Do You Know What’s Really in the Tax Reform Bill?
What's really in the tax bill lawmakers are pushing at the Capitol? It depends on who you believe.
House Minority Leader Nancy Pelosi claims the plan “raises taxes on the middle class,” while President Donald Trump says “everybody’s gonna benefit” from a plan that “is for the middle class.” Which one is closer to the truth?
The folks at factcheck.org have checked it out and found that some folks in the middle class will actually pay higher taxes, but it's only a small number of people. The group says the President is wrong to claim everyone will see a cut.
You can do the legwork and see what you think. An analysis by the Tax Policy Center says the president is wrong to say everybody would benefit, while Pelosi ignores that most taxpayers in the group she considers the “middle class” would see a tax cut.
The corporate tax rate would drop from 35 percent to 20 or 22%. The package would also abolish the alternative minimum tax and collapse the seven income tax brackets into just 3 (12%, 25% and 35%).
In checking the history of taxes and cuts, we found this incredible video of President John F. Kennedy talking about the economy: