Higher Gas Prices Trump Said He Has ‘Power Over’ Wipe Out Trump Tax Gains
May 10, 2018
The Trump tax gave over 80% of its benefits to the richest 1 percent of Americans, at the expense of lower- and middle-class families. Now, rising gas prices, which Trump previously said the president has “tremendous power over,” are wiping out the limited benefits the Trump tax gave to working families.
Higher gas prices have already wiped out most of the limited benefits the Trump tax gave to working families.
CNN Money: “Higher Gas Prices Could Spoil Trump’s Tax Cuts”
USA Today: “Higher Gas Prices Are Eating Into Trump Tax Cut, Trimming Spending By Americans”
Yahoo Finance: “Gas Prices Will Likely Wipe Out Trump Tax Cut Gains For Millions.”
CBS News: “Meanwhile, costlier gasoline has already eaten up a good chunk of the money Americans saved from the tax cuts.”
Rising gas prices more than offset the nominal gains that low-income families got from the Trump tax.
Wall Street Journal’s Daily Shot: “Rising Gas Prices More Than Offset Tax Cuts For Low-Income Americans”
Yahoo Finance: “While a $1 increase would be required to cancel out benefits for families of all income levels, lower-income families’ gains would be wiped out much more quickly. In fact, Deutsche Bank analysts expect this to happen sometime this year for these lower-income groups, as the rise in disposable income gets eclipsed by rising oil and gas prices.… The tax cuts heavily favor wealthier households, giving them more of a push even if they’re paying more in gas. For the bottom 20% of families by income, the tax cut gains are only around $50, according to the U.S. government’s Joint Committee on Taxation.”
Trump previously claimed the president has tremendous power over gas prices, and promised to “lower the price of energy.”
Trump: “The other would be Obama saying very strongly that the president has absolutely no power over the price of gasoline or the price of oil, which is totally false by the way. Totally false, he has tremendous power over it. Tremendous power, including doing a number on OPEC like they wouldn’t even be there if it weren’t for us. So the president has tremendous power over the price of energy, but over the price of oil or gasoline. But his soundbite that he has absolutely nothing to do and no power over the price of gasoline is a disaster for him.”
Trump: “Gas Prices Are At Crazy Levels—Fire Obama!”
Trump: “Why Is Crude Oil Priced At $86/Barrel? OPEC Is Ripping Us Off. Not Worth $30/Barrel. America Needs New Leaders.”
Trump: “Lifting restrictions on oil and coal and natural gas and all sources of American energy. This will create millions of jobs and lower the price of energy and your electric bill and every other bill for the American household.”