Smart Trade Insights
  • Business
  • Economy
  • Investing
  • Politics
Top Posts
Group Eleven Drills Best Hole Yet at Ballywire:...
Blue Sky Uranium Acquires Key Subsurface Data for...
Sun Summit Minerals
Aurum Resources
High grade gold in early stage drilling at...
3 Key Themes from Fastmarkets’ 2025 Lithium Supply...
Walker Lane Resources Ltd. Receives Positive Results from...
Crypto Market Recap: Coinbase Acquires Liquifi, Tether to...
Robinhood Shares Hit Record High on EU Launch...
As his feud with Trump reignites, Musk’s business...
  • Business
  • Economy
  • Investing
  • Politics

Smart Trade Insights

Politics

Fact-checking Day 2 of the 2024 Democratic National Convention

by admin August 21, 2024
August 21, 2024
Fact-checking Day 2 of the 2024 Democratic National Convention

The second night of the 2024 Democratic National Convention in Chicago featured former president Barack Obama, former first lady Michelle Obama and second gentleman Doug Emhoff, among others, who made thematic speeches that required little fact-checking. Here’s a roundup of three claims that caught our attention, in the order in which they were made.

As is our practice, we do not award Pinocchios for a roundup of statements made during convention events.

“Under Project 2025, a family making just $75,000 a year with just two kids would pay 1,800 bucks more in federal taxes.”

— Malcolm Kenyatta, Pennsylvania House representative

This appears accurate. During the convention, Democrats have been highlighting proposals from a Heritage Foundation report called “Mandate for Leadership,” a 922-page manifesto chock full of detailed conservative proposals that is popularly known as Project 2025. It’s not an official campaign document, and former president Trump has distanced himself from it, but a CNN review found that 140 people who worked in the Trump administration contributed to the report.

One of the proposals would replace the current progressive tax system — which has seven tax brackets, at 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent and 37 percent — with just two brackets: 15 percent and 30 percent. Everyone making less than $168,000 (about the point when Social Security payroll taxes are no longer collected) would be subject to a 15 percent rate. The proposal also would eliminate most deductions, credits and exclusions.

While this would make the system simpler, it could also raise taxes for many people at lower income levels, as they currently pay federal income taxes at 10 percent and 12 percent. The current rate jumps to 22 percent after $94,300 for married couples.

Brendan Duke, senior director of economic policy at the left-leaning Center for American Progress, calculated that a family of four making $75,000 would receive a tax increase of $1,800. “My best guess is that the breakeven point — where a family of four goes from a tax increase to a tax cut — is about $170,000 when using the assumptions most favorable to Project 2025,” he wrote on X.

A Heritage representative did not respond to a request for comment.

“Within two months of taking office, our government did respond. We passed the American Rescue Plan, which provided $1,400 for every man, woman and child in the working class. We extended and expanded benefits for the unemployed. We provided emergency assistance for small businesses to stay open.”

— Sen. Bernie Sanders (I-Vt.)

This is half the story. Sanders extols the response of President Joe Biden to the pandemic but skips over the fact that Trump — whose response to the crisis was criticized as stumbling — in March 2020 signed into law bills that included stimulus checks of $1,200 and unemployment benefits. Trump also signed into law a bill in December 2020 that provided $600 checks — though complained they should have been $2,000. The bill signed by Biden made up the difference.

“Let me tell you what a radical agenda is. And that is Trump’s Project 2025. … Putting forth budgets to cut Social Security, Medicare and Medicaid is radical.”

— Sanders

This is misleading. Sanders slips in a mention of Social Security, but the old-age retirement program is only tangentially referenced in the Project 2025 report, and there is no proposal to do anything with it, let alone “cut” it.

The report contains some Medicare recommendations, mainly to promote Medicare Advantage plans, which are managed by insurance companies with federal funds. Just over half of Medicare beneficiaries are enrolled in Medicare Advantage, compared with traditional Medicare, which is run by the government and favored by Democrats. The 2025 proposals could have an impact on Medicare, but there is no call to cut funding.

Medicaid provides health care for the poor. Project 2025 does have a number of Medicaid proposals that could reduce spending, such as tighter eligibility standards and new work requirements.

(About our rating scale)

Send us facts to check by filling out this form

Sign up for The Fact Checker weekly newsletter

The Fact Checker is a verified signatory to the International Fact-Checking Network code of principles

This post appeared first on washingtonpost.com

previous post
Kamala Harris reports massively outraising Trump in July
next post
From democracy to freedom: How Kamala Harris shifted Democrats’ rhetoric

You may also like

Loyalty to Trump helped Corey Lewandowski survive harassment...

September 1, 2024

Kamala Harris’s new economic plan draws Democrats’ praise,...

August 19, 2024

RFK Jr.’s exit pushes the 2024 spoiler effect...

August 27, 2024

Trump was close to breaking his poll ceiling....

August 14, 2024

Trump claims new debate deal as Harris urges...

August 4, 2024

Trump falsely accuses Harris campaign of fabricated AI...

August 12, 2024

Democrats’ ads shift from Trump to abortion and...

August 15, 2024

Democrats maintain massive money edge in key congressional...

October 17, 2024

3 takeaways from Kamala Harris and Tim Walz’s...

August 30, 2024

Arlington County ex-firefighter charged with Jan. 6 police...

September 14, 2024

    Fill Out & Get More Relevant News


    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Group Eleven Drills Best Hole Yet at Ballywire: 39.7m of 9.5% Zn+Pb, 131 g/t Ag and 0.27% Cu, incl. 5.6m of 16.6% Zn+Pb, 370 g/t Ag and 0.86% Cu

      July 3, 2025
    • Blue Sky Uranium Acquires Key Subsurface Data for Corcovo Uranium Project, Mendoza Province, Argentina

      July 3, 2025
    • Sun Summit Minerals

      July 3, 2025
    • Aurum Resources

      July 3, 2025
    • High grade gold in early stage drilling at Sandstone

      July 3, 2025
    Promotion Image

    banner ads

    Categories

    • Business (753)
    • Economy (829)
    • Investing (2,331)
    • Politics (737)
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: smarttradeinsights.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2025 smarttradeinsights.com | All Rights Reserved