This fact-checking video from CNN’s Jake Tapper covers inaccurate claims made by a high-ranking Democrat and Republican about the GOP bills overhauling the U.S. tax system.
House Democratic Leader Nancy misled viewers when she said the Republican tax plans will be a “job-killer.” So far, three economic analyses estimate the plan, on net, would have the opposite effect.
Moody’s Analytics forecasts the plans will create in the range of 500,000 to 600,000 net new jobs over 10 years, Mark Zandi, Moody’s chief economist, told us in an email. Also, the business-backed Tax Foundation’s analysis of the Senate plan concludes it would result in 925,000 additional full-time equivalent jobs. After Pelosi made her remarks, the nonpartisan Joint Committee on Taxation also issued a report that said “employment is projected to increase by about 0.6 percent relative to baseline levels” over 10 years.
On the other side of the aisle, Rep. Kevin Brady, the Republican chairman of the House tax-writing committee, did some cherry-picking when he said “70 percent of the tax relief goes to those families making less than $200,000.”
That refers only to the individual income tax changes in the House plan and only for 2019. By 2027, 50 percent of tax relief as a result of business and individual tax changes would go to those making more than $200,000 a year, according to congressional tax analysts.
This week’s fact-checking collaboration was based on our Nov. 29 posts “Pelosi’s Misleading ‘Job-Killer’ Claim” and “Cherry-Picking Tax Cut Estimates.” The rest of our joint videos with CNN’s “State of the Union” can be found here.