President Donald Trump celebrated the passage of the Republican tax reform bill that cuts taxes on wealthy individuals and corporations.
During a Cabinet meeting that included a bizarre, robotic-like tribute to Trump by Vice President Mike Pence, Trump read off a list talking points about the GOP tax bill that were filled with falsehoods.
Trump claimed that the exemption from the estate tax will help family farms because “the tax was killing the farmers, they were forced to sell farms at bargain basement prices.”
CNN noted in October that this Republican claim — to push the tax bill through — was not true:
Most U.S. family farms are unaffected by the federal estate tax.For starters, about 90% of farms are small — meaning they bring in $350,000 or less in revenue a year, according to the USDA. And the median wealth for farm operator households was $827,300 in 2015.
The estate tax exemption will be a huge benefit for Trump and his family, and others with enormous incomes, as The New York Times notes:
An exemption for estates that owe what Republicans call the “death tax” was lifted to $22 million from $11 million for married couples.
Trump falsely claimed that the GOP tax bill “brings overseas corporate profits back to the United States.”
In reality, corporations can bring their profits back into the U.S. anytime they want, however, they have kept a staggering amount of profits overseas to avoid paying 35 percent taxes in a tax dodge.
The GOP tax bill rewards corporations that kept these massive profits overseas, as they will only pay “8 percent for profits invested in real estate and other hard assets abroad, and 15.5 percent for profits in cash and stock and other liquid assets,” reports Vox.
The New York Times adds:
American companies will no longer owe full corporate taxes on future profits they say they earn abroad, providing more incentive to push income into tax haven subsidiaries.
Trump also bragged that the GOP tax bill lowers corporate tax rate from 35 percent o 21 percent, which made him crow with joy: “That’s probably the biggest factor in this plan.”
The Washington Post reports that Trump’s unscripted admission offers proof that the GOP “deceptively sold” the tax bill as one meant for the middle class, but was really for corporations.
Trump also falsely claimed that the GOP tax bill is “really, above all else, a jobs bill.”
There is not one line in the bill that requires any jobs to be created. ThinkProgress notes that corporations are not creating jobs, but are repurchasing their stocks.
The repurchasing does not create new jobs or increase wages for workers.
Trump also took credit for President Obama’s 2017 economic policy by falsely claiming that “we’ve already created over two million jobs since the election.”
Trump has not signed any budget bills since being in office.