BOSTON (CBS) – TV ads protesting or promoting President Biden’s $1.74 trillion Build Back Better bill recently are inevitable.
One of the regular scenes depicts a rich guy lounging around in his luxurious home, where he is “surviving the pandemic… Mr. Millionaire New York,” the narrator calls him, mocking the stereotype of having to hire not one but two tutors for his kids. “A few years ago he was having a hard time, but now things are improving, a big tax cut perfect for New York’s rich.” Next thing you know, Rich Uncle Pennybag is making headlines with a mocking newspaper headline that reads: “Rich Americans can get 10 times bigger tax breaks than a middle-class family in the world. Biden’s social spending bill.
You’ve probably also seen pro-Biden ads, including one that claims the bill “is paid by getting the super-rich to pay the taxes they owe without raising taxes on any none of us make less than $400,000.”
So, what is the truth?
According to independence Tax Policy Center, the original measure would have modestly cut taxes for many low- and middle-income earners, while eliminating the top one percent. But over time, up to 30% of middle-class households will also end up paying a little more in taxes.
And the fact that the House has passed easing the Trump-era limit on the ability of people in high-tax states like Massachusetts to withhold state and local taxes from their federal payments would actually benefit. benefits the rich, fueling attacks from the right and dividing the left. “We have to ask the rich to start paying their fair share of taxes, not giving them more tax breaks,” said Senator Bernie Sanders (D-Vermont). House Speaker Nancy Pelosi responded: “It’s not about who gets the tax break, it’s about which states get the revenue they need to meet the needs of their people.”
Major changes to our tax system are always complex, and their true impact can be difficult to predict. It depends on a range of factors including timing, human behavior and your definition of “tax”.
Bottom line – buyers beware when it comes to far-reaching claims made in these TV commercials.
https://boston.cbslocal.com/2021/12/07/jon-keller-build-back-better-ad-truth-test/ Check out the truth about better TV commercials – CBS Boston