A former state assemblyman from New York fact-checked former Biden administration official Neera Tanden Monday night after she claimed the 2017 tax cuts signed into law by President Donald Trump only helped “wealthy billionaires.”
The Senate started a “vote-a-rama” on a budget reconciliation bill that would make the tax cuts permanent, as well as eliminating taxes on tips while also slashing over $1.6 trillion in spending. Former Republican State Assemblyman Joe Borelli of New York called out Tanden for past claims she made about the 2017 legislation during a panel discussion on “CNN NewsNight,” saying the Congressional Budget Office (CBO)’s projections were inaccurate. (RELATED: Scott Jennings Drops Receipts On CNN Host, Dem Guest After They Attempt To Spin Socialist’s White-Person Tax Plan)
“This is exactly the same thing that many people, including the CBO, were talking about in 2017 with the first Tax Cut[s] and Jobs Act, right?” Borelli said. “They were saying that the CBO is going to score this bill, it’s going to add to the deficit.”
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“CBO, basically, we know later on, underestimated growth by 1%. they underestimated-” Borelli continued as Tanden, who reportedly was involved in the use of the “autopen” during the Biden administration, shook her head, claiming, “That’s not right.”
A statement released by the House Budget Committee in 2024 confirmed the CBO underestimated GDP growth by 1%, and underestimated fiscal year 2022 revenues by $884 billion. Tanden and Phillip then argued with Borelli over the CBO’s accuracy, before Borelli cited a prediction Tanden made in 2017.
“You said in 2017, there’s no reason to believe that it would significantly increase either growth or tax revenue, and you were wrong,” Borelli said.
In 2017, Tanden dismissed the ability of economic growth to pay for lower tax rates while serving as president of the Center for American Progress.
“The notion that economic growth will pay for these tax giveaways is exactly the kind of scam we’ve come to expect from the administration currently occupying the White House,” Tanden claimed in an April 26, 2017 release.
After Tallbacken Capital Advisors Chief Market Strategist Michael Purvis cited GDP numbers from 2019, Borelli responded.
“That’s why I said an average an average of 200 billion per year, which is factually accurate,” Borelli said. “In FY 2022, it was underestimated by 800 billion a year. So the CBO has a history of being wrong.” (RELATED: CNN Guest Implies ICE Agents Deporting Illegal Immigrants Are ‘Monsters’)
After Tanden cut in again, Borelli cited another claim she made about the 2017 tax cuts.
“You also said in 2017 this is going to be a huge tax cut for the wealthy billionaires and paid for by the middle class,” Borelli told Tanden. “The poverty rate fell to the lowest rate in 50 years. The average family making under $100,000 got a 16% tax cut.”
Tanden repeatedly claimed in 2017 the Trump Tax Cuts would help corporations, millionaires and billionaires.
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