Trump Tax Cuts
Jan 09, 2018
Trump Overstates Size of Tax Cuts in Speech to Farmers
NASHVILLE — President Trump delivered an economic victory lap during a speech to farmers on Monday in which he vastly overstated the size of the tax cuts passed by Congress late last year and played up a rollback of regulations on American businesses.
Declaring that the “American dream is roaring back to life,” Mr. Trump — who has made clear that he likes big numbers — claimed that the tax overhaul cut taxes by $5.5 trillion when, in fact, the legislation will reduce the overall tax burden on individuals and companies over the next decade by $1.5 trillion, or $4 trillion less than what he cited.
“We have just signed into law the most significant tax cuts and reforms in American history — it’s a total of $5.5 trillion in tax cuts,” Mr. Trump said, adding that most of those benefits would go to “working families, small businesses and — who? — the family farmers.”