Separating fact from fiction in the tax bill

House Minority Leader Nancy Pelosi recently had stark words about the GOP tax plan.

"This is Armageddon," she said.

If you listen to President Trump, it's a different story. 

"A giant, beautiful, massive, the biggest ever in our country tax cut," he once said.

There's been a lot of hyperbole, on both sides, about the bill.

With all of that noise, many people have some unanswered questions.

Here are a few.

1.) Will most people get a tax cut?

Most Republican politicians say yes and that Americans will be happy. 

"In February, they're going to see withholdings go down so they see bigger paychecks," said House Speaker Paul Ryan recently. 

That is, for the most part, true. Taxes will go up for some people in high-tax states like California, New York and New Jersey.

But overall, most will get a cut of some size. That is, until personal tax reductions expire in 2025.

Some Republicans say a future Congress won't let that happen, but the fact remains that unless action is taken, it will. 

2.) Will the law increase America's debt, which has passed $20 trillion with no end in sight?

Many Republicans, through the entire process, have said no and that growth will offset deficits.

"This is a revenue-neutral bill and probably a revenue producer," Senate Majority Leader Mitch McConnell said recently. 

Several independent analyses contradict that claim. Most expect the bill to create growth, but not enough to eclipse deficits, especially without spending cuts.

For its part, the Treasury Department recently released a one-page document, saying the bill won't add to the debt because of growth and, "a combination of regulatory reform, infrastructure development, and welfare reform."

3.) Is this the biggest tax cut ever, as Trump has repeatedly claimed?

No, it isn't. 

Several other cuts since 1918 have been larger. This is, however, the largest corporate cut ever. 

In the end, while many won't be able to do their taxes on a postcard as Republicans promised, this is the most substantial rework of the tax code since 1986.

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