Tag Archives: Trump Tax Cuts

Changing His Tune On Taxes

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The Democrat Party claims to be for the working man, yet when it came time to vote on the One Big Beautiful Bill (OBBB) which cut taxes for the working man, the Democrats in Congress voted against it. Just for the record, the passage of that bill raised federal revenue 3 percent last year. As I have previously reported, “According to the latest “Monthly Treasury Statement,” revenues in FY 2026 came in at just over $5.4 trillion while spending was just under $7.4 trillion, leaving a deficit of $1.992 trillion.” But the Democrats are still complaining that the tax cuts increase the deficit–no, the excess spending grows faster than the increased revenue from the tax cuts.

On Saturday, The Daily Signal posted an article about a tax cut Senator Adam Schiff is actually supporting.

The article reports:

A family in Ohio has worked hard and sacrificed for three generations to keep their small-town grocery store in business, serving a community they live in and love.

A billionaire in California who invests some of his money in the movie industry lives in a beachside mansion in Malibu.

For which of these two entrepreneurs would Sen. Adam Schiff, D-Calif., support a tax cut?

It would be the moviemaker.

When the Tax Cuts and Jobs Act came up in Congress in 2017, The Heritage Foundation published a report summarizing what it would do. “The 2017 Tax Cuts and Jobs Act is the most sweeping update to the U.S. tax code in more than 30 years,” said Heritage’s analysis. “The recently released bill would lower taxes on businesses and individuals and unleash higher wages, more jobs, and untold opportunity through a larger and more dynamic economy.” 

“The framework lowers rates for almost every tax bracket,” said the analysis. “The current seven brackets remain, but with new generally higher income thresholds and lower rates.” 

Schiff, who then served in the House of Representatives, was outraged by the proposal. 

He argued that he was standing up for the little guy and against increasing the federal debt.

“I just voted NO on the Republican tax plan,” Schiff said in a 2017 Facebook post. 

The article concludes:

“A study published just this week found that the share of production spending by U.S. studios on movies that are made primarily or partially in the U.S. declined from 74% to 24% over the last quarter century,” said Schiff. “That is a staggering loss in the industry, but this tax credit, which is a base credit of 20%, with additional 5% credits going up to 30% of a tax credit, is layered upon whatever the state of California or other states do. That is powerful enough for the first time to really bring not just TV production back, but film production back, and all the multiplier impacts that has on the economy.” 

“We’ve got to get this done,” said Schiff. 

So, the opponent of the Trump tax cuts that reduced the tax burden on small family-owned business all across the country now believes that tax cuts—at least for the movie and television industries in Hollywood—can help this nation’s economy. 

Did someone offer him a starring role?

Quotes Of The Week

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I can always depend on Senator Kennedy of Louisiana to provide some good quotes. On January 29, The Media Research Center posted a few:

Kennedy warned that the U.S. is “headed for a multiple-vehicle pileup” caused by the mutually essential needs to extend the tax cuts enacted during President Donald Trump’s first term while also cutting federal government spending.

If the Trump tax cuts aren’t extended, taxes will go up by $4.3 trillion, with 60% of the increase hitting middle class and lower income Americans, Kennedy cautioned.

Meanwhile, the U.S. national debt has topped $36 trillion, or $102,000 per citizen, the senator noted, stressing the need to spur economic growth.

“I don’t want to blame it all on President Biden, but, if the shoe fits, wear it, Cinderella,” Kennedy said, regarding the nation’s unprecedented debt fueled by wanton spending.

The article concludes:

“So, I hope all the folks today will go home and take off their Batman t-shirts, wash them [because they’re] probably a little sweaty.

“I hope everybody will go home – those who drink, have a cocktail – take their meds and put this all in perspective. That’s what that OMB memorandum (on excessive spending) was all about.”

Kennedy then closed with his vehicular warning:

“If you don’t believe we’re going to have to cut spending substantially, then you shouldn’t be driving.”

He is right. If we don’t cut spending, we will totally tank our economy.

Making America’s Economy Great Again

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On Saturday, Hot Air posted an article by Economist Stephen Moore with suggestions about helping the American economy recover from four years of the Biden administration.

This is the list:

1. Slash Job-Killing Regulations

2. Make the Trump Tax Cuts Permanent

3. Replace Welfare With Work

4. Use America’s Abundant Natural Resource

5. Cut Medical Costs by Demanding Health Care Price Transparency

6. Allow School Choice for All Families

7. Implement a Pro-America Immigration Policy

8. Revive America’s Great Cities

9. Pull the U.S. Out of the Paris Climate Change Treaty and Other Anti-America Agreements

10. Finally, Drain the Swamp

Please follow the link to the article for details. All of these are doable. All of these ideas benefit all Americans. It would be wonderful to see America’s cities return to being safe, clean places that are wonderful to visit.

The Lie That Keeps Being Told

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To debunk one of the claims repeatedly made by the Harris campaign, I am going back to an article from December of 2021. The facts have been available since then, but the campaign has chosen to ignore them–just as the campaign has continually lied about Project 2025 and President Trump’s stand on abortion.

In December 2021, Yahoo News shared an article from The Hill.

The article reports:

Congressional Democrats have argued that one of the best ways to pay for the legislation is to raise taxes on wealthy households, which, according to many on the left, have benefited disproportionately and unfairly from the 2017 tax reform law passed by Republicans and signed by former President Trump. The latest data, however, proves that this claim is pure mythology.

Income data published by the IRS clearly show that on average all income brackets benefited substantially from the Republicans’ tax reform law, with the biggest beneficiaries being working and middle-income filers, not the top 1 percent, as so many Democrats have argued.

A careful analysis of the IRS tax data, one that includes the effects of tax credits and other reforms to the tax code, shows that filers with an adjusted gross income (AGI) of $15,000 to $50,000 enjoyed an average tax cut of 16 percent to 26 percent in 2018, the first year Republicans’ Tax Cuts and Jobs Act went into effect and the most recent year for which data is available.

Filers who earned $50,000 to $100,000 received a tax break of about 15 percent to 17 percent, and those earning $100,000 to $500,000 in adjusted gross income saw their personal income taxes cut by around 11 percent to 13 percent.

By comparison, no income group with an AGI of at least $500,000 received an average tax cut exceeding 9 percent, and the average tax cut for brackets starting at $1 million was less than 6 percent. (For more detailed data, see my table published here.)

That means most middle-income and working-class earners enjoyed a tax cut that was at least double the size of tax cuts received by households earning $1 million or more.

What’s more, IRS data shows earners in higher income brackets contributed a bigger slice of the total income tax revenue pie following the passage of the tax reform law than they had in the previous year.

The article concludes:

Every income bracket with a top level lower than $25,000 experienced a reduction in its number of filers, and every income bracket above $25,000 increased in size, with the biggest gains occurring in the brackets with a floor of at least $100,000.

The fact is, Republicans’ 2017 tax reform law did exactly what was promised: It lowered taxes for all income groups, provided the greatest benefits for middle-income households, and spurred economic growth that helped reduce poverty and improve prosperity.

It would be a grave mistake for Democrats to eliminate key parts of this important legislation.

Numbers don’t lie. Unfortunately, Democrat Presidential candidates do.