Dems including President Joe Biden, Chuck Schumer, Nancy Pelosi, and most of the mainstream media have used the claim that President Donald Trump’s tax cuts only helped wealthy Americans. This crazy idea has been used to justify the tax boosts that will be needed to fund President Joe Biden and Democrats’ new and super expensive Build Back Better Act that now is coming under an uphill battle in the U.S. Senate. The only issue with their claim about Donald Trump’s tax cuts is that it is simply not true.
Thanks to information reviews and a number analysis done by Justin Haskins, of the Heartland Institute and released over the weekend within The Hill, the IRS’ own data prove this, as GOP members in Congress and President Donald Trump said, the Jobs Act and the Tax Cuts gave the highest tax relief to normal working-class people — not the wealthy who Joe Biden say must “pay their fair share.”
— The Hill (@thehill) December 4, 2021
Contrary to what Dems are always reporting, the Trump tax cuts caused adjusted gross income of $15,000 up to $50,000 to get a tax cut average of 16 percent up to 26 percent for the year 2018, the first filing year under Donald Trump’s new tax policy.
Those earning $50,000 to $100,000 witnessed a lowering in their tax bill of 15 percent up to 17 percent. Americans bringing in $100,000 up to 500,000 witnessed a tax cut from 11 percent up to 13 percent. As Haskins says in his op-ed on the details in The Hill, “in comparison, nobody with an AGI of at least $500,000 got an average tax decrease going past 9 percent, and the average tax reduction for brackets beginning at $1 million was under 6 percent.”
So in other words, Donald Trump was right and the Dems were wrong — both right now and back then. As some economists point out, Donald Trump’s adjustment of the country’s tax policy actually made taxes even more progressive, not less. But Joe Biden’s party wants to continue its lies about what Donald Trump’s tax cuts did and what Joe Biden’s budget would do as Democrats work to deliver on Biden’s promises ahead of the upcoming midterms.
Author: Blake Ambrose