A thread on social media looked back on the Tax Cuts and Jobs Act that was signed into law by then-President Donald Trump in 2017 which cut taxes for individuals and businesses.
Many provisions in the tax code overhaul will expire in 2025 and Democrats have long insisted that Trump only cut taxes for the rich. But the detailed thread on X posted by Adam Michel, director of tax policy studies at the Cato Institute, tells a decidedly different story.
“Great thread,” Fox News’s Brit Hume wrote on X, sharing Michel’s post.
“Tax cut for the rich my a**. It was a tax cut nearly everyone, tilted in fact toward lower income people,” he added.
Great thread. Tax cut for the rich my a**. It was a tax cut nearly everyone, tilted in fact toward lower income people. https://t.co/soxobgNF7n
— Brit Hume (@brithume) December 22, 2024
The $1.5 trillion Tax Cuts and Jobs Act “cut taxes for Americans at every income level,” Michel explained.
“Typical tax cuts were between $1,500 and $3,000 in 2018,” he continued, noting tax rates being lowered and the child tax credit being doubled as a few examples.
A larger standard deduction also helped as did business tax cuts which “boosted investment, GDP, and wages.”
Typical tax cuts were between $1,500 and $3,000 in 2018.
Big changes came from:
-lower tax rates
-larger standard deduction
-doubled child tax credit pic.twitter.com/GkbGrcL07O— Adam Michel (@adamnmichel) December 22, 2024
“The TCJA was a ‘tax reform’ and not just a tax cut because it improved the tax base, like through the SALT limit,” Michel continued. “The law increased revenue by $4 trillion and cut taxes by $5.5 trillion.”
He did note that “The TCJA wasn’t perfect” and that “It was largely temporary and temporary tax cuts blunt their economic benefits.”
Social media users weighed in on Hume’s remark and the detailed thread by Michel.
Did Brit Hume just incredulously say “my a**”?
— john doe (@johndoe84601) December 23, 2024
Richer people pay the large majority of income taxes, so tax cuts will benefit them. That is not a problem at all. It’s economically positive because the tax savings are then spent or invested.
— Tom Czitron (@TomCzitron) December 22, 2024
Gee, how can that be? Democrats have been saying the opposite for decades. They wouldn’t lie, would they?
— Rich Shears (@shears_rich) December 23, 2024
Thanks for this visual! I’m SO SICK of my friends on the left using that stupid line!! This shuts it down.
— JoJo Hates Politics (@joanne45569) December 22, 2024
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Originally from New York, Powers graduated from New York University and eventually made her way to sunny South Florida where she has been writing for the BizPacReview team since 2015.
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