'It's made up': Expert says Trump gave a 'gross misrepresentation of the truth' on taxes

MSNBC finance expert Steven Rattner slammed President Donald Trump’s belief that democrats want a 68% tax increase, saying the numbers just don't add up.

In an interview, Trump was asked about economic uncertainty being on the rise, and then doubled down on his plan to pass another tax cut.

“I think there's only uncertainty in the fake news,” Trump said. “We're trying to get approved right now, the biggest tax cut in the history of our country, and if it doesn't get approved, it's a 68% tax increase, and that's what the democrats want. They want a 68% tax increase. It's rather incredible.”

“Well, god only knows [what Trump is talking about],” Rattner said. “Really, I couldn't figure out what he was talking about there because I can't replicate those numbers at all. What he's talking about is what would happen if his tax cut from 2017, which has to be extended, were allowed to expire, which would mean taxes would go up.”

Rattner broke down how your taxes would go up based on income. “Here's what they would go up by, depending upon your income, they would go up by between $74 and $36,000.”

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He added, “But for people at the top, that's only a 6% tax increase for the people at the bottom; it's an 18% tax rate, but there's no 68% numbers in here anywhere. It is made up”

Rattner delved into the tax proposal that democrats wanted to pass. “I also have to say that President Biden's last tax proposal was to extend these tax cuts for everybody except the very, very rich, and so why Trump is claiming that the democrats would have taxes go up is a mystery.”

Hitting back at Trump’s “fake news” sentiment, Rattner said, “What's going on here, news reports, things like that, and what you can see here. This index goes back to 1985 when it was first created, the economic uncertainty index. This is covid. It obviously spiked up enormously.”

Later adding, “You have company after company saying that they have to withdraw their earnings guidance this year. They can't predict what their earnings are going to be because life is so uncertain for them. Mattel, Skechers, Snap, Harley-Davidson, Alaska Airlines, UPS, and so forth. Company after company is doing this because it is so uncertain. So to say we're not living in an uncertain time, I think, is a gross misrepresentation of the truth.”

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