WASHINGTON- Today, in an effort to gain support for the tax hike his administration is proposing to fund trillions in spending, President Joe Biden made a false statement about The Heritage Foundation’s position on the Tax Cuts and Jobs Act. The package of tax cuts, which passed in 2017, lowered taxes for about 80% of Americans.
“My Republican friends had no problem voting to pass a tax proposal that expires in 2025 that cost $2 trillion. None of it paid for. Increased the deficit by $2 trillion. Gave the overwhelming percentage of those tax breaks to people who didn’t need it—the top one-tenth of 1%—didn’t need it. And it was argued that what it would do would generate this great economic surge in growth. It would increase productivity. It would pay for itself. It would generate a sense of growth in America we hadn’t seen ever before. Well, everyone from The Heritage Foundation on has pointed out it hadn’t done that, hadn’t done that.”
This is at least the third time Biden has misstated Heritage’s position on the tax cuts. He made similar false claims in August 2019 and then again in June 2020 on the campaign trail.
Matthew Dickerson, director of the Grover M. Hermann Center for the Federal Budget at The Heritage Foundation, reiterated Heritage’s consistent support for the tax cuts since day one:
“The tax cuts DID create growth, higher take-home pay, and more investment. Unemployment reached a historic, 50-year low. Despite the misleading narrative, the tax cuts benefitted most Americans. With the share of taxes paid by high income earners increasing, the Tax Cuts and Jobs Act made the tax code more progressive.
“The Heritage Foundation predicted that the tax cuts would reduce the total level of revenues and this is a good thing. Higher taxes are ultimately more harmful for the economy. Instead of the massive ‘eight-year’ spending packages ostensibly ‘paid for’ using permanent tax increases, the President should focus on reducing the already unsustainable government spending and prevent tax hikes.”
Heritage remains committed to delivering the truth to all Americans by highlighting the facts. More resources from Heritage on the positive impact of the tax cuts and the harm that Biden’s tax hikes will hold for all Americans can be found below:
The Tax Cuts and Jobs Act: 12 Myths Debunked | The Heritage Foundation
Biden’s Business Tax Hikes Would Be a Self-Inflicted Mistake for America | The Heritage Foundation
Biden’s Proposed Tax Increases Would Be Largest Since LBJ’s in 1968 | The Heritage Foundation
Debunking 6 Myths About the Tax Cuts and Jobs Act | The Heritage Foundation
In 1 Chart, How Much the Rich Pay in Taxes | The Heritage Foundation
How 2 Years of Tax Cuts Have Supported Our Strong Economy | The Heritage Foundation
