Fact Checker: Biden’s false claim that no one but the rich got Trump’s tax cuts
By Glenn Kessler Glenn Kessler The Fact Checker Email Bio Follow May 1 at 3:00 AM “There’s a $2 trillion tax cut last year. Did you feel it? Did you get anything from it? Of course not. Of course not. All of it went to folks at the top and corporations.” Here we go again. Democrats have long attacked President Trump’s tax cut in misleading ways, just as the president had peddled his own share of falsehoods.
But the biggest problem is Biden’s sweeping declaration that “all of it went to folks at the top and corporations that pay no taxes.”As we have explained before, any broad-based tax cut is going to mostly benefit the wealthy because they already pay a large share of income taxes. According to Treasury Department data, the top 20 percent of income earners paid 95.2 percent of individual income taxes in 2017. The top 10 percent paid 81 percent. The top 0.1 percent paid an astonishing 24.
Moreover, when both the Joint Tax Committee and the Tax Policy Center looked at the impact of the tax bill, they concluded that in 2018, most people would see an overall reduction in taxes. The Tax Policy Center found that 80.4 percent of all taxpayers would have a tax cut, compared with about 5 percent experiencing a tax increase. In the middle quintile, 91 percent would get a tax cut, averaging about $1,090, with 7.3 percent facing a tax increase averaging about $910.
The left-leaning Institution of Taxation and Economic Policy acknowledges that most people would get a tax cut but says the tax changes as a share of pretax income are larger for the wealthy. The average pretax share is estimated to be 2.1 percent for all taxpayers in 2018, but the richest 1 percent would get 2.6 percent and the middle quintile would receive 1.6 percent, ITEP said.
When we queried the Biden campaign, we first received a series of links to articles that discussed how by 2027, middle-class taxes would rise under the tax law. That’s because the individual tax cuts expire over the course of the decade. Republicans structured the tax cut this way to keep the whole package — especially the corporate tax cut — in a budget box that allowed only for a $1.5 trillion increase in the federal deficit over 10 years.
“As he told the Teamsters Local 249 yesterday, Joe Biden is committed to reversing the Republican tax plan because it is overwhelmingly a giveaway to the wealthy and big corporations that hard-working families can’t afford,” said spokesman Andrew Bates.
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