Chris Wallace Presses GOP Senator on Trump-Era Tax Cuts: ‘What’s Wrong With’ Corporations, Wealthy People Paying More?
Fox News’ Chris Wallace pressed Senator Bill Cassidy on whether the Trump administration’s tax cuts have done more to help the wealthy than anyone else.
Wallace brought up Tax Policy Center data showing the average first year tax cut was just $60 for a household making less than $25,000, while households making $3.4 million saw average cuts of $193,000. On top of this, Wallace added, the data suggests that these tax cuts will add $1.5 trillion to the national debt over the next decade.
“Senator, of the 2 million tax filers in Louisiana, only 14,000 of them were paying more, filing gross income of more than $500,000,” Wallace said. “What’s wrong with raising the top tax rate to where it was during the Bush 43 and Obama administrations in order to help the working and middle-class?”
Cassidy pointed to the employment figures in the U.S. before the coronavirus pandemic.
“That’s where we were seeing the economy really help. Now, that was all part of the Tax Cut and Jobs Act bill. You can’t separate them,” Cassidy said.
Wallace said in response that “there certainly is some data to indicate that the Trump’s tax cuts benefited the wealthy and corporations more than they did the working and middle-class.” He then asked Cassidy “what’s wrong” with Biden’s push to make corporations and people who make over $400,000 a year pay more in taxes.
Cassidy responded with the argument that a greater corporate tax will result in lower wages and less investment.
We saw under the Tax Cut and Jobs Act bill a blue-collar working bill. Investment increased wages among the lower quintiles of Americans with fuller employment. That’s the recipe for success, not taking trillions and trickling it through Democratic interest groups and hopefully some of it getting down to the folks that you know you want to help.
Watch above, via Fox News Sunday.
Have a tip we should know? [email protected]