Republican Sen. Chuck Grassley of Iowa took to Twitter on Thursday to tell President Donald Trump that the tax cuts in the tax reform package he is pitching would not be the largest in the history of the US.
Grassley, who chaired the Senate Finance Committee when former President George W. Bush’s tax cuts were passed in 2001, adjusted the cuts from that package into 2016 dollars to make his point.
In a speech last month, Trump touted that his plan would provide “the largest tax cut in our country’s history,” a point he has made on multiple occassions. The Washington Post rated the claim as untrue “when properly measured as a percentage of the nation’s gross domestic product.”
Grassley wrote that, when adjusted to 2016 dollars, the amount cut in 2001 was equal to $US1.85 trillion in cuts. The Senate budget blueprint unveiled last month provides room for $US1.5 trillion in tax cuts as a result of Trump’s tax plan.
Still, Grassley said that Trump’s “tax framework sets out badly needed cuts.”
Read Grassley’s tweets:
2/3 when I chaired Finance 2001 $US1.35T adjusted for inflation =2016 $US1.865T in tax cuts 2003 350B=2016 $US468B 2005 $US70B=2016 $US88B
— ChuckGrassley (@ChuckGrassley) October 12, 2017
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