Just a few hours ago, President Trump sat down with congressional leaders from the bipartisan Problem Solvers Caucus to discuss his tax cut plan. During the Q&A, Trump claimed that wealthy individuals will not benefit from his plan.
Our response: “That’s a lie. Trump’s current tax plan will overwhelmingly benefit millionaires, billionaires, and large corporations, at the expense of everyone else. The top 1% will get half of his proposed tax cuts — $175,000 each on average. Trump plans to pay for his massive tax giveaway with budget cuts to Social Security, Medicaid, public education and other priorities for the middle class. He even plans to cut $667 million from FEMA next year. Unbelievable.” — Frank Clemente, Executive Director, Americans for Tax Fairness.
Here is what Trump said:
“The rich will not be gaining at all with this plan. We’re not — we’re looking for the middle class, and we’re looking for jobs — jobs, meaning companies. So we’re looking at for the middle class and we’re looking at jobs. […] I think the wealthy will be pretty much where they are, pretty much where they are. We can do that, we’d like it. If they have to go higher, they’ll go higher, frankly. We’re looking at the middle class and we’re looking at jobs. OK?”
Here are the facts about Trump’s tax plan as outlined in April 2017:
- Half of the tax cuts in Trump’s plan will go to the top 1% (those making more than $732,900).
- The average tax cut for the top 1% will be $175,000.
- The average tax cut for a family making between $25,000 and $48,600 will be $210.
- A quarter of all families making between $48,600 to $86,100 will actually see their taxes INCREASE.
- Source: Tax Policy Center
On top of that, these tax cuts for millionaires will be paid for by Trump’s budget cuts to Social Security, Medicaid, public education, and many other priorities for working families and the middle class — including FEMA and other disaster recovery agencies.
A few other things to note:
- Trump’s tax cuts will not create jobs.
- Trump’s tax cuts will not trickle down to workers.
- Trump’s tax cuts will not benefit small businesses.
See additional myths debunked here: https://americansfortaxfairness.org/trumps-false-claims-taxes-rhetoric-contradicts-actual-proposals-reality/