Democrats Overstate Trump Tax Plan Effects
Democrats have used outdated or inflated figures to attack the GOP tax plan, when sticking to the facts would have served them just as well.
- Sen. Bernie Sanders tweeted an image of a chart that exaggerates how much President Donald Trump and other wealthy people would benefit from the repeal of the estate tax.
- Senate Minority Leader Chuck Schumer used an estimate from a liberal group in saying the tax plan “will add anywhere from 5 to 7 trillion dollars to our deficit.” The figures were actually $3 trillion to $5 trillion over 10 years; his office says he misspoke. But it’s worth noting Senate Republicans announced a budget framework that would allow $1.5 trillion in deficit spending over a decade.
- Sen. Ron Wyden said a reduction in the corporate tax rate “will result in $1.8 trillion in tax cuts for the multinationals and the powerful CEOs.” But 20 percent of the corporate tax burden falls on labor, according to the Tax Policy Center.
- Rep. Tim Ryan used an outdated and inflated figure when he said: “Since the recession ended, about 85 percent of income growth went to the top 1 percent.” The latest estimate is 52 percent.
To be sure, there are many details missing from the outline of a tax plan that and released on Sept. 27, and
