Republicans are setting the record straight after Democrats offered nothing but smears on the “big, beautiful bill.”
Democrats opposing the bill have asserted that it benefits the rich, but they have done so by fudging the numbers, largely relying on the Congressional Budget Office’s (CBO) analysis to fuel their criticisms. But as Breitbart News reported, the CBO — created to act as a nonpartisan advisory body — has its performance as well as personnel’s political history bringing that into question:
But the CBO’s extensive history of overestimating benefits for Americans from public health care, underestimating costs of Democrat policies on taxpayers, and stacking the deck against Republican policies reveals a deeply partisan agency influencing lawmakers in order to further left-wing causes.
In addition to its history of unreliable projections propping up Democrats, according to FEC records, of the nearly $17,000 donated to candidates and committees from CBO employees since 1986, only $250 went to Republican candidates — a single donation to George W. Bush in 2000.
In some ways, Democrats are essentially equivocating taking away tax-funded benefits for illegal immigrants as taking benefits away from the poor. But that in itself is completely disingenuous.
The Ways and Means Committee is correcting the record, warning the American people not to fall for the same lies the Democrat touted to discredit the 2017 Trump tax cut’s benefits for the working class. All in all, the GOP says the numbers are clear, showing that the measure benefits working class Americans.
A fact sheet presented by the Ways and Means Committee shows that not only does the measure halt a $1,700 tax increase, but it provides an additional $1,300 in tax cuts for families of four taking in less than $100,000.
“Working families making between $15,000 and $30,000 will have their taxes cut by 23% – the largest of any income group,” the fact sheet reads.
Under the bill, as passed by the U.S. House, families making between $15,000 and $30,000 would see their taxes cut by 23 percent, followed by an 18 percent decrease for those making $30,000 to $40,000 and a 16 percent decrease for those making $40,000 to $50,000.
Overall, the biggest tax relief comes to low income families. Per Ways and Means:
* The One, Big, Beautiful Bill will cut taxes for Americans earning under $50,000 by 16.5%.
* 70% of The One, Big, Beautiful Bill’s tax cuts benefit American families making less than $500,000.
* The tax cuts and economic growth from The One, Big, Beautiful Bill will increase the take-home pay for a family of four by $13,300.
In all, the bill would actually see the top one percent pay more in federal income taxes than they do currently, and the top ten percent of earners in the country would have their share increased as well.
Additionally, the bill would help working class families in other ways. For instance, the “big, beautiful bill” eliminates income tax on tipped wages, which according to estimates, could save those earners up to $1,700 per year.
It also eliminates income taxes on overtime pay, boosting income for hourly workers by roughly $1,750 per year.
Members of law enforcement are among those who say no tax on overtime would be a “huge advantage” to them.
The National Restaurant Association also zeroed in on both “no tax on tips” and “no tax on overtime,” noting that those provisions recognize “the value of our dedicated workforce.”
Further, the Republican fact sheet adds that the bill “preserves and boosts the standard deduction by up to $2,000 for working families, providing relief to 91% of American taxpayers.”
“The facts speak for themselves,” Ways and Means Committee Chairman Jason Smith (R-MO) said in a statement. “After passage of the 2017 Trump tax cuts, we saw a booming economy that raised wages by nearly five percent, with those in the bottom 10 percent seeing 50 percent more wage growth than those in the top ten percent.”
“The top one percent of earners paid more in taxes after its passage. The One, Big, Beautiful Bill builds on that success and delivers even greater tax relief, higher wages, and better economic growth – all of which will primarily benefit working families as will President Trump’s priorities of no tax on tips, overtime, and auto loan interest plus tax relief for seniors,” he said, adding, “The legislation doubles down on pro-growth, pro-family policies that directly benefit low- and middle-income families.”
Ultimately, he said the bill is a “win” for the working class.
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