Tax Policy and the 2017 Tax Cuts

SOURCE www.factcheck.org
President Trump claims 68% tax increase if Republican budget bill fails, but analysis shows taxes would rise about 7.5% on average if 2017 tax cuts expire. Democrats opposed budget package, advocating for tax cuts for majority of Americans but not for high earners.

Key Points

  • President Trump claims 68% tax increase if Republican budget bill fails.
  • Analysis shows taxes would rise about 7.5% on average if 2017 tax cuts expire.
  • Democrats opposed budget package, advocating for tax cuts for majority of Americans but not high earners.

Pros

  • Extension of certain provisions of the 2017 Tax Cuts and Jobs Act could benefit taxpayers.
  • Analysis suggests lower and middle-income earners may see an increase in after-tax income if bill passes.

Cons

  • President Trump's claim of a 68% tax increase if bill fails is not supported by analysis.
  • Democrats opposed the budget package, raising questions about bipartisan support.