New Data Proves Trump was Right About Tax Cuts

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.

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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.

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Jim
Jim
1 month ago

I have read that Biden himself owes $500,000 dollars in back taxes. As usual, liberals wants to have laws that apply to everyone except them. The vaccine is another example of this.
This entire administration needs to go. They are all corrupt to the hilt.

Nine Island Girl
Nine Island Girl
1 month ago
Reply to  Jim

What about the reveraaaand shaaaapton???

Americafirst
Americafirst
1 month ago

The greatest thing that can happen is for ALL the top Democrats and Rino’s to be arrested and put to death! We are sick to death of them and their criminal backgrounds and their criminal actions of today!

Jawad
Jawad
1 month ago

The DemonCratic fathermuckers are corrupt to the hilt, but it’s ‘YOU have to pay YOUR fair share, not ME or my privileged offspring.’ Well, I am bloody sick of paying ‘my fair share’ while the major offenders go scot-free. We are witnessing the rise of a new upper crust nobility ruling not by Divine Right but by Satanic rite.

jrnhkkdo
jrnhkkdo
1 month ago

This article is dated 12/6, yet there are only 4 comments. My conclusion for the dearth of comments is that by and large most people who read this article either (1) already knew the truth of the real result promised by Trump, and I congratulate them on their intelligence/economic education; OR (2) totally expected the opposite result, as the left/liberals earnestly hoped, but refuse to learn the truth or refuse to believe it because it doesn’t fit their flawed agenda.

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