President Donald Trump is fond of saying that China is paying the U.S. billions of dollars in increased tariffs. Not true. Tariffs are taxes paid by U.S. importers in the form of customs duties, and to some extent by U.S. consumers in the form of higher prices.
Sen. Kamala Harris, a declared candidate for president, cited preliminary IRS tax refund data for 2018 to criticize the Tax Cuts and Jobs Act as “a middle-class tax hike.” That’s a misreading of the data.
After Democrats gained control of the House in the midterm elections, President Donald Trump repeated his long-running statement that he wouldn’t release his tax returns because they were under audit, making false claims in the process.
President Donald Trump is proud of his economic record, and he points to some key economic indicators with great delight. But he doesn’t always stick to the facts out on the campaign trail when he talks to his supporters.
The chief economic adviser to President Donald Trump recently said Congressional Budget Office numbers show the “entire $1.5 trillion tax cut is virtually paid for by higher revenues and better nominal GDP.” That’s not what the numbers show, experts told us.