Everyone is talking about the GOP tax bill that will likely pass Congress and be signed into law by President Trump on Wednesday, but some of the things opponents are saying about the reform bill need to be debunked.
Democrats are claiming that the bill will literally kill thousands of people, which is almost too ridiculous to debunk, but there are three other whoppers being told that aren’t so obvious. Columnist Siraj Hashmi of the Washington Examiner laid them out in a report:
1) Ron Insana: “It is not a middle-class tax cut.”
In an interview with MSNBC host Chris Jansing Tuesday afternoon, CNBC contributor Ron Insana predicted that the GOP tax bill won’t be seen as a break for the middle class six months from now.
“I think every analysis so far, whether it’s a Joint Committee on Taxation, whether it’s a Tax Policy Center, shows the majority of the benefits going to the wealthiest 5 percent, 10 percent of the population, even the top 0.1 percent will benefit from this,” Insana explained, claiming that “all kinds of loopholes” would benefit companies instead of middle class Americans before concluding, “It is not a middle-class tax cut.”
Even the left-leaning Tax Policy Center has determined that the GOP tax bill “would reduce the tax burden on individuals and families of every income group in the country.” According to the report, 80 percent of taxpayers will get a tax cut next year, meanwhile, less than 5 percent of taxpayers will see a tax increase of more than $10.
Congress’ Joint Committee on Taxation came to a similar conclusion.
“In some ways, Insana is right. It’s not a middle-class tax cut. It’s an every-class tax cut,” noted Hashmi.
2) Sen. Claire McCaskill: Medicaid cuts are paying for low-income tax cuts.
A video (below) of Sen. Claire McCaskill (D-Mo.) going after Sen. Orrin Hatch (R-Utah) over the Senate version of the GOP tax bill went viral in November.
Thinking cuts to Medicaid are going to help pay for the low-income tax cuts, she wrongly stated, “So, in order to save these poor people $43 billion, you’re cutting $364 billion from the same people.”
Hatch responded by pointing out, “There are no cuts to Medicaid in this bill.” He had to say this several times, because the Democrat didn’t understand that the GOP tax bill doesn’t cut Medicaid subsidies.
According to the Senate Budget Committee, the Senate version of the tax bill does not reallocate savings from Medicaid to pay for things like low-income tax cuts. “The money brought in from their projected 2.6 percent annual economic growth will be what pays for tax relief for the working class,” explained Hashmi.
3) “All the tax cuts go to the rich.”
This oft-repeated lie has been perpetuated through mainstream publications that want people to think that the top 1 percent will benefit the most from the Republican tax bill. It’s a common theme for Democrats to roll out every time tax reform comes up.
According to the Tax Policy Center and the Manhattan Institute, the share of all combined federal taxes paid by the wealthy will actually increase, not decrease. “The top 1 percent, at this time, pays for 27 percent of all federal taxes, but only gets 21 percent of the tax cuts. Meanwhile, the bottom 80 percent pays for a third (33 percent) of all combined federal taxes, but gets 35 percent of the tax cuts,” Hasmi pointed out.
Like all Americans, the very wealthy will receive some of the tax cuts, but they won’t be the group that benefits the most from this bill.
For more on this story, click the "read more" button below.
"BUILD THE WALL" bumper stickers now on sale. (BUY NOW)
If you would like to receive Breaking News text alerts on a smartphone or tablet, download the DML APP which is completely FREE and easy to use. Go to the Google Play Store or the IOS App Store and search for DML APP. Be sure to keep the app’s notifications setting on. Another way to receive alerts is to text to 40404 the following message: follow @realdennislynch (be sure to put a space between the word follow and the @ symbol).
To see more stories like this, sign up below for Dennis Michael Lynch’s email newsletter.
Sign up to get breaking news alerts from Dennis Michael Lynch.
Federal bureaucrats continue to advance Obama’s agenda