We support our Publishers and Content Creators. You can view this story on their website by CLICKING HERE.

A thread on social media looked back on the Tax Cuts and Jobs Act that was signed into law by then-President Donald Trump in 2017 which cut taxes for individuals and businesses.

Many provisions in the tax code overhaul will expire in 2025 and Democrats have long insisted that Trump only cut taxes for the rich. But the detailed thread on X posted by Adam Michel, director of tax policy studies at the Cato Institute, tells a decidedly different story.

“Great thread,” Fox News’s Brit Hume wrote on X, sharing Michel’s post.

“Tax cut for the rich my a**. It was a tax cut nearly everyone, tilted in fact toward lower income people,” he added.

The $1.5 trillion Tax Cuts and Jobs Act “cut taxes for Americans at every income level,” Michel explained.

“Typical tax cuts were between $1,500 and $3,000 in 2018,” he continued, noting tax rates being lowered and the child tax credit being doubled as a few examples.

A larger standard deduction also helped as did business tax cuts which “boosted investment, GDP, and wages.”

“The TCJA was a ‘tax reform’ and not just a tax cut because it improved the tax base, like through the SALT limit,” Michel continued. “The law increased revenue by $4 trillion and cut taxes by $5.5 trillion.”

He did note that “The TCJA wasn’t perfect” and that “It was largely temporary and temporary tax cuts blunt their economic benefits.”

Social media users weighed in on Hume’s remark and the detailed thread by Michel.

Frieda Powers
Latest posts by Frieda Powers (see all)

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the ∨ icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.