More Promises Republicans Couldn’t Keep
Republicans have a habit of making promises they can’t keep, and the GOP tax scam is no different. Here’s a look at how four of the promises they made about the proposal fall short, courtesy of NBC News:
“Claim #1: The tax legislation won’t increase the debt. ‘I believe tax reform will lead us back to a balanced budget,’ House Ways and Means Committee Chair Kevin Brady said.”
“The facts: The Joint Committee on Taxation said Thursday that the Senate bill would add $1 trillion to the debt, even after accounting for economic growth, the Washington Post reports. (Senate Finance Committee Chair Orrin Hatch said the JCT analysis isn’t correct, because Republicans are still writing the bill.)”
“Claim #2: The tax plan was designed to benefit the middle class. ‘This is designed to be a middle-class tax cut,’ House Speaker Paul Ryan told NPR.”
“The facts: Under the Senate bill, the corporate tax cuts are permanent, while those for individuals are temporary. So by 2027, even if you exclude the elimination of the individual health-care mandate from the analysis, the Congressional Budget Office says the wealthiest will get a tax cut, while those making less than $75,000 will get a tax increase. (Republicans have said that future Congresses will extend those temporary tax cuts.)”
“Claim #3: Wealthy people like Trump won’t benefit. ‘This is going to cost me a fortune, this thing -- believe me. Believe me, this is not good for me,’ Trump said earlier this week.”
“The facts: The wealthiest, including Trump, are the biggest beneficiaries under the Senate bill. According to the Tax Policy Center, by 2027, the wealthiest get nearly 62 percent of all benefits under the Senate bill (while two-thirds of middle-class Americans would face a tax increase). What’s more, per NBC’s own analysis, Trump and his family could save more than $1 billion under the House bill.”
“Claim #4: The tax cuts would significantly grow the economy. ‘These massive tax cuts will be rocket fuel ... for the American economy,’ Trump said this week.”
“The facts: The Joint Committee on Taxation said the Senate bill would grow the economy by 0.8 percent more over the next decade. That’s growth, but it’s not rocket fuel.”
“The facts: The Joint Committee on Taxation said Thursday that the Senate bill would add $1 trillion to the debt, even after accounting for economic growth, the Washington Post reports. (Senate Finance Committee Chair Orrin Hatch said the JCT analysis isn’t correct, because Republicans are still writing the bill.)”
“Claim #2: The tax plan was designed to benefit the middle class. ‘This is designed to be a middle-class tax cut,’ House Speaker Paul Ryan told NPR.”
“The facts: Under the Senate bill, the corporate tax cuts are permanent, while those for individuals are temporary. So by 2027, even if you exclude the elimination of the individual health-care mandate from the analysis, the Congressional Budget Office says the wealthiest will get a tax cut, while those making less than $75,000 will get a tax increase. (Republicans have said that future Congresses will extend those temporary tax cuts.)”
“Claim #3: Wealthy people like Trump won’t benefit. ‘This is going to cost me a fortune, this thing -- believe me. Believe me, this is not good for me,’ Trump said earlier this week.”
“The facts: The wealthiest, including Trump, are the biggest beneficiaries under the Senate bill. According to the Tax Policy Center, by 2027, the wealthiest get nearly 62 percent of all benefits under the Senate bill (while two-thirds of middle-class Americans would face a tax increase). What’s more, per NBC’s own analysis, Trump and his family could save more than $1 billion under the House bill.”
“Claim #4: The tax cuts would significantly grow the economy. ‘These massive tax cuts will be rocket fuel ... for the American economy,’ Trump said this week.”
“The facts: The Joint Committee on Taxation said the Senate bill would grow the economy by 0.8 percent more over the next decade. That’s growth, but it’s not rocket fuel.”