With the Republican-controlled Congress moving forward with President Donald Trump’s call to extend the 2017 individual tax cuts, Democrats and Republicans are spinning the facts about who would benefit. Several Democrats have framed the tax cuts as exclusively benefiting billionaires, while Trump has suggested everyone in America would see a tax cut.
On the day of the tax filing deadline, former President Donald Trump went on Truth Social to misleadingly warn that if President Joe Biden is reelected, “you will soon be facing colossal tax HIKES.” But in his latest budget proposal, Biden supports extending the tax cuts championed by Trump for people making less than $400,000.
As former President Donald Trump campaigns on the exaggerated claim to being the largest tax cutter in U.S. history, the latest ad from Nikki Haley’s campaign misleadingly claims Trump now favors “a 10% across the board tax increase.”
Ads from two Democratic-aligned super PACs distort Dr. Mehmet Oz’s positions on taxes, Social Security and Medicare, and abortion.
The Inflation Reduction Act proposes to raise over $700 billion in new revenues over 10 years to be spent on energy, climate change initiatives, health care and deficit reduction. But not all of those revenues come via higher taxes. More than half comes from health care savings and from beefed up IRS tax enforcement.
Both political parties are spinning the facts on whether the Democrats’ Inflation Reduction Act would raise taxes.