President Donald Trump claimed that the Republican tax plans in Congress would “cost me a fortune.” He has offered no proof of that, and it’s highly doubtful. Several provisions of the tax bills would benefit wealthy individuals like Trump.
A TV ad by a coalition of liberal groups leaves the false impression that 47 million “middle-class” households would be “stuck with the tab” for Republican tax cuts that benefit the wealthy. The 47 million figure refers to all households — not just the “middle class.”
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.
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.