nat4900
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- Mar 3, 2015
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Here are some facts based on the tax scam pushed through by the GOP and Trump.
Trump's penchant for exaggeration and sometimes pure fiction has clouded the realities of the overhaul as it has shaped up over months. Some of his Statements and the Facts:
TRUMP: "It's the largest tax cut in the history of our country." — remarks Wednesday.
THE FACTS: It isn't. For months Trump has refused to recognize larger tax cuts in history, of which there have been many, or to grant that other presidents have enacted big tax cuts since Ronald Reagan in the 1980s.
V.P. PENCE: "You're delivering on that middle-class miracle." — to Trump at a Cabinet meeting Wednesday.
THE FACTS: Modest doesn't make for a miracle. Pence's praise to the boss reflects Trump's assertion that "it's a tax bill for the middle class," as he put it earlier and many times, but average people are not the prime beneficiaries of the tax cuts. Aside from businesses, rich people get the most.
The nonpartisan Tax Policy Center estimates the biggest benefit of the new law will go to households making $308,000 to $733,000.
TRUMP on his tax legislation: "Obamacare has been repealed in this bill." — remarks Wednesday.
THE FACTS: It hasn't. The tax plan ends fines for people who don't carry health insurance. That's a major change but far from the dismantling of the law.
TRUMP: "When the individual mandate is being repealed, that means Obamacare is being repealed because they get their money from the individual mandate." — remarks Wednesday.
THE FACTS: This is also wrong. The fines on people who don't carry health insurance only provide a small fraction of the financing for the program. Most of the money comes from higher taxes on upper-income people, cuts in Medicare payments to service providers, and other tax increases. The Congressional Budget Office estimated that fines from uninsured people would total $3 billion this year, while the government's cost for the coverage provided under the health law would total about $117 billion.
TRUMP: "So we're at 3.3 percent GDP. I see no reason why we don't go to 4 percent, 5 percent and even 6 percent." Speaks of GDP "getting up to 4, 5, and even 6 percent, because I think that's possible." — Cabinet meeting last week.
THE FACTS: There are no signs the economy is capable of delivering a phenomenal and rarely achieved growth rate in the order of 6 percent, or 5 or even 4. Federal Reserve officials and most mainstream economists expect economic growth to hew closer to 2 percent.
AP FACT CHECK: Trump's 'middle-class miracle' favors wealthy
Trump's penchant for exaggeration and sometimes pure fiction has clouded the realities of the overhaul as it has shaped up over months. Some of his Statements and the Facts:
TRUMP: "It's the largest tax cut in the history of our country." — remarks Wednesday.
THE FACTS: It isn't. For months Trump has refused to recognize larger tax cuts in history, of which there have been many, or to grant that other presidents have enacted big tax cuts since Ronald Reagan in the 1980s.
V.P. PENCE: "You're delivering on that middle-class miracle." — to Trump at a Cabinet meeting Wednesday.
THE FACTS: Modest doesn't make for a miracle. Pence's praise to the boss reflects Trump's assertion that "it's a tax bill for the middle class," as he put it earlier and many times, but average people are not the prime beneficiaries of the tax cuts. Aside from businesses, rich people get the most.
The nonpartisan Tax Policy Center estimates the biggest benefit of the new law will go to households making $308,000 to $733,000.
TRUMP on his tax legislation: "Obamacare has been repealed in this bill." — remarks Wednesday.
THE FACTS: It hasn't. The tax plan ends fines for people who don't carry health insurance. That's a major change but far from the dismantling of the law.
TRUMP: "When the individual mandate is being repealed, that means Obamacare is being repealed because they get their money from the individual mandate." — remarks Wednesday.
THE FACTS: This is also wrong. The fines on people who don't carry health insurance only provide a small fraction of the financing for the program. Most of the money comes from higher taxes on upper-income people, cuts in Medicare payments to service providers, and other tax increases. The Congressional Budget Office estimated that fines from uninsured people would total $3 billion this year, while the government's cost for the coverage provided under the health law would total about $117 billion.
TRUMP: "So we're at 3.3 percent GDP. I see no reason why we don't go to 4 percent, 5 percent and even 6 percent." Speaks of GDP "getting up to 4, 5, and even 6 percent, because I think that's possible." — Cabinet meeting last week.
THE FACTS: There are no signs the economy is capable of delivering a phenomenal and rarely achieved growth rate in the order of 6 percent, or 5 or even 4. Federal Reserve officials and most mainstream economists expect economic growth to hew closer to 2 percent.
AP FACT CHECK: Trump's 'middle-class miracle' favors wealthy
