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Unless you’ve been living under a rock for the past six years (and honestly, who would blame you if you have been), you know the Left and Democrats have been insisting that Trump only cut taxes for the rich and only cares about the rich.
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It’s honestly quite annoying since the majority of them know that’s a damn lie, they just also know unless people spend as much time following this insanity as we do that they may not know it’s a lie, so they take advantage of ignorance.
Such is the Democrat way.
Welp, Brit Hume dropped a thread that will knock them on their lying a*sses.
We love it when Brit curses:
Great thread. Tax cut for the rich my a**. It was a tax cut nearly everyone, tilted in fact toward lower income people. https://t.co/soxobgNF7n
— Brit Hume (@brithume) December 22, 2024
Take a gander.
The TCJA was a $1.5 trillion tax cut (as originally scored).
It cut taxes for Americans at every income level.
As a share of taxes paid, the lowest-income taxpayers saw some of the largest tax cuts.
In $$, it was the opposite because the rich pay the vast majority of taxes. pic.twitter.com/8NOt7BpeKP
— Adam Michel (@adamnmichel) December 22, 2024
At. Every. Income. Level.
Typical tax cuts were between $1,500 and $3,000 in 2018.
Big changes came from:
-lower tax rates
-larger standard deduction
-doubled child tax credit pic.twitter.com/GkbGrcL07O— Adam Michel (@adamnmichel) December 22, 2024
So not just the rich.
Gosh, we’re shocked.
The new limits on itemized deductions (SALT, mortgage interest) and the larger standard deduction shifted about 30 million taxpayers to the simpler standard deduction.@TaxFoundation estimated individual tax changes saved $3.1 billion to $5.4 billion in compliance costs.
— Adam Michel (@adamnmichel) December 22, 2024
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This. ^
Simpler? Get outta here.
The more important part of the law for economic growth was the business reforms:
-lower corporate tax rate, cutting it from the highest in the developed world to about average (a permanent change)
-full expensing for tools and equipment
-quasi-territorial international system
— Adam Michel (@adamnmichel) December 22, 2024
There’s a reason the economy was roaring before it was conveniently shut down to protect us from a virus … or something.
The business tax cuts worked as intended.
They boosted investment, GDP, and wages. pic.twitter.com/jp42mKAmVm
— Adam Michel (@adamnmichel) December 22, 2024
This as well. ^
The SALT cap did not raise taxes for most taxpayers.
Even in districts hit hardest by SALT, the vast majority of taxpayers got cuts.https://t.co/2vgYdSD7h2
— Adam Michel (@adamnmichel) December 22, 2024
Remember how much Schumer whined about SALT?
The TCJA was a “tax reform” and not just a tax cut because it improved the tax base, like through the SALT limit.
The law increased revenue by $4 trillion and cut taxes by $5.5 trillion.
In this sense, more than 70% of the tax cuts were “paid for.” pic.twitter.com/crQVu8llzc
— Adam Michel (@adamnmichel) December 22, 2024
Ya’ don’t say.
While the TCJA should have been paired with spending cuts, it is not the reason we have deficits.
Adjusted for inflation, revenues have returned to the levels projected pre-TCJA.
It’s spending growth that drives long-term budget imbalances. pic.twitter.com/yQRyt7WFY6
— Adam Michel (@adamnmichel) December 22, 2024
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As we’ve said many many many times before, we don’t have a revenue problem, we have a spending problem.
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