When a Republican proposes a tax cut, there’s almost a default refrain. Democrats are like Pavlov’s dogs and preprogrammed robots when they criticize “tax cuts for rich” which was two years after tax cuts.
Don’t forget what one leading Democrat stated. Nancy Pelosi is the House speaker and stated on November 6th, 2017, “Despite Republicans’ hollow promises to reduce taxes for middle-class working families, it’s evident that the GOP tax plan aimed at the wealthy is indeed rich.”
There’s a new analysis out now that should cause Democrats to spin their heads.
Justin Haskins, of the Heartland Institute, reports that 2017 Trump’s tax cuts actually benefited the middle class.
Data from the U.S. Internal Revenue Service that compares outcomes from 2017 and 2018–the first year of tax reform law implementation–shows that the Tax Cuts and Jobs Act decreased the average effective income tax rates for filers within all income brackets. The largest benefits went to households with lower and middle incomes.
Filers with adjusted gross income (AGI), between $40,000 and $50,000, received an average tax cut in the range of 18.2 percent after accounting for all tax credits and deductions.
But there are more. People were able to live better lives thanks to tax cuts. We’re not talking here about the rich and famous.
Further, the IRS data show that the Tax Cuts and Jobs Act appears to have had a strong upward impact on economic mobility. In one year, the number of filers reporting an adjusted gross income between $1 and $25,000 fell by more than 2,000,000. However, households reporting incomes greater than $25,000 saw an increase in all income brackets.
You might be mistaken if you believe that the tax cuts meant that the wealthiest Americans paid less.
Also, the IRS data revealed that higher-income earners paid a larger portion of the total tax burden in 2018 compared to 2017, which suggests that the Tax Cuts and Jobs Act may be making the tax code a little more progressive. This is contrary to the countless criticisms made by Democrats over four years about TCJA being legislation that favors wealthier filers.
Filers who earned $500,000 or more in 2017 paid 38.9% of total personal income tax revenues. The same income bracket received 41.5 percent of all income tax revenues in 2018.
That’s right. It seems like the rich have “paid their fair shares,” to borrow another term from the left.
What have we learned today, children? When Democrats talk about Trump’s tax cuts for the wealthy, they lie through their teeth.
It would seem that it would suffice to get them to forget the phrase when a Republican president or Congress wants tax cuts.
They probably don’t.