Trump’s Unfounded ‘Colossal’ Tax Hike Warning

On the day of the tax filing deadline, former President Donald Trump went on Truth Social to misleadingly warn that if President Joe Biden is reelected, “you will soon be facing colossal tax HIKES.” But in his latest budget proposal, Biden supports extending the tax cuts championed by Trump for people making less than $400,000. “Happy TAX DAY to everyone,” Trump wrote on April 15, the last day for most people to file their federal tax returns. “This year, the typical family’s tax bill is thousands of dollars lower because of the Trump Tax Cuts. We doubled your Standard Deduction. We doubled the child tax cuts—and we lowered income tax rates for EVERYONE. But if Crooked Joe Biden gets his way, you will soon be facing colossal tax HIKES…” He’s talking about the 2017 Tax Cuts and Jobs Act, which became effective in 2018. Whether it reduced the “typical family’s” tax bill by “thousands” depends on how one defines the typical family. According to a Tax Policy Center analysis, the law reduced the individual income taxes owed by Americans by about $1,260 on average in 2018. Taxpayers in the middle 20% of earners (those with income between about $49,000 and...