Trump Inflates Tax Benefits
President Donald Trump misleadingly inflated the benefits of the tax overhaul when he claimed it provides "$3.2 trillion ... in tax cuts for American families." It actually totals about $1.5 trillion in tax cuts for all taxpayers, including corporations. The post Trump Inflates Tax Benefits appeared first on FactCheck.org.
President Donald Trump misleadingly inflated the benefits of the tax overhaul when he claimed it provides “$3.2 trillion … in tax cuts for American families.” It actually totals about $1.5 trillion in tax cuts for all taxpayers, including corporations.
Trump shows only one side of the tax ledger. He counts tax changes that cut taxes and ignores those that will increase taxes.
For example, doubling the standard deduction results in $720 billion less in tax revenues over 10 years, but repealing personal exemptions increases tax revenues by more than $1.2 trillion.
Trump’s one-sided description of the tax benefits of the bill came in at the White House as Republican lawmakers celebrated passage of the tax bill, which he signed Dec. 22.
