President Trump recently proposed a significant overhaul of the U.S. tax code, suggesting the income tax could be eliminated for earners under $200,000, relying instead on revenue from tariffs. This proposal caught many congressional Republicans off-guard, as prominent members like Senator Mike Crapo and Representative Lloyd Smucker indicated they were not privy to such discussions. Despite this fresh concept, congressional Republicans are working on tax legislation incorporating Trump's previous proposals, such as not taxing tips and overtime.
Trump suggested the U.S. could cease taxing income under $200,000, proposing to offset revenue loss with extensive tariffs, making radical changes to the tax code.
Republican lawmakers expressed surprise at Trump's tax proposal, stating they had not been consulted and were not discussing it as they prepared their own tax legislation.
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