As 2017 is coming to a close, a massive tax overhaul was just passed under President Trump.

While some Republicans are elated the bill passed, liberals are spreading their myths about tax cuts, and what they mean for the people.

In actuality, the majority of Americans will profit under the next tax bill — leaving these liberal myths busted.

The New York Times just released a story which was essentially a complaint about the effect the tax bill will have on their economically-inflated city.

The Daily Caller reported:

The New York Times launched a stunning defense against raising taxes on the wealthy in a news story Wednesday that seemed more like well-dressed opinion.

The chief complaint lodged by The NYT news desk is that the Senate bill would strip a local and state income tax deduction, which would place the full weight of local taxes on the residents of New York City. If the rich people of NYC are forced to carry the entire tax load placed on them rather than depending on the feds to help out, the paper’s argument goes, all kinds of bad things could happen.

The biggest complaint that the left is trying to force-feed down Americans’ throats is that the tax reform bill only profits the wealthy.

In reality, the bill helps middle class Americans the most.

According to Breitbart News, middle class Americans and those living under the poverty line will see significant increases in their tax refunds as a result of the bill.

Breitbart news reported:

Middle-income Americans win the most. People earning between $40,000 and $70,000 would see their tax bills falling by 7.1 percent. People with incomes between $20,000 and $30,000 would see a 10.4 percent decline in their tax bills. Millionaires get just a 5.3 percent cut.

And most middle-income Americans win. Eighty-one percent of taxpayers earning between $50,000 and $75,000 get a tax cut under the Senate bill, according to the JCT. For people earning between $75,000 and $100,000, 84 percent get a tax cut. The same with those earning $100,000 to $200,000. Just 80 percent of those earning a million dollars or more get a tax cut.

Another liberal fallacy being passed around is that the budget deficit will be significantly impacted as a result of the new bill.

Breitbart reported:

Many journalists have demanded that Republicans accept the projections of The Joint Committee of Taxation will result in an additional $1 trillion of federal debt over the next decade. Others site the more conservative Tax Foundation projection of around $500 billion in taxation. But Republican leaders, including Susan Collins and Majority Leader Mitch McConnell, are right to reject these demands.

The forecasts of budget deficits are not facts–they are forecasts. Senators who refuse to kowtow to them are not denial reality, they are refusing to make policy based on often unreliable projections (which are built on obviously flawed models).

Budgetary projections are notoriously unreliable because of uncertainty over factors such as interest rates, employment, and inflation. “In every year between 1992 and 1999, all forecasters underestimated the two-year growth in economic output,” the CBO said in its 2007 assessment of its own forecasts, the forecasts of so-called Blue Chip economists, and those of the executive branch. “Between 2004 and 2006, all three forecasters expectations for real output growth proved too optimistic; however, the errors in the Administration’s forecasts and the Blue Chip consensus were smaller than those in the forecasts that the CBO made during those years.”

The New York Times piece is simply another fake news story written to inspire needless panic amongst the American people.

Do you believe the New York Times should have to redact their article on the tax reform bill?

What are your thoughts on the new tax reform bill?

Leave us a comment below.