So... While slightly misleading, his claims on tax cuts are basically true for all intents and purposes if slightly over stated:
The Trump tax cuts
Biden
claimed at the Thursday rally in New Mexico that under Trump, Republicans passed a $2 trillion tax cut that “affected only the top 1% of the American public.”
Biden correctly
said in various October remarks that the Trump tax cut law was particularly beneficial to the wealthy, but he went too far here. It’s not true that the Trump policy “only” affected the top 1%.
The Tax Policy Center think tank
found in early 2018 that Trump’s law “will reduce individual income taxes on average for all income groups and in all states.” The think tank estimated that “between 60 and 76 percent of taxpayers in every state will receive a tax cut.” And in April 2019, tax-preparation company H&R Block said two-thirds of its returning customers had indeed paid less in tax that year than they did the year prior, The New York Times
reported in an article headlined “Face It: You (Probably) Got a Tax Cut.”
The Tax Policy Center did
find in early 2018 that people at the top would get by far the
biggest benefits from Trump’s law. Specifically, the think tank found that the top 1% of earners would get an average 3.4% increase in after-tax 2018 income – versus an average 1.6% income increase for people in the middle quintile, an average 1.2% income increase for people in the quintile below that and just an average 0.4% income increase for people in the lowest quintile. The think tank also found that the top 1% of earners would get more than 20% of the income benefits from the law, a bigger share than the bottom 60% of earners combined.
The distribution could get even more skewed after 2025, when the law’s individual tax cuts
will expire if not extended by Congress and the president. If there is no extension – and, therefore, the law’s permanent corporate tax cut remains in place without the individual tax cuts – the Tax Policy Center has
estimated that, in 2027,
the top 1% will get 83% of the benefits from the law.
But that’s a possibility about the future. Biden claimed, in the past tense, that the law “affected” only the top 1%. That’s inaccurate.
This wasn’t the first time Biden overstated his point about the Trump tax cuts. The Washington Post
fact-checked him in 2019, for example, when he claimed “all of it” went to the ultra-rich and corporations.