“If you’re looking only at individual income taxes and payroll taxes, we find that about 2 percent of all families would see their taxes go up directly under the Biden plan - almost all of them in the top 5 percent by income,” Ricco told via email.īut when you include Biden’s plan to increase corporate taxes, the Penn Wharton Budget Model analysis found that “the tax plan will affect 82 percent of families,” Ricco said. That analysis was the basis for a claim by Eric Trump on the second night of the convention that under Biden’s tax plan, “82 percent of Americans will see their taxes go up significantly.”īiden’s tax plan includes provisions such as imposing a payroll tax on earnings over $400,000, restoring a top income tax rate of 39.6 percent for income above $400,000, and increasing the top corporate tax rate from 21 percent to 28 percent. But independent tax analysts say Biden’s plan to raise corporate taxes will indirectly affect employees due to lower investment returns or lower wages over time.Īs a result, most Americans would see a reduction in after-tax income, but “he change would be small for most of those middle- and lower-income households-on average, only a fraction of a percent of their after-tax income-and we estimate that 80 percent of the new tax revenue would come from the top 1 percent by income,” according to John Ricco, a senior tax analyst at the Penn Wharton Budget Model. ![]() Taxes: Trump said Biden “has pledged a $4 trillion tax hike on almost all American families.” Biden’s plan does not call for any direct tax increases for anyone making less than $400,000. At July’s rate, it will be February of 2021 before employment gets back to the peak level reached last February. ![]() The number of recovered jobs was 4.8 million in June but less than 1.8 million in July. They amount to less than half the nearly 22.2 million jobs lost - also a record - in February and March as a result of the pandemic.įurthermore, the job recovery has lately lost momentum. That’s true as far as it goes - the gain for the last three months is actually nearly 9.3 million.īut to be truthful, Trump should have said those jobs were re-gained. Over the past three months, we have gained over 9 million jobs, and that’s a record in the history of our country. ‘Record’ job gain?: Trump claimed a “record” gain in jobs recently - failing to mention the much larger, record loss that preceded it. It was under 3 percent for 11 straight months ending in November 1953, for example. Unemployment: The unemployment rate was already well below the historical norm when Trump took office and continued dropping to the lowest rate in half a century - 3.5 percent as recently as February.By that measure the economy was stronger just before he took office. But nearly 8.1 million jobs had been added in the previous three years. During those years nearly 6.6 million jobs were added, a more than respectable number. Jobs: Total employment growth actually slowed down during Trump’s first three years.In fact, Trump’s best year was a 3.0 percent increase in real (inflation-adjusted) gross domestic product in 2018 - which fell just short of the 3.1 percent growth achieved as recently as 2015. economy had been growing for seven straight years. The rate did pick up modestly during his first three years, but not to any historical high, or even to the 4 percent to 6 percent rate he had promised. Growth: When Trump took office, the U.S.economy has been better under other presidents before Trump. But “biggest” isn’t the same as “strongest” or “greatest.”īy other measures, the U.S. economy is still the largest in the world - but that was true under all recent presidents, and as far back as 1871 by some accounts. ![]() In a new term as president, we will again build the greatest economy in history. ![]() Within three short years, we built the strongest economy in the history of the world. economy the “strongest” and “greatest” in world history - before this year’s pandemic-induced collapse. Not the “greatest” in history: The president repeated the empty boast that he made the U.S. By Brooks Jackson, Eugene Kiely, Lori Robertson, Robert Farley, Jessica McDonald, D'Angelo Gore, Rem Rieder and Saranac Hale Spencer, Īt the close of the Republican National Convention on Thursday night, President Donald Trump distorted the facts on the economy, COVID-19, health care, the military, immigration, policing and foreign affairs.
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