Donald Trump
US President Donald Trump, famous for his peculiar decisions, has given great relief to the people of America this time. They are going to give a big gift to crores of Americans. The way the Government of India has made the annual income of up to Rs 12 lakh tax free, Donald Trump is going to take a similar decision. In India, no tax will have to be paid on income from 1 April 2025 to 12 lakh rupees. Right now this limit is Rs 7 lakh. Finance Minister Nirmala Sitharaman made this announcement in the budget on 1 February. US Commerce Secretary Howard Lutnick has told about a tax plan that a large number of Americans will not have to pay tax.
0 tax on Rs 1.30 crore
In a CBS interview, Lutnik said that Donald Trump wants to tax free income up to $ 1,50,000 per annum. This amount is Rs 1 crore 30 lakh per annum in Indian rupees. That is, the person in America who earns up to Rs 1 crore 30 lakh in a year will not have to pay tax. Currently, 22 per cent of Federal Tax is levied in the US on $ 1,50,000 annually. Earlier in 2017, Donald Trump has talked about re -implementing the tax cut bill. Apart from this, Trump’s plan is that there is no tax on the income and service charge received from overtime.
Tax free of overtime also
Trump’s new tax plan is going to give great relief to Americans. Lutnik said, “There is 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, people who earn less than $ 1,50,000 annually, not tax for them at all. This is their dream and I am working on it. “Trump wants no tax on the social security of senior citizens.
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