Myth vs. Fact Setting the Record Straight on the Tax Cuts & Jobs Act
Myth vs Fact: Tax Reform and the Deficit MYTH: The plan is expensive and adds to the deficit.
FACT: You cannot fix our nation's fiscal problems without a growing economy, and tax reform is exactly the tool that can do that. When you factor in the wage increases, jobs created, and overall economic growth that will result from the most historic tax reform in 31 years, the government will have the revenues it needs to run efficiently and effectively.
Myth vs. Fact: Corporate Taxes MYTH: The Tax Cuts and Jobs Act is a tax cut for corporations, not families.
FACT: Our current tax code is shipping jobs overseas. It is literally incentivizing companies to move to other countries, taking good-paying jobs and tax revenue with them. Getting tax rates down helps us keep those jobs where they belong—right here in America. It also helps raise wages and results in faster economic growth. Bigger paychecks and a level playing field; that's a winning combination for American workers.
Myth vs. Fact: A Tax Cut for the Middle-Income Families MYTH: This is just a tax cut for the rich.
FACT: This is a tax cut for all Americans. The current tax system is rigged to disproportionately benefit the wealthy instead of middle-income families. It works best for those who know how to take advantage of all the loopholes in our outdated tax code. The Tax Cuts and Jobs Act cuts taxes for the average taxpayer in every income group. In fact, the typical American household will receive a tax cut of $2,059. For families who are living paycheck to paycheck, keeping that money in their pocket is simply the right thing to do.
Myth vs. Fact: Homeowner Deductions
MYTH: This plan gets rid of deductions for homeowners.
FACT: For current mortgage borrowers, absolutely nothing is changing with your mortgage-interest deduction. For new home mortgages, on a first or second mortgage interest deduction will be available up to $750,000.
Myth vs. Fact: the $2,059 Tax Cut MYTH: The $2,059 for the typical American household isn't very much.
FACT: Millions of Americans are living paycheck to paycheck. Almost half the country says they would not be able to pay an unexpected bill of $400 or more. When faced with that reality, a tax cut of or $2,059 for a family of 4 (making $73,000) cango a long way towards providing peace of mind and financial stability.