House Majority Leader Kevin McCarthy just said under a Trump presidency, “our taxes will be fairer.”
This would be laughable if it wasn’t such an obvious–and dangerous–lie. Trump’s tax plan would benefit the top 0.1 percent of taxpayers and leave the rest in the dust.
Check out the facts:
MCCARTHY’s LIE: Kevin McCarthy: “Our taxes will be fairer.” “In our Republican agenda — our enemies will fear us. Our taxes will be fairer. People can afford the health care they want. The people’s voice will be heard. Government will help those who truly need it and allow everyone an opportunity to rise. So to all those left behind by economic forces out of your control — we hear you.”In our Republican agenda — our enemies will fear us. Our taxes will be fairer.
THE TRUTH: Tax Policy Center: Under Trump’s tax plan “the largest benefits, in dollar and percentage terms, would go to the highest-income households.” “His plan would significantly reduce marginal tax rates on individuals and businesses, increase standard deduction amounts to nearly four times current levels, and curtail many tax expenditures. His proposal would cut taxes at all income levels, although the largest benefits, in dollar and percentage terms, would go to the highest-income households.” [Tax Policy Center, 12/22/15]
Politifact: Rated “True” claim, Under Trump’s tax plan “the top 0.1 percent of taxpayers — people earning multiple millions of dollars a year, on average — would get more tax relief than the bottom 60 percent of taxpayers combined.” ‘Shilling said that under Trump’s tax plan, ‘the top 0.1 percent of taxpayers — people earning multiple millions of dollars a year, on average — would get more tax relief than the bottom 60 percent of taxpayers combined.’ A report from a respected nonpartisan research group calculates that the 0.1 percent — those making more than $3.7 million per year — would receive 18 percent of the tax cuts under Trump’s proposal. The bottom 60 percent of taxpayers, meanwhile, would enjoy only 16.4 percent of the cuts. Another tax group found similar figures. Trump has indicated he might make alter his tax proposal, but he hadn’t as of when Shilling made her statement — so we rate the statement True.” [Politifact, 5/20/16]
Wall Street Journal analysis: “The gains are highly concentrated among the highest-income households, which would get a bigger percentage of the tax cuts than the share of taxes they pay now.” “On average, each household would get a $5,144 tax cut in 2017, increasing after-tax income by 7.1%. The gains are highly concentrated among the highest-income households, which would get a bigger percentage of the tax cuts than the share of taxes they pay now. The top 1% of households, those making over $732,323, would get 35% of the tax cuts.” [Wall Street Journal, 12/22/15]