Trump's 'Biggest Tax Cuts' In History Are Actually Smaller Than Reagan's

After the GOP tax plan passed in the senate on Tuesday, President Donald Trump tweeted out calling it the "biggest in history Tax Cuts and Reform Bill." But as it turns out, the GOP tax plan does not even account for the biggest tax cut in the last five years.
According to Bloomberg, the honor of the biggest tax cut bill in the last five years goes to the American Taxpayer Relief Act of 2012, which was signed into law by former President Barack Obama on Jan. 2, 2013.
However, Obama cannot be given all the credit for signing the act into law, as he was simply upholding the provisions of the 2001, 2003 and 2009 tax cuts, introduced mainly by his predecessor President George W. Bush, which were about to go out of effect.
Also, the American Taxpayer Relief Act is known more for preventing the increase of taxes rather than cutting down on existing tax plans.
According to revenue estimates for past tax bills dating back to 1952, as drawn up by Jerry Tempalski of the Treasury Department's Office of Tax Analysis, former President Ronald Reagan's "Economic Recovery Act' in 1981 is the only tax bill that tops the American Taxpayer Relief Act. Reagan’s bill decreased taxes by 2.89 percent of the GDP, while Obama’s tax bill decreased taxes by 1.78 percent of the GDP.
Apart from falsely claiming the GOP tax plan introduces the biggest tax cut in history, Republican lawmakers in the Congress and members of the Trump administration have also stated that impact of their tax plan would be so massive that it will be able to make the legislation revenue-neutral or even revenue-positive.
While it is highly unlikely that such an assumption will turn into reality, it has been estimated that the House version of the tax plan would reduce revenue by $1.08 trillion and the Senate version by $516 billion in the next 10 years.
"While it is not the largest tax cut ever, it is the most poorly timed giant tax cut in history," Leonard Burman, institute fellow at the nonpartisan Tax Policy Center said, CNN reported. "The economy is near full employment and the national debt is at a post-war record and rising fast," he added.
Lawmakers from the other side of the political aisle have vehemently opposed Trump’s tax plan, calling it a boon for the wealthy and a curse for the middle and lower class families of the country. Vermont Sen. Bernie Sanders said: "Today in an unprecedented manner we are witnessing highway robbery in broad daylight and a looting of the federal Treasury."
After the GOP tax plan cleared the Senate, many Democratic senators took to social media to oppose the bill.
From the millions who will lose health coverage or see their premiums go up, to the middle class families who will see their tax bill increase, to the pristine region of Alaska that will open to drilling, it’s hard to overstate the cruelty of the Trump-Republican bill.
— Senator Patty Murray (@PattyMurray) December 20, 2017
I will not stand by as Republicans in Washington plot to cut these vital programs for the middle class, especially after they passed into law these tax giveaways for big corporations and the super-rich.
— Senator Bob Casey (@SenBobCasey) December 20, 2017
There it is. At 12:45 am, Republicans chose party over principle and ignored the American ppl who rejected this morally-bankrupt bill in droves. So sad we couldn’t work on real, deficit-neutral, bipartisan tax reform that simplifies our tax code & delivers real gains to workers.
— Senator Bob Menendez (@SenatorMenendez) December 20, 2017
Joe voted against Mitch McConnell and Paul Ryan’s tax bill because it overwhelming benefits the wealthiest instead of middle class families and does not protect American jobs. pic.twitter.com/SNMbRTogYD
— Archive: Senator Joe Donnelly (@SenDonnelly) December 20, 2017
My statement on tonight’s vote: pic.twitter.com/0JcX6G6400
— Sen. Tammy Baldwin (@SenatorBaldwin) December 20, 2017
.@SenateGOP just passed #GOPTaxBill – yet another appalling example of how profoundly decoupled the Republican priorities in Washington are from the priorities of the American people. pic.twitter.com/iiLmPsjOPs
— Michael Bennet (@SenatorBennet) December 20, 2017
At the same time, Republicans were ecstatic with the outcome in the Senate, especially after failing to successfully repeal and replace Obamacare with their proposed healthcare bill in the recent past.
Working with @realDonaldTrump , Congress has successfully overhauled the tax code to make it simpler, fairer, & smarter. Starting next year, Mississippi families will begin to see more take-home pay & an economy that continues to pick up steam: https://t.co/KDTiEvZnwh #TaxReform
— Senator Roger Wicker (@SenatorWicker) December 20, 2017
BREAKING ➡️ The Senate just passed the #TaxCutsAndJobsAct. I was proud to vote in favor of the bill, which will provide real relief to families that need it most. pic.twitter.com/udM7TDnZ9R
— Senator Roy Blunt (@RoyBlunt) December 20, 2017
The finish line is in sight for the #TaxCutsandJobsAct! #TaxReform https://t.co/3MEyWy3pl2
— Archive: Rep. Bradley Byrne (@RepByrne) December 20, 2017
Great news! The Senate just passed the Tax Cuts and Jobs Act. This bill is a Christmas present for hardworking families from Charleston to Greenwood, and from Charlotte to Portland. For the first time in a generation, tax reform is finally here. https://t.co/ZWZRnPZ8rl pic.twitter.com/pGt0Krig3E
— Tim Scott (@SenatorTimScott) December 20, 2017
2nite Senate passed historic Tax Cuts & Jobs Act which delivers middle income tax cuts. Decreasing taxes for av. American fam of 4 w/2 kids by more than $2000, doubles child tax credit, nearly doubles the standard deduction
— ChuckGrassley (@ChuckGrassley) December 20, 2017
Congress is following through on a once-in-a-generation opportunity: delivering #TaxRelief to families in Nebraska and across the country. Because of #TaxReform, many Americans will have bigger paychecks.
— Senator Deb Fischer (@SenatorFischer) December 20, 2017
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