Former president Donald Trump might be out of office for now, but his legacy continues to grow. Now, new IRS data shows the tax cuts he pushed through did exactly what he said they would – they helped ordinary Americans.
A new analysis of the Trump administration’s 2017 tax reform has blown a huge hole in Leftist allegations it mostly benefited the rich. In fact, it benefited everyone, but low- and middle-income taxpayers saw the biggest savings.
The Heartland Institute went beyond the simple headline figures trumpeted by the Democrats and looked at the actual impact of the reform when it was combined with tax credits and other changes to the tax code. It turned out all tax brackets saw a fall in effective tax rates, and these were progressive – the less you earned, the more Trump’s tax reform saved you.
People earning over $1 million saw an average tax cut of 6%, but those earning between $50,000 and $100,000 got almost three times as much – an average tax reduction of 15-17%.
Now President Biden is trying to push his massive “Build Back Better” spending plan through Congress, and he’s claiming it won’t cost anything. Most Americans can see if you spend $1.75 trillion, it doesn’t “cost zero dollars,” as Biden insists – it costs $1.75 trillion, and someone has to pay for it. That someone, inevitably, will be US taxpayers. Trump let ordinary Americans keep more of their money, now Biden wants to snatch it away again.