During a CNN interview Monday, Democratic presidential candidate Julian Castro lied about the Tax Cuts and Jobs Act, claiming that they “only benefit the wealthy.”
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“And he’s [Trump] been the worst example of the swamp and of the good ole’ politics of Washington with these tax cuts that only benefit the wealthy,” Castro said on CNN’s New Day with John Berman.
Castro’s statement is incorrect. In fact, CNN’s own Jake Tapper did his own fact check on the nature of the “wealthy” claim and concluded: “The facts are, most Americans got 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.
More evidence of the benefits flowing from the tax cuts can be found in a recent H&R Block report, which stated, “overall tax liability is down 24.9 percent on average.”
In Castro’s home state of Texas, households making the average income of $59,206 saw an average tax cut of around $1,324 according to a recent Tax Foundation report.
In addition, the H&R Block report found that Texans received a 25.6% tax cut on average.
Even left-leaning and establishment media outlets confirm the good news arising from the Tax Cuts and Jobs Act:
- The New York Times also 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.
- The NYT also stated: “To a large degree, the gap between perception and reality on the tax cuts appears to flow from a sustained — and misleading — effort by liberal opponents of the law to brand it as a broad middle-class tax increase.”