Fact Check: Mark Zandi Misleads Americans, Claims Warren’s Healthcare Plan Will Not Raise Middle Class Taxes

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Posted by Adam Sabes on Thursday, November 14th, 2019, 2:44 PM PERMALINK

Elizabeth Warren adviser Mark Zandi wrote a CNN Op-Ed on Wednesday claiming that Warren’s Medicare for All plan “won’t raise taxes on the middle class,” but failed to point out that he previously stated that Warren would repeal the Tax Cuts and Jobs Act to finance the $52 trillion plan. Such repeal would impose steep tax increases on the middle class.

In the CNN op-ed, Zandi said that Warren “supports repealing Trump's tax cuts for high-income households to generate even more revenue for her plans.”

However, Zandi directly contradicts his letter to Warren on how to finance Medicare for All, when he helped write the following:

“You have identified two changes to corporate taxation that we estimate would generate $2.9 trillion in revenue between 2020 and 2029. These estimates assume the repeal of the Tax Cuts and Jobs Act of 2017 (TCJA), which you have previously proposed.

Warren took that suggestion and put it in her Medicare for All plan, which was released on November 1.

“Next, we can make some basic changes to ensure that large corporations pay their fair share and to fix some fundamental problems with our current approach that actually encourage companies to shift jobs and investment overseas. These changes will generate an estimated $2.9 trillion over the next ten years,” the Warren plan says.

In Zandi’s Op-Ed, he fails to acknowledge that Warren does, in fact, support repealing the entire TCJA, which would result in a massive middle class tax increase.

If Warren repealed the Trump Republican tax cuts:

-A family of four earning the median income of $73,000 would be stuck paying$2,000 more in taxes each and every year.

-A single parent with one child making $41,000 would pay $1,300 more in taxes each and every year.

Warren said in a campaign video that her plan “doesn’t raise middle class taxes by one penny” however, a repeal of the TCJA would include a guaranteed tax increase on the middle class.

CNN themselves even clearly stated that Warren would repeal the Tax Cuts and Jobs Act, having an adverse effect on middle class Americans.

“And, buried in the footnotes of the proposal is the assumption that these earnings would be taxed at higher marginal income tax rates due to the full repeal of the 2017 Republican tax cuts. The law reduced the top rate, which benefited the wealthy, but it also lowered other rates, which helped a large share of the middle class.

In addition, Warren has already said that she’d use the money from reversing the Tax Cuts and Jobs Act to fund her climate plan. 

The facts are, thanks to the Trump Republican tax cuts, middle class Americans received a tax cut. If you don’t believe us, just ask the New York Times, the Washington Post, CNN, and FactCheck.org:

  • CNN: “The facts are, most Americans got a tax cut.”
  • CNN: "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."
  • New York Times: "Most people got a tax cut."
  • Washington Post: “Most Americans received a tax cut.”
  • FactCheck.org: "Most people got some kind of tax cut in 2018 as a result of the law."
  • FactCheck.org: "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.
  • New York Times also noted the “sustained — and misleading — effort by liberal opponents of the law to brand it as a broad middle-class tax increase.”
  • CBS News 60 Minutes: “Trump did give the middle class a tax cut.”

 

Thanks to the Tax Cuts and Jobs Act:

  • A family of four earning the median income of $73,000 saw a$2,000 tax cut.
  • A single parent (with one child) making $41,000 got a $1,300 tax cut.
  • Millions of low and middle-income households are no longer stuck paying the Obamacare individual mandate tax.
  • Utility bills across all 50 states went down as a direct result of the TCJA’s corporate income tax rate reduction.
  • Small businesses saw a tax decrease because of the 20% deduction for small business income.
  • Taxes went down in every state and every congressional district.

 

Stay up-to-date on Democrat tax hike threats at www.atr.org/HighTaxDems.

See more:

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Photo Credit: Third Way Think Tank/Flickr

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