IRS data challenges Walz’s claim that Trump’s tax cuts ‘went mostly to the elite’
Ohio Rep. JD Vance highlights how Vice President Kamala Harris could make her economic proposals while in office during the CBS Vice President’s Conference. (Courtesy: CBS News)
On Tuesday night’s CBS Vice Presidential Debate episode, Democratic nominee and Minnesota Governor Tim Walz said the Trump-era tax cuts “mostly went to the top” and benefited America’s wealthiest.
However, data from the Internal Revenue Service (IRS) shows that is not true.
“Donald Trump made a promise, and I’ll give you this, he kept it. He took the books to Mar-a-Lago, he 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 it leads to a recession,” said Walz.
According to a September 2020 report from the US Senate Finance Committee, middle-income Americans saw the “biggest decline in total tax liability” between 2017 and 2018 when the Tax Cuts and Jobs Act took effect.
The data also notes that Americans with annual incomes between $50,000 and $100,000 saw their tax bill drop twice as much as Americans making $1 million or more.
‘IMPORTANT AND SIGNIFICANT’ RAISED AS VANCE, WALZ TAKEN FOR VP
US Senate Finance Committee data from 2020 shows that the Trump-era tax cuts reduced the total tax liability of middle-income earners by more than twice as much as those who made $1 million or more. (Getty Images)
The Senate committee explains that the total tax liability includes federal income taxes, social security taxes, self-employment income and taxes on individual retirement plans (IRAs).
“Tim surprisingly admits that they want to roll back the Trump tax cuts. But if you look at what was so different about Donald Trump’s tax cuts, even in previous Republican tax cuts, is that many of those resources have provided more — take-home pay for middle-class and working-class Americans,” said Republican vice presidential nominee and Sen. JD Vance, R-Ohio, in response to Walz.
“I think you have a tough job here,” Vance continued, “because you have to play whack-a-mole. You have to pretend that Donald Trump didn’t bring about rising take-home pay, which of course he did. You have to pretend that Donald Trump didn’t bring about inflation. low, which he did at the same time as protecting Kamala Harris’ poor economic record, which made gas, groceries and housing unaffordable for American citizens.
Gov. Tim Walz, D-Minn., speaks to voters who trust former President Trump most about the economy during the CBS News Vice Presidential Debate. (Courtesy: CBS News)
“Well, Kamala Harris’ Day One was Donald Trump’s failure on COVID that led to the collapse of our economy,” Walz said. “Economists can’t be trusted. Science can’t be trusted. National security people can’t be trusted. Look, if you’re going to be president you don’t have all the answers. Donald Trump believes he has them. My tip for the day is this: if you need heart surgery, listen to the people at the Mayo Clinic in Rochester, Minnesota, not Donald Trump And the same thing goes with this, and I’m asking you there, teachers, nurses, truck drivers, whatever: how is it right that you pay your taxes every year, and Donald Trump has never paid any federal tax for the last 15 years?”
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Billionaire Glen Taylor discusses Minnesota Governor Tim Walz’s character ahead of the election on ‘The Claman Countdown.’
Vice President Kamala Harris and her running mate have better personal ratings than former President Donald Trump and his vice presidential pick, according to a recent Fox News poll.
Walz is the only candidate that voters view more favorably than unfavorably (+3 points). Although Harris’ ratings are off by 2 points, his 49% favorability is the highest in three years. Trump is underwater by 8 points and Vance by 12. About 1 in 6 don’t know Walz and Vance.
While Democrats and Republicans have very positive views of the candidates, each polled person is underwater when it comes to the independent minority group. By a 6-point margin, fewer Republicans have a favorable opinion of Vance than Democrats have of Walz.
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Fox News staff contributed to this report.
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