DawnODay
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Washington Post Gives Biden's Opening Speech 4 Pinocchios
G. Kessler, Biden’s false claim that no one but the rich got Trump’s tax cuts, Washington Post (May 1, 2019) (emphasis added).
The former vice president has never been known for turning a phrase with precision, but in his opening campaign speech, he told a whopper. Let’s take a look.
... the biggest problem is Biden’s sweeping declaration that “all of it went to folks at the top and corporations that pay no taxes.”
That’s simply wrong.
As we have explained before, any broad-based tax cut is going to mostly benefit the wealthy because they already pay a large share of income taxes. According to Treasury Department data, the top 20 percent of income earners paid 95.2 percent of individual income taxes in 2017. The top 10 percent paid 81 percent. The top 0.1 percent paid an astonishing 24.1 percent of taxes....
Meanwhile, as this year’s tax season ended, H&R Block reported that its clients experienced a 25 percent reduction in tax liability, which translates to about $1,200 on average. Tax refunds were mostly flat, however, as the Internal Revenue Service changed the withholding tables so people would see more in their paychecks. So that worked out to about $25 extra every week — or $3.50 a day — starting in March.
Now, this may be one reason Biden’s audience readily agreed with his statement that they didn’t “feel” the tax cut. An extra $3.50 a day might easily be missed, especially if the tax refund barely changed. The size of a tax refund appears to be very important for many Americans, even if it’s in effect an interest-free loan to the government. Nevertheless, the average reduction in tax liability was 25 percent, which also serves to illustrate that many Americans do not pay much in federal income taxes....
Most Americans received a tax cut. They may not have noticed it, but that’s no excuse for saying they never got one.
... the biggest problem is Biden’s sweeping declaration that “all of it went to folks at the top and corporations that pay no taxes.”
That’s simply wrong.
As we have explained before, any broad-based tax cut is going to mostly benefit the wealthy because they already pay a large share of income taxes. According to Treasury Department data, the top 20 percent of income earners paid 95.2 percent of individual income taxes in 2017. The top 10 percent paid 81 percent. The top 0.1 percent paid an astonishing 24.1 percent of taxes....
Meanwhile, as this year’s tax season ended, H&R Block reported that its clients experienced a 25 percent reduction in tax liability, which translates to about $1,200 on average. Tax refunds were mostly flat, however, as the Internal Revenue Service changed the withholding tables so people would see more in their paychecks. So that worked out to about $25 extra every week — or $3.50 a day — starting in March.
Now, this may be one reason Biden’s audience readily agreed with his statement that they didn’t “feel” the tax cut. An extra $3.50 a day might easily be missed, especially if the tax refund barely changed. The size of a tax refund appears to be very important for many Americans, even if it’s in effect an interest-free loan to the government. Nevertheless, the average reduction in tax liability was 25 percent, which also serves to illustrate that many Americans do not pay much in federal income taxes....
Most Americans received a tax cut. They may not have noticed it, but that’s no excuse for saying they never got one.
G. Kessler, Biden’s false claim that no one but the rich got Trump’s tax cuts, Washington Post (May 1, 2019) (emphasis added).
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