More Dishonesty About Tax Cuts

I wrote earlier about the tax bill about to pass Congress and the dishonest treatment of it by Democrats and the media.  I just read another article that illustrates this.  Here's how the AP describes the bill:

The bill provides steep tax cuts to businesses and wealthy families, and more modest cuts to middle- and low-income families. It scales back a popular deduction for state and local taxes, repeals a key tenet of Barack Obama's Affordable Care Act and allows drilling in the Arctic National Wildlife Refuge.

Really?  Drilling in the Arctic makes the cut as a key point?  The bill focuses on wealthy families?  Nope, the middle class gets more of the cuts.  But the AP doesn't stop there.

The bill would bring average initial tax cuts for Americans across all income lines, but by 2027, it would boost average levies for everyone earning up to $75,000, which includes most taxpayers, Congress' nonpartisan tax analysts estimated Monday.

The Joint Committee on Taxation calculated that in 2019, people earning $20,000 to $50,000 would see tax cuts averaging 10 percent or more. Those making $200,000 to $1 million would see reductions averaging slightly less.

But by 2023, people making under $30,000 would see tax increases, and those earning more would see their tax cuts get smaller.

 

In 2027, the bill puts tax rates for individuals back at current levels, you know, the ones the Democrats and the media want to keep.  So for these people to criticize the return to current rates in 2027 as a tax increase is the height of arrogance.  Indeed, the individual tax cuts are temporary only because the Democrats have used Senate rules to require that.

 

Then there's the conclusion that most people making 20 to 50K will get over a 10% tax cut.  That's actually low, but it shows that even the Democrats and the media realize that they have been lying.  Best, however, is the claim that in 2023, people making under $30,000 would see tax increases.  Think about that.  Let's look at a couple earning $26,000.  The start under the new law with a standard deduction of $24,000.  If they have kids, they get a refundable tax credit of $2000 per child.  That means they pay no tax but get money back.  That does not change in 2023.  Only when the rates have to go back to current levels because of what the Democrats have done will there be any chance for this couple to pay taxes.

 

I'm truly tired of watching the media and the Democrats lie about the tax bill.