Republican tax reform helped all Americans by lowering taxes across every income level and increasing the share of taxes paid by the top 1 percent, writes Scott A. Hodge, president of the bipartisan Tax Foundation in an op-ed for the Miami Herald.

 

Democrats will ram through their crippling tax hike and spending binge agenda with the misleading claim that the wealthy and corporations don’t pay their fair share – despite the facts repeatedly proving this claim false. (Read our fact check HERE).

 

The bottom line: President Biden’s tax surrender will hurt middle-class families and small businesses, make America less competitive, and reverse the gains made under the Tax Cuts and Jobs Act (TCJA).

 

CLICK HERE to read the full op-ed.

 

KEY EXCERPTS:

 

“Over the past few decades, Congress has aimed so much tax relief at low- and middle-income households that the largest share of taxpayers paying income taxes are now upper-income families and individuals. A recent report by the Tax Policy Center (TPC) found that almost 61% of Americans paid no income taxes in 2020, thanks largely to the substantial tax cuts enacted in various COVID-19 relief bills and the drop in personal incomes during the pandemic.

 

[…]

 

“By contrast, the latest data from the Congressional Budget Office shows that in 2018, the year after the Tax Cuts and Jobs Act (TCJA) lowered taxes for every income group, the share of income taxes paid by the top 1% of taxpayers reached a near-record high of 41.7%. The same group paid almost 26% of all federal taxes, twice the share paid by the bottom 60% of Americans combined.”

 

CLICK HERE to read the full op-ed.

 

KEY TAKEAWAYS:

 

Tax Reform Helped All Americans.

• President Biden wants to repeal the Tax Cuts and Jobs Act, which will cost 6 million U.S jobs over a decade.
• Tax reform helped all Americans by growing wages at the fastest pace in 20 years, and lifting more than 6 million people lifted out of poverty.

 

READ: TOOLKIT: Fighting President Biden’s Crippling Tax Hikes on Middle Class, Small Businesses

 

The Last Thing Americans Need Are Democrats’ Tax Hikes on Working Americans and Main Street Businesses.

• According to the Tax Policy Center, President Biden’s tax plan will raise taxes on 75 percent of middle-class families next year, rising to 95 percent of middle-class families over the long term – contradicting his pledge not to raise taxes on middle-class Americans.
• Democrats’ runaway spending is shrinking the paychecks of America’s working families, with surging inflation and consumer prices increasing the most in 13 years. Even former economic advisers to Democrats have warned their tax-and-spend agenda will fuel even higher inflation.
• The JCT analysis shows that more than 172 million taxpayers would bear the burden of the increased corporate tax rate – and disproportionately harm U.S. workers, retirees, and small businesses. 

 

READ: Democrat Tax Hikes Hit Millions of American Small Businesses, Kill Jobs, Slash American Wages