Secretary Yellen at Senate Finance Committee Hearing,/a> by United States Congress is licensed under CC.
After years of dishonesty, today the Biden administration admitted that the Tax Cuts and Jobs Act cut taxes for Americans of all income levels.
Democrats have been dishonest about TCJA since its inception, repeatedly making false claims that the tax cuts only helped “folks at the top and corporations.”
But today Treasury Secretary Janet Yellen made a key admission during testimony to the Senate Finance Committee regarding the Fiscal Year 2025 Budget proposed by President Biden.
Finance Committee Ranking Member Sen. Mike Crapo (R-Idaho) wisely got Yellen on the record:
Crapo: “Are you aware that the Tax Cuts and Jobs Act which Republicans passed in 2017 reduced the taxes for Americans for all income groups including those earning less than $400,000 a year?“
Yellen: “Yes.”
Perhaps she should tell her boss, President Biden, who has been busted by the media repeatedly for lying about the TCJA:
CNN’s Jake Tapper: “The facts are, most Americans got 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.”
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.”
H&R Block: “The vast majority of people did get a tax cut.”
Today Yellen also asserted that President Biden supports extending the TCJA for Americans earning less than $400,000. This runs contrary to what Biden and VP Harris have said repeatedly on video: they want to “get rid of” and “eliminate” and “reverse” and “end” the TCJA. They have yet to retract these statements: