As the most reliable and balanced news aggregation service on the internet, DML News App offers the following opinion editorial written by Justin Haskins and published by TheHill.com:
President Biden and congressional Democrats’ Build Back Better (BBB) Act is now in the hands of the Senate. That legislative body’s 50-50 partisan split will undoubtedly make the bill’s passage difficult.
In order for BBB to become law, Democratic Senate leadership will need to convince moderates such as Sens. Kyrsten Sinema (D-Ariz.) and Joe Manchin (D-W.Va.) that the legislation’s $2.4 trillion price tag can be offset by expanding the IRS and its enforcement efforts while imposing substantial tax reform measures.
The article goes on to state the following:
Congressional Democrats have argued that one of the best ways to pay for the legislation is to raise taxes on wealthy households, which, according to many on the left, have benefited disproportionately and unfairly from the 2017 tax reform law passed by Republicans and signed by former President Trump. The latest data, however, proves that this claim is pure mythology.
Democrats long argued that Trump’s tax cuts would only benefit the top one percent, but the report reveals just the opposite has happened.
Based on the data, Haskins found that “most middle-income and working-class earners enjoyed a tax cut that was at least double the size of tax cuts received by households earning $1 million or more.”
“Income data published by the IRS clearly show that on average all income brackets benefited substantially from the Republicans’ tax reform law, with the biggest beneficiaries being working and middle-income filers,” Haskins writes.
A careful analysis of the IRS tax data, one that includes the effects of tax credits and other reforms to the tax code, reveals the following results in 2018, the first year Republicans’ Tax Cuts and Jobs Act went into effect and the most recent year for which data is available:
- Filers with an adjusted gross income (AGI) of $15,000 to $50,000 enjoyed an average tax cut of 16 percent to 26 percent
- Filers who earned $50,000 to $100,000 received a tax break of about 15 percent to 17 percent
- Those earning $100,000 to $500,000 in adjusted gross income saw their personal income taxes cut by around 11 percent to 13 percent
The report also explains the wealthier taxpayers received less of a tax break.
- No income group with an AGI of at least $500,000 received an average tax cut exceeding 9 percent.
- The average tax cut for brackets starting at $1 million was less than 6 percent.
CLICK HERE to view more detailed data.
“The fact is, Republicans’ 2017 tax reform law did exactly what was promised: It lowered taxes for all income groups, provided the greatest benefits for middle-income households, and spurred economic growth that helped reduce poverty and improve prosperity,” Haskins wrote.
“It would be a grave mistake for Democrats to eliminate key parts of this important legislation,” he warned.
CLICK HERE to read the entire editorial by Haskins on how Americans benefited of Trump’s tax cuts.
— Justin T. Haskins (@JustinTHaskins) December 1, 2021
Ed Martin, Phyllis Schlafly Eagles President, tweeted in response to the report, “The Trump and GOP Congress passed Tax Cut and Jobs Act of 2017 actually was helping all Americans by 2018. But the #NarrativeMachine couldn’t report this before the 2020 election. Share with friends who watch CNN.”
The Trump and GOP Congress passed Tax Cut and Jobs Act of 2017 actually was helping all Americans by 2018. But the #NarrativeMachine couldn’t report this before the 2020 election. Share with friends who watch CNN.https://t.co/6boREon7hP
— Ed Martin 🦅 (@EagleEdMartin) December 4, 2021
To get more information about this article, please visit TheHill.com.
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