Pelosi Inflates Tax Cuts

[ Originally published on this site as post ]

Democratic House leader Nancy Pelosi claimed that the new tax law will provide “at least a $1.3 trillion tax break for corporations.” That’s misleading.

It’s true that the nonpartisan Joint Committee on Taxation estimates that cutting the top corporate tax rate from 35 percent to 21 percent will reduce federal tax revenues by $1.35 trillion over 10 years — the figure that Pelosi cited. But she ignored other tax changes in the new law that will increase taxes for corporations, resulting in a net savings of less than half of that.

In its entirety, the new law will cut taxes by an estimated $1.5 trillion over 10 years for all taxpayers, including $1.1 trillion for individual taxpayers, according to the