July 01,2019

ICYMI: The media needs to stop getting the Republican tax cuts wrong

ICYMI: The Tax Cuts and Jobs Act is Working for Americans
By Bruce Thompson
The Washington Examiner
Monday, July 1, 2019
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“The Congressional Joint Committee on Taxation, which is staffed by professional economists, lawyers, and accountants, provides revenue estimates and analysis for every tax bill considered by Congress. The committee's report on the Republican tax cuts shows that the overwhelming bulk of tax cuts go to individuals, not corporations, and the bulk of these tax cuts go to millions of taxpayers earning far less than the wealthiest Americans.”
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“Simple math shows that 77.4% of the tax cuts goes to individuals, and only 22.6% goes to corporations. …[m]ore than three-fourths of the corporate rate reduction is paid for by other corporate tax increases. That is hardly a giveaway.”
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“The Joint Committee report on the bill also shows that most (86%) of the tax cut goes to taxpayers earning less than $1 million a year. More than half of the tax cuts goes to those with income between $30,000 and $200,000 a year. About 95% of individual taxpayers receive a tax cut, averaging an 8% cut. The largest percentage tax cuts (13.5%) go to those earning between $20,000 and $30,000. The smallest tax cuts (5.9%) go to those earning $1 million and more. This wealthiest group of taxpayers also has the largest percentage (13.8%) of taxpayers facing tax increases under the bill.”
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“So, as these facts shows, it is simply not correct to claim that the tax cuts mainly benefit corporations and the wealthy. The overwhelming share of the tax cuts go to individuals, not corporations, and the overwhelming share of the tax cuts go to households far below the top of the income range. The media needs to get the facts straight and stop misrepresenting the Republican tax cuts.”
 

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