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 GOP cherry-picked states with the largest number of job gains this year to promote its claim that “GOP tax cuts have fueled a massive acceleration in job growth since this time last year.”
Trump’s August speech in Wilkes-Barre, Pennsylvania, was packed with familiar factual distortions.
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.