

you know in America as as soon as you

work your I think it's the seventh day

in a row you have to start getting paid

overtime it's kind of like after eight

hours of work you get paid time and a

half after 12 hours you get paid 2x

right that also works for consecutive

days in a row well the problem with that

is if you're on a cruise ship and you're

on a three-month contract the cruise

ships are used to not actually giving

people a day off they give them many

months off but you work every single day

for the months that you're there so the

style of business that you know they've

aligned with would be screwed if you

change some of these things so there's

the potential downside to the cruise

industry stocks that's why you're seeing

those but there's also the potential

that if you change some of these

Liberian flag rules the costs for cargo

go up and now all of a sudden you have

tariffs increasing costs for goods

coming into the country but also to move

Goods around you increase the cost for

those which could potentially increase

cost for consumers so as usual when we

actually like it's easy for politicians

to spew stuff at us it's really hard to

go one by one and go whoa whoa how much

work is Doge really doing whoa whoa whoa

how much is it really going to have to

take to get to no income taxes on 150k

well what do you mean Irish scam let's

look into that there's a lot yeah maybe

everything together can make it happen

and that's why I think Martha goes right

into okay when how long a balanced

budget but on the way we're going to cut

no tax on tips no tax on overtime and no

tax on social security so how when

should Americans expect a balanced

budget by what is the goal on that smart

next question I love that question think

about it our objective is during

President Trump's term over the next

four years we are going to try to

balance the budget now obviously the

sooner we balance that budget the more

we can all enjoy the possibilities that

are exist under Donald Trump's

presidency you know he would like to

replace the Internal Revenue Service

with the external Revenue Service and

let all those countries who just Le on

our Eon years you're saying it could it

could take as long as four years but oh

no no I don't want it to take four years

we want it to take three we want it to

take three and and obviously

aspirationally I'd really like it to

take two yeah two so they could maintain

seats right because every every

generally a president loses seats during

midterms things just politics becomes

unpopular so you lose seats by

midterms and if they could get to no tax

on 150k by midterms they'd probably gain

seats so that he has the last two years

to hammer away get rid of the Internal

Revenue Service and start to replace it

with

a balanced budget but just to be clear

on this um said that you know no taxes

for people under $150,000 so you're

saying that could happen in the next two

years so I'm just looking at the numbers

here the bottom 90% of U 90% of the US

tax base is people under around

$150,000 that's the way they lay it out

that's $531 billion in federal taxes

it's a quarter of all federal tax

revenue so you're saying in 2 years we

could be in in a position where people

who make under 150k will pay no taxes in

America well this is aspirational right

when we balance the budget that is a

move that the president all right that's

fair so we got to get to the state of

balancing the budget you know people

like VI by the way have made the

argument like oh you know we didn't used

to have an income

tax yeah well things have grown a little

bit since then I'll give you some

numbers here so you can see why it's

problematic to l listen to things that

sound good look what VI is saying sounds

great it sounds wonderful oh no income

tax at all oh that sounds great and he

compares to a time where the majority of

the time the US has been around uh we

haven't had an income tax okay let's

break that down after you hear it look

in the long run I'm of the school of

thought Sean that in the very long run

in the United States I'd like to see the

elimination of the income tax across the

United States of America it was only in

1913 that we adopted an income tax for

most of our national history we didn't

have one I want Americans across the

board to be able to keep as much of what

they earn so they have an incentive to

work an incentive to achieve but I do

think in The Next Step a lot of states

are going to have to step up and lead

the way we sounds I think states can

probably pull it off like California

should not be taxing this much but we

know they waste a lot on stupid things

like a high-speed rail and homelessness

that they don't end up solving we know

there's a lot of waste in government but

let's compare for a moment what our

country was like back then versus now in

1913 which is the year that VI talked

about our government's budget was around

$720 million and you have to adjust that

for inflation so today that's about

$22.8 billion our government today

compared to back then is almost

300 times larger 296 times larger to be

exact that's insane now you might wonder

like wait but like we want smaller

government fair but what did we not have

in

1913 didn't have social security Social

Security began in 1935 21% of our

government spending goes to Social

Security

today okay well I don't know that

everybody wants to get rid of Social

Security Medicare started in 1965 that's

15% of our spending Public Health 133%

military

133% income security so like you know

you're down on your luck I need some

food stamps just to be able to survive

11% so the government has substantially

increased its size in part because it's

providing substantially more social

safety NBS now we might be anti- those

we might be Pro those ultimately that's

your decision but we can't really

compare to 1913 because we're not

comparable at all to those numbers

anymore doesn't mean there isn't there

aren't things to fix but I want you to

think about this from moment World War I

you know how much that cost it was $32

billion back then over 4 years if you

adjust that for inflation that's almost

$900 billion in

$225 okay well what's our current annual

budget for the Department of Defense

it's about $900

billion so that means back then we

spent fighting World War I in four years

what we spend in one year today so we

have four times the military

spending but military spending

represents less than 3% of our economy

this much like if this is our economy

the width of the screen is our economy

we spend like this much on Military

today what did we spend on Military in

on the military in World War I

52% 52% of the economy went to military

spending so now when we put that

together we're like okay well if

