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Former U.S. President Donald Trump has unveiled a sweeping tax proposal as part of his 2024 presidential campaign, which could result in nearly 93 million Americans being exempt from paying federal income taxes. 

According to a report from CNBC, Trump’s plan is designed to ease the tax burden for middle- and low-income households, a key component of his economic platform as he seeks re-election.

The proposal, if implemented, would raise the standard deduction to $100,000 for married couples and $50,000 for single filers. 

This means individuals earning below these thresholds would no longer be required to pay federal income tax, a move that could drastically reduce the tax bills of many American families. The current standard deduction, set at $27,700 for married couples and $13,850 for single filers, would more than triple under Trump’s new plan.

Critics, however, have raised concerns about the impact such a policy could have on the federal budget. Some analysts argue that exempting millions of Americans from federal income taxes could lead to increased deficits and reduce government revenue needed for critical services. 

Supporters of Trump’s plan, on the other hand, believe that it could stimulate economic growth by putting more money into the hands of everyday Americans and boosting consumer spending.

During a campaign event, Vice President Kamala Harris responded to Trump’s tax plan by stating that Democrats are focused on economic policies that balance tax relief with sustainable government funding. 

Harris emphasized the need to prioritize the working class while ensuring that federal programs remain adequately funded.

Trump’s proposal is expected to become a major talking point in the 2024 election campaign, with tax policy emerging as a key issue for voters as both parties outline their economic visions for the future of the country.