In a speech last week introducing his proposed $6 trillion 2022 budget, President Biden claimed that the benefits of the Republican Party’s Tax Cuts and Jobs Act “went to the wealthiest 1% of America.” It’s not the first time he’s made this claim.
In his first speech to a joint session of Congress, Biden described the TCJA as a “huge windfall” for “those at the very top.” To right that wrong, he proposes getting rid of loopholes and raising the top tax rate from its current 37% to 39.6%. Why? So that “the wealthiest 1% of Americans” will “pay their fair share,” a phrase that the president and his fellow Democrats repeat with abandon.
But there’s a big problem with Biden’s claims: They are simply untrue. It’s time Republicans started more aggressively pointing that out.
Let’s start with that supposedly “huge windfall” that went to the “wealthiest 1%” of America. While the TCJA reduced effective income tax rates for all income groups in 2018, the