FACT CHECK: Looming tax hike not the biggest ever
AP is doing a good job on fact checking candidate claims this election, lets hope they keep it up because the electorate really does need to vote based on facts.
Republicans are calling it “Taxmageddon,” the big tax increase awaiting nearly every American family at the end of the year, when a long list of tax cuts are scheduled to expire unless Congress acts.
It would be, GOP leaders in Congress say again and again, “the largest tax increase in American history.”
Except it wouldn’t be, not when you take into account population growth, rising wages, and most importantly, the size of the U.S. economy. When those factors are taken into account, the largest tax increases were those imposed to help pay for World War II - back when the U.S. raised additional revenue to pay for wars instead of simply borrowing.