Income Tax Going To Be Eliminated In New York State?

It might soon be much cheaper to live in New York State. Last week President Trump announced he plans on eliminating the Federal Income tax for anyone making less than $150,000 per year.

But there is a catch to it. President Trump said that we would eliminate the income tax for people who make less than $150,000 per year after the US government balances the federal budget.

The last time the Federal budget was balanced was back in 2001. It is possible to get it done? Will it happen while Trump is in office? Maybe, we sure hope that it does because it would mean more money in the pocket of workers.

In 2024, the average salary for workers in New York State was just over $74,000 per year. If/When this income tax removal gets put into place millions of people would benefit from it.

The current Federal income tax is between 12% and 24% depending on whether you file as a single person or jointly as a family. It is also based on how much you make.

At the time of this writing the US Government was 36.22 trillion dollars in debt. There would have to be massive cuts and savings across the entire country and beyond to bring that debt down to zero to balance the budget.

You can track the national debt HERE.

Do you think the US Government can balance the budget within the next four years to have the Federal income tax eliminated for certain workers?

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