Chris Cuomo lied about the Tax Cuts and Jobs Act, claiming that “mom and pop” didn’t see the benefits, while only corporations saw benefits from the tax cut.
“So, let’s look at what [Trump] has done. He’s been rolling back regulations. He’s been cutting taxes. Who saw the benefit? Not mom and pop down on main street, big corporations.”
However, Cuomo is wrong in his suggestion that the middle class didn’t see any benefits from the Trump tax cuts, and people from his own network even disagree with him.
- CNN’s Jake Tapper did his own fact check and concluded: “The facts are, most Americans got a tax cut.”
- CNN’s Jake Tapper also stated: “In fact, estimates from both sides of the political spectrum show that the majority of people in the United States of America did receive a tax cut.”
When Joe Biden made the same suggestion, stating that the tax cuts only benefited the rich and corporations, The Washington Post fact checker gave him four Pinocchios.
“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,” Joe Biden said in April.
“Most Americans received a tax cut,” Glenn Kessler of WaPo wrote.
Still don’t believe us? Take it from the other mainstream and left leaning outlets confirming the good news arising from the TCJA.
- The New York Times flatly stated: “Most people got a tax cut.”
- FactCheck.org stated: “Most people got some kind of tax cut in 2018 as a result of the law.”
- FactCheck.org also stated: “The vast majority (82 percent) of middle-income earners — those with income between about $49,000 and $86,000 — received a tax cut that averaged about $1,050.
Nearly every 2020 Democratic presidential candidate has stated that they want to repeal the TCJA, which would hit the middle class.
The Democrat’s promise to repeal the tax cuts is a promise to raise taxes. If the tax cuts were repealed:
- A family of four earning the median income of $73,000 would see a $2,000 tax increase.
- A single parent (with one child) making $41,000 would see a $1,300 tax increase.
- Millions of low and middle-income households would be stuck paying the Obamacare individual mandate tax.
- Utility bills would go up in all 50 states as a direct result of the corporate income tax increase.
- Small employers will face a tax increase due to the repeal of the 20% deduction for small business income.
- The USA would have the highest corporate income tax rate in the developed world, higher than the United Kingdom (19 percent), China (25 percent), Canada (26.8 percent), and Ireland (12.5 percent).
- Taxes would rise in every state and every congressional district.
- The Death Tax would ensnare more families and businesses.
- The AMT would snap back to hit millions of households.
- Millions of households would see their child tax credit cut in half.
- Millions of households would see their standard deduction cut in half, adding to their tax complexity as they are forced to itemize their deductions and deal with the shoebox full of receipts on top of the refrigerator.
If you want to stay up-to-date on their threats to raise taxes, visitwww.atr.org/HighTaxDems.