Washington, DC — The nonpartisan Tax Foundation has found that Biden’s claims about the Trump tax cuts, specifically that the Trump tax cuts have only benefited the wealthy, are not based in fact. According the the analysis of Congressional Budget Office (CBO) data, the Republican passed Tax Cuts and Jobs Act cut taxes across the board while increasing the share of taxes paid by the top one percent.
The media and President Biden have consistently misrepresented President Trump’s signature tax reform legislation. During the 2020 campaign, candidate Biden promised to undo all of the Trump tax cuts on “day one”. Fortunately for the economy and country, Congress has not allowed the full Biden tax hike agenda to become law. The Biden tax plan if implemented would destroy millions of jobs while wiping out small businesses and family farms across the country.
According to a Republican press release on the study, other main points include:
- TCJA lowered the average federal tax rate for all filers: TCJA reduced the average federal tax rate from 20.8percent to 19.3 percent for all filers.
- The lowest income earners paid less in taxes: The bottom 20 percent of earners saw their average federal tax rate fall from 1.2 percent to 0 percent – a lower rate than the previous 40-year average.
- The highest earners paid the highest share of taxes: The top 1 percent of households saw their share of federal taxes paid increase from 25.5 percent in 2017 to 25.9 percent in 2018.
Don’t expect to hear any of this information in the main stream media — stay tuned to AMAC media for more updates from our team in Washington DC.
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