Fact Check: "Republicans are trying to raise taxes for people who make under 15k a year by 74.3 percent"
What We Know
Recent discussions surrounding a Republican tax bill have raised significant concerns about its impact on low-income earners. Representative Jimmy Gomez highlighted that, according to data from the nonpartisan Joint Committee on Taxation (JCT), individuals making less than $15,000 a year would face a staggering tax increase of 74.3% by the year 2031. Additionally, those earning between $15,000 and $30,000 would see their taxes increase by 20.6% (Gomez Press Release). This analysis aligns with other reports indicating that the proposed tax changes disproportionately affect lower-income individuals while favoring wealthier taxpayers with substantial tax breaks (Beyer Press Release).
Analysis
The claim that Republicans are attempting to raise taxes on individuals earning under $15,000 by 74.3% is supported by credible data from the JCT, which is recognized as a reliable source for tax-related analysis in the U.S. Congress. The JCT's findings were cited by Gomez during a House Ways and Means Committee markup, where he criticized the bill for its adverse effects on working-class Americans (Gomez Press Release).
Furthermore, the context provided by Rep. Don Beyer reinforces this assertion, as he noted that the tax bill primarily benefits the wealthy while imposing tax increases on the lowest income quintile (Beyer Press Release). The JCT's distribution tables indicated that the majority of benefits from the tax bill would flow to the wealthiest, while the lowest earners would see tax increases starting in 2029, which substantiates Gomez's claim regarding the 74.3% increase for those under $15,000 (Beyer Press Release).
While some sources, like the Associated Press, have pointed out that tax increases for lower-income earners may not be immediate and could vary based on other economic factors, the specific figure of 74.3% remains consistent across multiple credible reports (AP News). The reliability of the JCT as a nonpartisan entity further solidifies the credibility of the claim.
Conclusion
Verdict: True
The assertion that Republicans are trying to raise taxes for individuals making under $15,000 a year by 74.3% is substantiated by data from the Joint Committee on Taxation, as cited by multiple credible sources. The evidence indicates that the proposed tax legislation would indeed result in significant tax increases for low-income earners while providing substantial benefits to wealthier individuals.
Sources
- Republicans Advance Bill That Hikes Taxes For Working ...
- VIDEO: During Ways & Means Committee Markup, Rep. ...
- The Latest: Taxes to rise for $75,000-under earners by 2027
- Republicans float new tax breaks for tips, local taxes in Trump budget ...
- Republican Tax Bill: 10 Ways It Helps the Rich and Hurts the Poor
- How much would Americans of different income save in taxes if the GOP ...
- House GOP Tax Plan Would Temporarily Cut Taxes For All Income Groups