Rep. Brendan Boyle (D-PA) claimed on Tuesday during the Democrat National Convention (DNC) that President Donald Trump’s Tax Cuts and Jobs Act only benefitted the rich and wealthy corporations.
Verdict: False. Over 80 percent of families with children received a tax cut thanks to the Trump Tax Cuts and Jobs Act.
Boyle claimed, without evidence, during the opening of the Democrat National Convention that former Vice President Joe Biden will “build an economy that rewards work, not wealth, and get rid of the Trump tax cuts that only benefit big corporations and the rich.”
Breitbart News’s economic editor John Carney, explained that 80 percent of middle-class families with children received a tax cut thanks to the Trump tax cuts. Further, middle-class households received an average tax cut of $1,260.
The Trump tax cuts also doubled the child tax credit and expanded its eligibility, which significantly helps the American working-class family.
Further, the Trump Tax Cuts and Jobs Act also repealed the Obamacare individual mandate, which serves as a giant middle-class tax cut. Eighty percent of those who paid the Obamacare individual mandate fine made less than $50,000, making the mandate’s repeal a significant cut.
Also, many prominent Democrats such as House Speaker Nancy Pelosi (D-CA) and Senate Minority Leader Chuck Schumer (D-NY) want to repeal limits on the State and Local Tax (SALT) tax deduction, which allows taxpayers to deduct state and local taxes from their federal income tax bill. The Trump tax cuts limited the deduction to $10,000.
This limitation primarily impacted wealthy blue states such as California, New York, and New Jersey, meaning that Democrats’ move to repeal the restriction on the SALT deduction would benefit wealthy New Yorkers, New Jerseyans, and Californians.
Sean Moran is a congressional reporter for Breitbart News. Follow him on Twitter @SeanMoran3.
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