REMINDER: Trump Added Over A Trillion Dollars to the Deficit While Gifting Big Corporations and the Ultra-Wealthy Tax Cuts
May 11, 2023
Donald Trump’s crowning economic achievement is handing billions of dollars in tax handouts to the ultra-wealthy and biggest corporations while running up the deficit.
As president, Trump gave billions in tax cuts to the extremely wealthy and largest corporations while leaving everyday American families behind.
Forbes: “Trump Tax Cuts Helped Billionaires Pay Less Taxes Than The Working Class In 2018”
CBS News: “Two years after Trump tax cuts, middle-class Americans are falling behind”
The Guardian: “They were billed as a ‘middle-class miracle’ but according to a new book Donald Trump’s $1.5tn tax cuts have helped billionaires pay a lower rate than the working class for the first time in history.”
New York Times Opinion: “President Trump’s 2017 tax cut, which was largely a handout to the rich, plays a role, too. It helped push the tax rate on the 400 wealthiest households below the rates for almost everyone else.”
Trump’s tax cuts had a catastrophic impact on the deficit, ballooning our national debt and steering it to hit historic highs.
Washington Post Analysis: “The growth in the annual deficit under Trump ranks as the third-biggest increase, relative to the size of the economy, of any U.S. presidential administration, according to a calculation by Eugene Steuerle, co-founder of the Urban-Brookings Tax Policy Center… There were multiple culprits. Trump’s tax cuts, especially the sharp reduction in the corporate tax rate to 21 percent from 35 percent, took a big bite out of federal revenue. The CBO estimated in 2018 that the tax cut would increase deficits by about $1.9 trillion over 11 years.”
NPR: “The GOP tax cut did not pay for itself, as promised, nor did it deliver a sustained boost to economic growth.”