On Tax Day, Stephanie Ruhle Fact-Checks Trump's Tax Bill And Finds Promises Broken
Well, on the most wonderful day of the year (if you are wealthy) our friend Stephanie Ruhle takes us back in time to review the promises Trump and his GOP friends made about this fabulous new tax plan that got passed. Let's see how their claims match up to reality.
1. Donny swore the middle class was going to be the biggest beneficiary of this plan.
NOPE. Most gains for the middle class were small, and go away by 2026. Corporate America, however, got much higher gains in this plan, and their benefits were made permanent.
2. Trump insisted the rich would get nothing from this tax plan. N.O.T.H.I.N.G. Least of all, himself. Trump would gain nothing from this plan.
BWAH. The top rate for the highest earners dropped to 37%, giving them an average one-year break of $287,000. (You could hire at least 5 teachers for that one average person's tax break.) Furthermore, there were huge tax cuts for pass-through businesses that have lots of real estate holdings. Remind you of anyone?
3. Steven Mnuchin promised the tax plan not only pays for itself, but pays down debt.
AS IF. Ruhle points out that it adds $1 trillion to the deficit, and even factoring in growth, does not pay down the debt. Here is a chart if you're like me, and you constantly need a primer on what the difference between the deficit and the debt is: