Chris Wallace Presses GOP Senator on Trump-Era Tax Cuts: ‘What's Wrong With' Corporations, Wealthy People Paying More?
Added 05-02-21 05:34:03pm EST - “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.” - Mediaite.com
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Posted By TheNewsCommenter: From Mediaite.com: “Chris Wallace Presses GOP Senator on Trump-Era Tax Cuts: ‘What’s Wrong With’ Corporations, Wealthy People Paying More?”. Below is an excerpt from the article.
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?”
“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.
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