The estimated cost of the Republican tax plan would not be the “largest tax cut in history” as a percentage of gross domestic product or in inflation-adjusted dollars, as CNN’s Jake Tapper explains in our latest fact-checking collaboration.
Republican plans to eliminate or modify federal tax deductions for state and local taxes have sparked criticism from lawmakers from states that would be largely affected. Who uses the deduction and how would changing it affect them? We’ll take a look at the facts.
Leaders in both parties make false and misleading claims about the GOP’s $1.5 trillion tax cut plan.
Will the Republican tax plan be the “largest tax cut in history,” as the Trump administration has repeatedly said? That’s still unknown. But past tax cuts have been larger than cost estimates of the GOP plan.
President Donald Trump exaggerates when he describes a reduction in the top marginal rate for pass-through business income as a boost to small businesses and truckers.
In a news interview and a speech in Pennsylvania, President Donald Trump misleadingly suggested that rising stock value could reduce the national debt.
House Minority Leader Nancy Pelosi claimed that the Republican tax cut plan “raises taxes on middle class,” while President Donald Trump claimed that “everybody’s gonna benefit” from a plan that “is for the middle class.”
Democrats have used outdated or inflated figures to attack the GOP tax plan, when sticking to the facts would have served them just as well.
In calling for the repeal of the estate tax, President Donald Trump repeated a popular myth that a farmer’s heirs often have to “sell the farm” in order to pay the tax. In fact, less than 1 percent of the heirs of farm owners are expected to have to pay any estate tax.
In advocating for a corporate tax cut, Treasury Secretary Steve Mnuchin overstates the consensus when he says “most economists believe that over 70 percent of corporate taxes are paid for by the workers.”