Joe Biden kicked off his campaign going right after Trump and the massive tax cuts Trump encouraged Congress to pass.
While stumping, Biden stated that “ALL of it [tax cuts] went to the people at the top and corporations that paid no taxes”
The Facts on the Tax Cuts
The Tax Policy Center reported, “Overall, about 64 percent of households paid less in individual income tax for 2018 than they would have under the pre-TCJA law, while about 6 percent paid more.”
The Tax Foundation estimated that roughly 80 percent of those filing a tax return saw a cut, with roughly eight percent seeing an increase.
Did corporations receive a big tax cut?
Absolutely, in most cases, the tax payment went from 35 percent down to 21 percent.
The Tax Policy Center, which is a liberal-leaning organization, by the way, estimated:
Roughly 95 percent of individuals making $300,000-$700,000 per year received a tax cut.
About 82 percent of individuals making $25,000 to $299,000 received a tax cut.
About 27 percent of individuals making less than $25,000 received a tax cut.
Explaining the Cuts
The large break for business was planned, we all knew this going.
The idea behind the tax cut was that businesses would take some of that additional money to raise wages and increase their workforce, which by and large appeared to have happened.
We saw major companies throwing around $5,000 bonuses up and down their employee rosters like it was Christmas morning.
More Americans are also back to work than at any other time in history, so the cuts clearly served their purpose.
Regarding individual tax cuts, the more you make, the more you pay, so the cuts between $25,000 to $700,000 were also expected.
Democrats seem to be focusing on the $25,000 and under, where only 27 percent received a tax cut.
This is very misleading, though, because many of those individuals are already paying little to no taxes anyway, which is why such a low percentage of those individuals benefited from the tax cut.
The one narrative that has been pushed is tax returns were lower, so people were pissed. Well, whether they realize it or not, that was because the government was taking less out of their paycheck.
If those individuals actually used common sense and looked at the money they took home every week compared to last year then added their return, they would find they were actually in the black and DID benefit from the tax cut.
Biden, like his fellow Democrats, is pushing a lie to undermine Trump and mislead Americans about a tax cut that actually delivered as promised.
I would encourage those of you that are cities that have Town Halls to print out these facts and challenge Biden when he makes an appearance. Make him answer for blatantly lying to voters.
The Verdict: 100% FALSE
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