The Trump administration has unveiled the first phase of its bold plan to abolish the IRS, eliminating income taxes for Americans earning under $150,000 annually.

“I know what his goal is — no tax for anybody making under $150,000 a year. That’s what I’m working for,” Commerce Secretary Howard Lutnick told CBS News Chief White House Correspondent Nancy Cordes.

Infowars.com reports: The move would massively help the majority of taxpayers since, according to the 2022 Census, around 93 percent of working Americans earned under $150,000.

The administration is also looking at eliminating taxes on tips and overtime pay, which Lutnick said “will change America.”

Most citizens would embrace a huge increase in the amount of money they take home at the end of a hard day’s work, and the move would likely make millions of apolitical Americans fans of the MAGA movement.

To assist with the decrease in federal revenue that would come along with the tax cuts, the administration is eliminating government waste and gutting the federal workforce while also bringing in excess money via tariffs on trade partners who have been taking advantage of the U.S. for decades.

See the full interview below: