REPORT: IRS Data Shows Trump Tax Cuts Benefited Working Class Americans Most
For years now, whenever Democrats have talked about the Trump tax cuts, they have insisted that they only benefited the rich, but that’s simply not true.
In fact, the people who benefited most economically under Trump, in part because of his tax cuts, were working-class Americans.
IRS data backs this up.
Justin Haskins writes at The Hill:
IRS data proves Trump tax cuts benefited middle, working-class Americans most
President Biden and congressional Democrats’ Build Back Better (BBB) Act is now in the hands of the Senate. That legislative body’s 50-50 partisan split will undoubtedly make the bill’s passage difficult.
In order for BBB to become law, Democratic Senate leadership will need to convince moderates such as Sens. Kyrsten Sinema (D-Ariz.) and Joe Manchin (D-W.Va.) that the legislation’s $2.4 trillion price tag can be offset by expanding the IRS and its enforcement efforts while imposing substantial tax reform measures.
Congressional Democrats have argued that one of the best ways to pay for the legislation is to raise taxes on wealthy households, which, according to many on the left, have benefited disproportionately and unfairly from the 2017 tax reform law passed by Republicans and signed by former President Trump. The latest data, however, proves that this claim is pure mythology…
A careful analysis of the IRS tax data, one that includes the effects of tax credits and other reforms to the tax code, shows that filers with an adjusted gross income (AGI) of $15,000 to $50,000 enjoyed an average tax cut of 16 percent to 26 percent in 2018, the first year Republicans’ Tax Cuts and Jobs Act went into effect and the most recent year for which data is available.
You won’t hear that from the liberal media.
Oops. This doesn’t fit the narrative. https://t.co/QEHKN59LMS
— Ryan Petty (@rpetty) December 5, 2021
Trump was right… again.https://t.co/pZhesjbDt2
— Ben Bradshaw (@BBontheRadio) December 5, 2021
This is one of the reasons why so many working-class people backed Trump.
No comments