AP FACT CHECK: Claims about Trump’s tax plan don’t hold up
WASHINGTON (AP) — An AP Fact Check finds that some of the White House claims about President Donald Trump’s tax plan don’t hold water.
For example, Treasury Secretary Steve Mnuchin says it will be the biggest tax cut and the largest tax reform in U.S. history. Yet early appraisals indicate the Trump plan won’t be as large as President Ronald Reagan’s tax cut in 1981.
Claims about tax cuts paying for themselves also fly in the face of history. A senior fellow at the nonpartisan Tax Policy Center, Howard Gleckman, says no tax cut has ever been self-financing.
Trump economic adviser Gary Cohn says the plan will cut taxes for the American people, especially low- and middle-income families. Yet the early outline suggests the wealthiest people will receive the biggest tax cuts.