In his first press conference since taking office, Biden claimed that Trump‘s 2017 tax cuts, which gave 83 percent of tax savings to the top 1 percent of income earners, were wrong, Breitbart News reported Thursday.
Breitbart News said the beneficiaries of the 2017 tax reform were not limited to the top earners, and that the vast majority of American taxpayers received tax cuts through the Trump Tax Cuts and Jobs Act. 82 percent of middle-class American households received tax cuts, with an average tax cut of $1,260; 90 percent of Americans 90% of Americans saw their take-Home pay increase. The tax cuts boosted wage growth by 3.3 percent and helped the U.S. achieve the lowest unemployment rate in history.
The nonpartisan Tax Policy Center (TPC) estimates in 2018 that the top 1 percent will receive a 20.5 percent tax cut; the top 20 percent will receive a 65.3 percent tax cut. That’s because high-income people pay most of the income taxes, so income tax cuts tend to benefit those groups. According to the Peter Peterson Institute, the top 20 percent of households earn 53 percent of U.S. pre-tax income and pay 68 percent of U.S. income taxes.
Biden is wrong to claim that tax cuts already go almost exclusively to the rich.
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