Vol. 4: Trump’s Broken Tax Promises
November 29, 2017
President Trump and his administration have made a lot of promises about their tax plan, all of which have been broken or will soon be broken by the Republican tax plan currently moving through Congress. Here’s just one:
Trump’s Broken Promise #4: Mnuchin promised that only the wealthy would see an increase in taxes under the Republican plan.
Los Angeles Times: “As U.S. Treasury Secretary Steven T. Mnuchin pitched the GOP tax reform plan Monday in Orange County — an area where many residents would be hit hard by proposed eliminations and limits in deductions — he pledged that only California millionaires would see their personal taxes increase under the plan.”
Reality: Joint Committee on Taxation: By 2027, most Americans who make $75,000 or less would pay more in taxes under the Senate GOP bill while the wealthy would get tax cuts.
Washington Post: “The tax bill Senate Republicans are championing would give large tax cuts to millionaires while raising taxes on American families earning $10,000 to $75,000 over the next decade, according to a report released Thursday by the Joint Committee on Taxation, Congress's official nonpartisan analysts. President Trump and Republican lawmakers have been heralding their bill as a win for hard-working Americans, but the JCT report casts doubt on that claim. Tax increases for households earning $10,000 to $30,000 would start in 2021 and grow sharply from there. By 2027, most Americans earning $75,000 a year or less would be forced to pay more in taxes, while people earning more than $100,000 a year would continue to get substantial tax cuts.”
Wall Street Journal: “In 2027, half of all U.S. households would pay more in taxes than if Congress did nothing. That includes 66% of the middle part of the income distribution. Meanwhile, among the top 0.1%, 98% of households would get a tax cut in 2027.”