{"id":1356201,"date":"2022-03-03T08:02:20","date_gmt":"2022-03-03T13:02:20","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1356201"},"modified":"2022-03-03T08:09:47","modified_gmt":"2022-03-03T13:09:47","slug":"sotu-fact-check-did-trump-tax-cuts-only-help-the-top-1-as-biden-claimed","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sotu-fact-check-did-trump-tax-cuts-only-help-the-top-1-as-biden-claimed\/","title":{"rendered":"SOTU Fact Check: Did Trump Tax Cuts Only Help the \u201cTop 1%\u201d as Biden Claimed?"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsotu-fact-check-did-trump-tax-cuts-only-help-the-top-1-as-biden-claimed%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1356201&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div class=\"featured featured-video video-ct\">\n<div class=\"contain\">\n<div class=\"info\">\n<div class=\"caption\">\n<p>WATCH: President Biden gives his State of the Union address as the Russia-Ukraine war intensifies. <\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/www.foxnews.com\/category\/person\/joe-biden\" target=\"_blank\" rel=\"noopener\">President Biden<\/a> claimed that the Republican tax cuts that former <a href=\"https:\/\/www.foxnews.com\/category\/person\/donald-trump\" target=\"_blank\" rel=\"noopener\">President Trump<\/a> signed in 2017 benefited &#8220;the top 1% of Americans&#8221; but not &#8220;working people,&#8221; unlike his American Rescue Plan, but various studies on the tax cuts tell a far different story.<\/p>\n<p>&#8220;Unlike the $2 trillion tax cut passed in the previous administration, that benefited the top 1% of Americans, the American Rescue Plan,&#8221; Biden said during his State of the Union address Tuesday. &#8220;The American Rescue Plan helped working people and left no one behind. And it worked.&#8221;<\/p>\n<p><a href=\"https:\/\/www.foxnews.com\/politics\/gop-state-leaders-respond-to-bidens-sotu-attack-on-transgender-policies\" target=\"_blank\" rel=\"noopener\"><strong>PAXTON CLAPS BACK AFTER BIDEN CONDEMNS \u2018STATE LAWS TARGETING TRANSGENDER AMERICANS\u2019<\/strong><\/a><\/p>\n<p>Yet multiple studies found that the Tax Cuts and Jobs Act of 2017 benefited a broad swath of Americans. The <a href=\"https:\/\/www.taxpolicycenter.org\/publications\/effect-tcja-individual-income-tax-provisions-across-income-groups-and-across-states\/full\" target=\"_blank\" rel=\"nofollow noopener\">Tax Policy Center<\/a> estimated that 82% of middle-income Americans would receive a tax cut for an average reduction of $1,260 in individual income taxes in 2018, increasing after-tax incomes by 1.7%. According to the\u00a0<a href=\"https:\/\/home.treasury.gov\/news\/featured-stories\/New%20Withholding%20Guidelines%20Under%20The%20Tax%20Cuts%20and%20Jobs%20Act%20Will%20Increase%20Take%20Home%20Pay\" target=\"_blank\" rel=\"nofollow noopener\"><u>Treasury Department<\/u><\/a>, 90 percent of Americans saw an increase in their take-home pay in 2018. The\u00a0<a href=\"https:\/\/data.bls.gov\/timeseries\/CES0500000003\" target=\"_blank\" rel=\"nofollow noopener\"><u>Bureau Of Labor Statistics<\/u><\/a>\u00a0reported a 3.3 percent average wage increase that year.<\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2022\/03\/931\/523\/sotu-12.jpg?ve=1&#038;tl=1\" alt=\"image\" \/><\/div>\n<div class=\"caption\">\n<p><span>President Joe Biden delivers his first State of the Union address to a joint session of Congress at the Capitol, Tuesday, March 1, 2022, in Washington as Vice President Kamala Harris and House speaker Nancy Pelosi of Calif., look on.\u00a0<\/span><span> (Jim Lo Scalzo\/Pool via AP \/ AP Newsroom)<\/span><\/p>\n<\/div>\n<\/div>\n<p>The tax cut law included opportunity zones, which led investors to put their money into distressed communities. The law also doubled the child tax credit, saving working families an estimated $100 billion.