52% of our spending back then went to or

or of our entire economy right all of

GDP went to the military today it's only

3% that means we basically had a

majority military economy back then and

that's true I mean women were pumping

lead in uh in factories to manufacture

bullets and bombs we had a wartime

economy everybody was based basically

involved in the war

effort super different than compared to

today 3% of our dollars or 3% of our GDP

as wartime uh uh spending so when we

consider that it sounds nice what VI is

saying but it misses some really key

part you know I like this analogy that

if we spend four times uh as much now as

we did during World War I inflation

adjusted then what I could really do is

take 3% divided by 4

75 back then it was 52% of our GDP

divided by 75 yeah right now our

military spending uh or our economy

compared to our military spending is 69

times larger than what it was back then

just sort of another analogy to show you

how huge everything has gotten I mean In

fairness the United States back then

like people were like oh well in the

19th century the United States was able

to raise a lot of revenues through

tariffs yeah but the government was a

fraction of the size a government was

like on10th the size of what it was in

1913 in the Civil War and that was also

a wartime effort you know it grew 10x

between the Civil War and World War I so

you're really talking about a baby of a

Government Federal Government I mean we

still we're we're knocking on the door

of the colonic era right where the

colonies had to stamp Duty their own

revenues so the federal government

barely existed for what 70 years at that

point 7 80 years so anyway these

comparisons to history we have to be

really careful about and I'm trying to

provide you that Insight because even

things that we take for granted today

like police and fire and public schools

which a lot of those are funded by local

taxes right property taxes or sales

taxes those didn't exist back then so

again some explanations on how things

are different let's listen to a little

bit more letnik though has on his mind

and that he has discussed balance the

budget and then let's take care of all

of the people like you said the 90% of

Americans who are 150,000 or less that's

why they elected Donald Trump that's why

you've got Elon Musk and Doge you know

everybody forgets why if you take a

trillion out of the waste fraen abuse of

our systems and then you have the

tariffs leading what Donald Trump is

leading with and then you produce drill

baby drill right and then you have the

trump card probably raising between 500

billion and a trillion dollars a year

you've got a balanced budget you got a

fundamental change of Amica yeah yeah

just remember raising 500 to 1 trillion

per year that means you've got to get to

get to a trillion you've got to get to

200,000 people every year buying the

gold card the Trump gold card so far

Howard how many how many people well we

are going to have a we're going to

announce over the next two weeks a pilot

program which is going to help Congress

be able to score that in and help this

reconciliation bill but we expect tens

of thousands I mean just the inquiries

I've had tens of thousand isn't 200,000

but okay tens of thousands of

applications at $5 million each we are

working our tailes off to balance the

budget for the American people and for

Donald Trump that's why the elected

Donald Trump and he is working really

hard at it you say the goal is in the

first two years that would be when the

midterm comes up so that would be a

pretty big deal let me ask you about

this I want to play this because Doug

Ford and you are about to meet correct

the premier from Ontario lot of heated

conversation going back and forth I

should dou for is coming and the

Minister of Finance is coming so the

central government is coming as well so

Doug Ford was always a big Trump fan um

but now he's saying that you know he

feels that the United States has turned

the guns on their closest Ally he says

it's so disappointing I'm sure you're

going to hear some of this in a few

minutes from him that you are the US is

attacking the families of Canada the

food on their tables but here let's go

do call for number one the back and

forth between President Trump today and

Doug for why yeah this this we don't

need their cars we don't need their

energy we don't need their Lumber we

don't need anything they have we're your

largest customer there's no one that

buys more Products off the United States

than we do you're going to be paying a

lot more for everything right across the

board because you can't get aluminum

anywhere else you only produce you can

okay I'm going to summarize the rest of

this first of all the UAW the United

Autos Workers Union they want more

tariffs why because tariffs are

protectionist and they help protect

union worker jobs the problem is you've

got less than half a million Union Auto

Workers that actually work right now

you've got maybe 700,000 UAW retirees so

you're paying a lot of retire benefits

for UAW Auto Workers uh but that's

redundant UAW anyway uh but you've got

about 400,000 people who are actively

working less than half a m let's go with

half a m for for a moment half a million

actual workers divided by the workforce

that we have today of 154 million is

less than onethird of 1% of workers so

to protect the auto worker what you're

doing is you are helping one less than

1third of 1% of workers in America at

the cost of the other 99 and

23% because they might have to pay for

more expensive cars that's the idea of

this right that n usmca uh you know

aluminum trade and existing Supply

chains made everything more efficient

and cheaper over

time so the consumer could benefit when

we want to rebuild those Supply chains

what we do is what happened during covid

we raise costs because we break Supply

chains we raise costs we have to rebuild

them we have to Reg globalize and all of

that is hard it takes time consider for

example an an aluminum you know

electrolysis plant for example it takes

massive energy infrastructure it takes

massive Investments and probably take

somewhere around 2 to 3 years to

actually get done so all that said some

of the things we're hearing here they

sound good but when we actually look at

the numbers there are some problems

anyway thanks so much for watching I

hope you found this Insight helpful and

we'll see you all in the next one

goodbye and good luck do not advertise

these things that you told us here I

feel like nobody else knows about this

we'll we'll try a little advertising and

see how it Go congratulations man you

have done so much people love you people

look up to you Kevin P there financial

analyst and YouTuber meet Kevin always

great to get your take