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.”
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.”
The president’s budget counts on economic growth to reach a balance, but his tax cut plan also relies on that growth to remain revenue-neutral. Tax and budget experts say that’s double-counting the same money.