NASHVILLE, Tenn. | President Donald Trump is misstating the size of his tax cuts.
Trump told a convention of the American Farm Bureau Federation in Tennessee on Monday the package he signed into law last month cuts taxes by $5.5 trillion, “with most of those benefits going to working families, small businesses and … the family farmer.”
An AP Fact Check finds that’s not even close.
The estimated value of the tax cuts over the next 10 years is actually $1.5 trillion for families and businesses — not $5.5 trillion.
That’s because of cuts in deductions and the use of other steps to generate offsetting tax revenue. Trump left out that half of the equation.