New data from the nonpartisan Congressional Budget Office (CBO) disprove President Biden’s misleading claims about the Tax Cuts and Jobs Act (TCJA), particularly that it primarily benefited the wealthy.

According to analysis of CBO data by the Tax Foundation, Republican tax reform reduced federal tax rates for households across every income level–while increasing the share of taxes paid by the top 1 percent.

Republican tax policies put money in people’s pockets, and if Democrats cast aside their attempts to repeal TCJA’s successes, those policies will continue to help working families.

CLICK HERE to read the full report.

KEY TAKEAWAYS:

• TCJA lowered the average federal tax rate for all filers: TCJA reduced the average federal tax rate from 20.8 percent to 19.3 percent for all filers.
• The lowest income earners paid less in taxes: The bottom 20 percent of earners saw their average federal tax rate fall from 1.2 percent to 0 percent – a lower rate than the previous 40-year average.
• The highest earners paid the highest share of taxes: The top 1 percent of households saw their share of federal taxes paid increasefrom 25.5 percent in 2017 to 25.9 percent in 2018.

CLICK HERE to read the full report.

READ: Debunking Biden’s Misleading Tax Claims – Yes, Republican Tax Reform Helped All Americans

READ: WaPo: Another Fact Check on Democrats’ False Claim About Tax Reform