<\/p>\n<p>Bloomberg Businessweek&#8217;s economics editor, Peter Coy, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-10-27\/the-trump-tax-cut-wasn-t-just-for-the-rich\" target=\"_blank\" rel=\"nofollow noopener\">noted<\/a> that the bill&#8217;s benefits extended far beyond the top 1%, countering a Biden campaign claim that &#8220;Tax experts estimate that over the long run, 83% of Trump\u2019s tax giveaway will flow to the top 1% of earners in this country.&#8221;<\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2020\/11\/931\/523\/60b9369e-AP20309270668093.jpg?ve=1&#038;tl=1\" alt=\"image\" \/><\/div>\n<div class=\"caption\">\n<p><span>President Donald Trump speaks in the East Room of the White House, early Wednesday, Nov. 4, 2020, in Washington. (AP Photo\/Evan Vucci)<\/span><\/p>\n<\/div>\n<\/div>\n<p>While the Tax Policy Center estimated that the after-tax incomes of people in the top 1% will increase 2.9% in 2024 vs. a scenario of no change in the tax law, the after-tax incomes of other brackets will increase, as well. &#8220;Here are\u00a0the estimated increases for everyone else: the\u00a0bottom fifth of households, up 0.4%; second fifth, up 0.9%; middle fifth, up 1.3%;\u00a0fourth fifth, up 1.4%; and top fifth (which includes the top 1%), up 2.3%,&#8221; Coy wrote. &#8220;So it\u2019s fair to say that based on the TPC analysis, the tax cut is skewed to the rich, but it\u2019s not as skewed as&#8221; Biden previously said.<\/p>\n<p>&#8220;The Tax Foundation, whose analyses tend to find better results from tax cuts than those of the Tax Policy Center,\u00a0estimates the following changes in after-tax incomes in 2025:\u00a0the\u00a0bottom fifth of households, up 0.7%; second fifth, up 1%; middle fifth, up 1.3%;\u00a0fourth fifth, up 1.4%; top fifth, up 1.8%, and top 1%, up 2.1%,&#8221; Coy added. &#8220;In the final days of a hard-fought campaign, it\u2019s only fair to acknowledge\u00a0that just about everyone, from rich to poor, got at least something out of the Trump tax cut.&#8221;<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/\" target=\"_blank\" rel=\"noopener\"><strong><u>CLICK HERE TO READ MORE ON FOX BUSINESS<\/u><\/strong><\/a><\/p>\n<p>Despite multiple studies finding that Americans broadly benefited from the law, Americans have been skeptical. In 2019, The New York Times&#8217; Ben Casselman and Jim Tankersley <a href=\"https:\/\/www.nytimes.com\/2019\/04\/14\/business\/economy\/income-tax-cut.html?smid=tw-nytimes&#038;smtyp=cur\" target=\"_blank\" rel=\"nofollow noopener\">reported<\/a> that &#8220;to a large degree, the gap between perception and reality on the tax cuts appears to flow from a sustained \u2014 and misleading \u2014 effort by liberal opponents of the law to brand it as a broad middle-class tax increase.&#8221;<\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2022\/03\/931\/523\/biden-1.jpg?ve=1&#038;tl=1\" alt=\"Biden\" \/><\/div>\n<div class=\"caption\">\n<p><span>U.S. President Joe Biden during a State of the Union address at the U.S. Capitol in Washington, D.C., U.S., on Tuesday, March 1, 2022. Biden&#8217;s first State of the Union address comes against the backdrop of Russia&#8217;s invasion of Ukraine and the subsequ<\/span><span> (Photographer: Jim LoScalzo\/EPA\/Bloomberg via Getty Images \/ Getty Images)<\/span><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>WATCH: President Biden gives his State of the Union address as the Russia-Ukraine war intensifies. President Biden claimed that the Republican tax cuts that former President<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1356201","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1356201","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1356201"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1356201\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1356201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1356201"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1356201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}