White House [Public Domain]
New data released by the IRS has proven Trump right about the tax cuts passed during his time in office.
According to Townhall:
Democrats including President Biden, Nancy Pelosi, Chuck Schumer, and most of the mainstream media have trotted out the claim that President Trump’s tax cuts only benefited wealthy Americans. This dubious line has been used in attempts to justify the tax increases that will be necessary to fund President Biden and congressional Democrats’ woke and expensive Build Back Better Act that now faces an uphill battle in the United States Senate. The only problem with their claim about Trump’s tax cuts, not a rare one for Democrats seeking to force their agenda on the American people, is that it’s just not true.
Thanks to data review and number crunching done by the Heartland Institute’s Justin Haskins and published over the weekend in The Hill, the IRS’ own ledgers prove that, as Republicans in Congress and President Trump said, the Tax Cuts and Jobs Act gave the most tax relief to working-class Americans — not the wealthy who Biden says need to “pay their fair share.”
As it turns out, and contrary to what Democrats are asserting, the Trump tax cuts led those with an adjusted gross income of $15,000 to $50,000 to see an average tax cut of 16 percent to 26 percent in 2018, the first filing year under Trump’s tax policy.
Those making $50,000 to $100,000 saw a reduction in their tax bill of 15 percent to 17 percent. Americans earning $100,000 to 500,000 saw a tax cut between 11 percent and 13 percent. As Haskins explains in his op-ed on the data in The Hill, “by comparison, no income group with an AGI of at least $500,000 received an average tax cut exceeding 9 percent, and the average tax cut for brackets starting at $1 million was less than 6 percent.”
The cuts also generated record amounts of revenue for the federal government.