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.
House Majority Leader Kevin McCarthy got some of his facts wrong about mandatory spending and the labor participation rate during a recent appearance on Fox Business.
House Speaker Paul Ryan misleadingly claimed that corporate tax revenues are “still rising,” even though the 2017 tax law cut tax rates. In the first six months of fiscal year 2018, corporate tax receipts have declined by 22.3 percent from a year ago. Revenues are also projected to be less over the next 10 years than they otherwise would have been because of the law.
The GOP tax plan is fodder for campaign ads from both sides in Pennsylvania’s special House election and races across the country.
President Donald Trump and Vice President Mike Pence ridiculed House Democratic Leader Nancy Pelosi for likening $1,000 bonuses paid to some employees as a result of the GOP tax cuts to “crumbs.” We’re providing the fuller context of Pelosi’s “crumbs” remarks.
The Republican tax plan was signed into law just last month, and Democrats already have a well-worn, and misleading, talking point about it.
Democratic House leader Nancy Pelosi claimed that the new tax law will provide “at least a $1.3 trillion tax break for corporations.” That’s misleading.
President Donald Trump misleadingly inflated the benefits of the tax overhaul when he claimed it provides “$3.2 trillion … in tax cuts for American families.” It actually totals about $1.5 trillion in tax cuts for all taxpayers, including corporations.
The Tax Cuts and Jobs Act is now law. Here we compare some of the major provisions of the new law with previous tax code.
In this video, we highlight six common — and inaccurate — claims from Republicans and Democrats about the GOP tax plans.