In promoting his plan to overhaul of the nation’s tax system, President Donald Trump claimed “the rich will not be gaining at all with this plan.” But the tax proposal his administration outlined in April would heavily benefit high-income taxpayers, and Trump hasn’t revealed any changes to it.
Donald Trump misleadingly touts tax cuts of 30 percent for “working people” or 35 percent for “a middle-class family with two children,” adding that Hillary Clinton “wants to raise your taxes up to the sky.” That distorts both Trump’s and Clinton’s plans.
Sen. Bernie Sanders says firefighters, police officers, nurses and truck drivers all pay higher effective tax rates than hedge fund managers. That’s accurate for some in those occupations, but it’s not the case across the board.
In Iowa, a Republican ad claims that Democratic Senate nominee Bruce Braley “voted to raise taxes on every single Iowa taxpayer.” That badly distorts Braley’s clearly stated position.
Q: What’s the percentage breakdown of the government’s tax revenue stream?
A: Nearly half of federal revenue came from income taxes on individuals last year, and another one-third came from social insurance taxes, mainly for Social Security.