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From Fox Business: On the CBS Vice Presidential Debate stage Tuesday night, Democratic nominee and Minnesota Gov. Tim Walz claimed that the Trump-era tax cuts “predominantly went to the top guys” and benefited America’s wealthy.
However, Internal Revenue Service (IRS) data shows that’s not true.
“Donald Trump made a promise, and I’ll give you this, he kept it. He took books to Mar-a-Lago, said: you’re rich as hell, I’m going to give you a tax cut… What happened? There was an $8 trillion increase in the national debt, the largest ever. Now he’s proposing a 20% consumption or sales tax on everything we bring in. Everyone agrees, including businesses, it would be destabilizing. It would increase inflation and potentially lead to a recession,” Walz said.
According to a September 2020 report from the U.S. Senate Committee on Finance, middle income Americans are the ones who saw the “biggest decrease in total tax liability” between 2017 and 2018 when the Tax Cuts and Jobs Act went into effect.
The data additionally notes that Americans with annual incomes between $50,000 and $100,000 saw tax liability drop twice as much as Americans who make $1 million or more.
Vance fired backing, noting that Trump’s tax cuts resulted in more take-home pay to middle class and working class Americans.
“I think you got a tough job here, because you’ve got to play whack-a-mole,” Vance told Walz. “You’ve got to pretend that Donald Trump didn’t deliver rising take-home pay, which of course he did. You’ve got to pretend that Donald Trump didn’t deliver lower inflation, which of course he did. And then you simultaneously got to defend Kamala Harris’s atrocious economic record, which has made gas, groceries and housing unaffordable for American citizens.”
WATCH:
Walz: “Donald Trump made a promise, and I’ll give you this, he kept it. He took folks to Mar-a-Lago and said, ‘you’re rich as hell, I’m gonna give you a tax cut’ … what happened there was a $8t increase in the national debt, the largest ever.” pic.twitter.com/XazMcoXnCM
— unusual_whales (@unusual_whales) October 2, 2024
Fox News host David Asman wrote, “Gov Walz says trump tax changes added $8 trillion to the deficit. In fact, tax revenues INCREASED by $1.5 trillion in the first 5 years after 2017 tax act kicked in…an INCREASE of over 47%. Of course, no fact-checking from moderators.”
Gov Walz says trump tax changes added $8 trillion to the deficit. In fact, tax revenues INCREASED by $1.5 trillion in the first 5 years after 2017 tax act kicked in…an INCREASE of over 47%. Of course, no fact-checking from moderators. pic.twitter.com/wn9mjr1G2I
— David Asman (@DavidAsmanfox) October 2, 2024
Many social media users are pointing out Walz’s claims are false, and noting that Trump’s tax cuts actually helped those in the middle class more.
Walz is claiming that the debt is going up due to Trump tax cuts, not the insane amount of spending under the Democrats.
— Rachel Alexander (@Rach_IC) October 2, 2024
Governor Walz wants you to believe that Trump only gave tax cuts to the rich. Under Trump if you made between $9k and $82k you saw a 3% cut. The wealthiest saw a 2.6% cut.
Oh and the wealthy, they pay more pic.twitter.com/SBpM1IBxGE— Patrick (@plbeaudry) October 2, 2024
Tim Walz keeps saying Trump gave tax breaks to the rich and hurt the middle class. This is a LIE! Dear voter…. I REPEAT… this is a LIE! Trump’s tax cuts to corporations were JOB CREATION ENGINES and they worked. He RAISED taxes on the rich. The middle class gained most. -VJ pic.twitter.com/MEPTR8VsHa
— RealVinnieJames (@RealVinnieJames) October 2, 2024
Tim Walz claimed the Trump Tax Cuts added $8 trillion to the national debt. That was a lie. pic.twitter.com/Ft83aspOeu
— Sheriff Roy Coffee (@SheriffCoffee) October 2, 2024
IRS data challenges Walz’s claim that Trump tax cuts ‘predominantly went to the top guys’ https://t.co/MlRG8alK1s
— FOX Business (@FoxBusiness) October 2, 2024
Vance does a great job defending the Trump Tax Cuts, pointing out rising wage growth for workers and tax cuts for the middle class.
Walz repeats the debunked lie that Trump only cut taxes for billionaires.
Here’s the New York Times pointing out all income groups got a tax cut pic.twitter.com/nMDPffIu4L
— Mike Palicz (@Mike_Palicz) October 2, 2024
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