Joe Biden Falsely Claims Nearly All Trump Tax Cuts Went To The Wealthy
Biden tells more falsehood in first press conference
Joe Biden claimed during his first press conference since taking office that 83 percent of Donald Trump’s 2017 tax cut went to the wealthy one percent of earners.
But Biden's claim is false.
The 2017 tax reforms were not limited to the top earners.
The overwhelming majority of American taxpayers benefited from Trump Tax Cuts and Jobs Act.
Meanwhile, ninety percent of Americans saw their take-home pay increase.
Trump's tax cuts raised wage growth by 3.3 percent, helping historic lows in unemployment.
In 2018, the nonpartisan Tax Policy Center estimated the top 1 percent would get 20.5 percent of the tax cuts.
The top twenty percent would get 65.3 percent.
People with a higher income pay the majority of the income tax, so cuts to income taxes tend to benefit them.
According to the Peter Peterson Institute, the top twenty percent of households earn 53 percent of pre-tax income and pay 68 percent of all income taxes.
In the unlikely event that tax cuts for the middle class expire in 2027, cuts will skew much more toward the rich.
According to the Tax Policy Center, the top 1 percent would enjoy 82.8 percent of the benefits after the expiration.
But that is not what Biden claimed.
Biden claimed the tax cuts were already going almost exclusively to the wealthy, which is not true.
Neon Nettle's verdict is FALSE.