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Home » Democrats Lying… Again

Democrats Lying… Again

I guess we should be used to it by now. I’ve written on the blog many times how the mainstream media and Democrats love to lie about things that cannot be disproved until time has passed. Of course by then they lie about whatever the current news is. In this case, Democrats and the media spewed lies about Trump’s tax cuts in 2018 – they of course labeled them a give away to the rich.

Well a few years have gone by since he passed that legislation and the IRS has released the data on the tax cuts. Turns out it was hardly a give away to the rich but greatly benefited the lower and middle class. Remember Democrats lie because they know the real truth will be out long after they have moved on to something else. I wonder if they could be lying about Biden’s “build back better” plan? You know the one they claim is “paid for” and won’t cost taxpayers a dime? Well we all know it’s bullshit.

Congressional Democrats have argued that one of the best ways to pay for the legislation is to raise taxes on wealthy households, who, 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, prove that this claim is pure mythology.

Income data published by the IRS clearly show that on average all income brackets benefited substantially from the Republicans’ tax reform law, with the biggest beneficiaries being working and middle-income filers, not the top 1 percent, as so many Democrats have argued.

A careful analysis of the IRS tax data, one that includes the effect of tax credits and other reforms to the tax code, shows that filers with an adjusted gross income 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 are available.

Filers who earned $50,000 to $100,000 received a tax break of about 15 percent to 17 percent, and those earning $100,000 to $500,000 in adjusted gross income saw their personal income taxes cut by around 11 percent to 13 percent.

That means most middle-income and working-class earners enjoyed a tax cut that was at least double the size of tax cuts received by households earning $1 million or more.

What’s more, IRS data show earners in higher-income brackets contributed a bigger slice of the total income tax revenue pie following the passage of the tax reform law than they had in the previous year.

In fact, every income bracket with filers earning $200,000 or more increased its tax burden in 2018 compared to 2017, and every income bracket with a top limit lower than $200,000 paid a smaller proportion of the total personal tax revenue collected.

That means that Republicans’ tax reform law resulted in the tax code becoming slightly more progressive – the exact opposite of what Democrats have claimed over the past four years.

The IRS data further show that the tax reform law – which included a variety of business tax cuts, including a large reduction in the corporate income tax rate – spurred economic mobility.

Every income bracket with a top level lower than $25,000 experienced a reduction in its number of filers, and every income bracket above $25,000 increased in size, with the biggest gains occurring in the brackets with a floor of at least $100,000.

The fact is, Republicans’ 2017 tax reform law did exactly what was promised: It lowered taxes for all income groups, provided the greatest benefits for middle-income households and spurred economic growth that helped to reduce poverty and improve prosperity.

It would be a grave mistake for Democrats to eliminate key parts of this important legislation.

Author’s note: Portions of this article came from The Hill.

1 thought on “Democrats Lying… Again”

  1. Thomas “Pops” Petty

    You know they’ll gut the legislation as soon as they’re able to do so. Congress doesn’t care about taxes because they exist off of graft & bribes. Neither of which is a taxable form of income.

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