Trump-GOP Tax Law
Analysis of Tax Provisions in the Trump Megabill as Signed into Law: National and State Level Estimates
July 7, 2025 • By Carl Davis, Jessica Vela, Joe Hughes, Steve Wamhoff
President Trump has signed into law the tax and spending “megabill” that largely features an extension of provisions from the 2017 tax law. Overall, the law favors the richest taxpayers and provides working-class Americans with relatively small tax cuts that will in many cases be more than offset by Trump's tariffs.
Top 1% to Receive $1 Trillion Tax Cut from Trump Megabill Over the Next Decade
July 3, 2025 • By Carl Davis
The Trump megabill will give the top 1 percent tax cuts totaling $1.02 trillion over the next decade. For comparison, the bill’s cuts to the Medicaid health care program will total $930 billion over the same period.
Trump Megabill Will Give $117 Billion in Tax Cuts to the Top 1% in 2026. How Much In Your State?
June 30, 2025 • By Michael Ettlinger
The predominant feature of the tax and spending bill working its way through Congress is a massive tax cut for the richest 1 percent — a $114 billion benefit to the wealthiest people in the country in 2026 alone.
How Much Do the Top 1% in Each State Get from the Trump Megabill?
June 30, 2025 • By Carl Davis
The Senate tax bill under debate right now would bring very large tax cuts to very high-income people. In total, the richest 1 percent would receive $114 billion in tax cuts next year alone. That would amount to nearly $61,000 for each of these affluent households.
Analysis of Tax Provisions in the Senate Reconciliation Bill: National and State Level Estimates
June 25, 2025 • By Carl Davis, Jessica Vela, Joe Hughes, Steve Wamhoff
Compared to its House counterpart, the Senate bill makes certain tax provisions more generous, including corporate tax breaks that it makes permanent rather than temporary. But the bottom line for both is the same. Both bills give more tax cuts to the richest 1 percent than to the entire bottom 60 percent of Americans, and both bills particularly favor high-income people living in more conservative states.
Senate Republicans Rig the Rules to Make Their Tax Bill Look Responsible. It’s Not.
June 24, 2025 • By Jon Whiten, Steve Wamhoff
No matter how much Senate leadership bends the rules to make their tax cuts look better on paper, the cost and impact on the deficit remains the same under a current policy baseline. It’s a move meant to mask the true cost and push a reckless bill through.
CNBC: How Senate GOP ‘No Tax on Tips’ Proposal Differs From House Republican Plan
June 18, 2025
However, the Senate proposal is different from the House version in two key ways, Matt Gardner, senior fellow at the Institute on Taxation and Economic Policy, wrote in an e-mail. Read more.
Musk-Trump Feud Shows Need to Tax the Rich
June 6, 2025 • By Amy Hanauer
Our tax policies enable people like Elon Musk and Donald Trump to accumulate more wealth than anyone could ever use in a lifetime. They then use it to steer elections and shape public policy to further enrich themselves and others like them. We should defeat the enormously destructive tax bill in Congress and instead craft tax policy that taxes the rich, makes our democracy more fair, and returns resources to the rest of the country.
Analysis of Tax Provisions in the House Reconciliation Bill: National and State Level Estimates
May 22, 2025 • By Carl Davis, Jessica Vela, Joe Hughes, Steve Wamhoff
The poorest fifth of Americans would receive 1 percent of the House reconciliation bill's net tax cuts in 2026 while the richest fifth of Americans would receive two-thirds of the tax cuts. The richest 5 percent alone would receive a little less than half of the net tax cuts that year.
Trump Megabill Will Encourage Dynastic Wealth Hoarding by Further Weakening the Estate Tax
May 15, 2025 • By Jon Whiten
The tax and spending megabill signed into law by President Trump on July 4 will cut nearly $200 billion from food assistance, affecting tens of millions adults and children, while providing an estate tax cut costing roughly the same amount to a few thousand people who will leave behind more than $7 million to their heirs.
Federal Tax Debate 2025
May 2, 2025 • By ITEP Staff
Want to know more about the tax and spending megabill that President Trump recently signed into law? We've got you covered.
The Impact of Trump’s Tariffs
April 23, 2025 • By ITEP Staff
The tariffs proposed by Donald Trump, which are far larger than any on the books today, would significantly raise the prices faced by American consumers across the income scale.
It’s Tax Day. You’ve Paid Your Share, but the Billionaires Haven’t.
April 15, 2025 • By Amy Hanauer
You likely had most of your federal taxes deducted from your paychecks throughout the year. This is not true, however, for mega-millionaires and billionaires, some of whom are practically running our government right now.
Senate Republicans Rig Congressional Rules to Make Their Tax Cuts Appear Cost-Free
April 4, 2025 • By Steve Wamhoff
This week, members of Congress are arguing about whether extending Trump’s 2017 tax cuts would cost trillions of dollars over a decade or cost nothing.
Trump’s Address to Congress Obscures His Actual Tax Agenda
March 5, 2025 • By Amy Hanauer
In last night’s address to Congress, President Trump spent more time insulting Americans, lying, and bragging than he did talking about taxes. But regardless of what President Trump and Elon Musk talk about most loudly and angrily, there is one clear policy that they and the corporations and billionaires that support them will try hardest […]
House Budget Resolution Tees Up Damaging Trump Tax Agenda
February 26, 2025 • By Steve Wamhoff
The budget resolution passed by House Republicans will enrich the richest, blow up the deficit, and decimate vital public services. The budget resolution allows Congress to pass reconciliation legislation with $4.5 trillion in tax cuts that would mostly flow to the wealthiest families in the country. Congressional Republicans have no way to pay for the massive tax cuts promised by President Trump during his campaign other than to dismantle fundamental parts of the government and increase the federal budget deficit.
The Five Biggest Corporations Represented at Trump’s Inauguration Could Save $75 Billion from One Tax Break Before Congress
February 11, 2025 • By Matthew Gardner, Spandan Marasini
New financial reports indicate five of America’s biggest corporations—Alphabet, Amazon, Apple, Meta, and Tesla—could win $75 billion in tax breaks if Congress and the President satisfy demands from corporate lobbyists to reinstate a provision repealed under the 2017 Trump tax law.
Congress Could — But Won’t — Pass a Tax Package That Pays for Itself
January 17, 2025 • By Joe Hughes
If Republican lawmakers were serious about deficit-neutral tax reform, they would focus on increasing taxes for the ultra-wealthy and large corporations. The absence of such proposals in their plan reveals their true priority: delivering enormous tax cuts to the wealthiest Americans while average working families receive crumbs.
Trump’s Plan to Extend His 2017 Tax Provisions: Updated National and State-by-State Estimates
January 8, 2025 • By Steve Wamhoff
Trump’s plan to make most of the temporary provisions of his 2017 tax law permanent would disproportionately benefit the richest Americans. This includes all major provisions except the $10,000 cap on deductions for state and local taxes (SALT) paid.
A Distributional Analysis of Kamala Harris’ Tax Plan
October 23, 2024 • By Steve Wamhoff
The tax proposals from Vice President Kamala Harris would, on average, lead to a tax increase for the richest 1 percent of Americans and a tax cut for all other income groups.
A Distributional Analysis of Donald Trump’s Tax Plan
October 7, 2024 • By Carl Davis, Erika Frankel, Galen Hendricks, Joe Hughes, Matthew Gardner, Michael Ettlinger, Steve Wamhoff
Former President Donald Trump has proposed a wide variety of tax policy changes. Taken together, these proposals would, on average, lead to a tax cut for the richest 5 percent of Americans and a tax increase for all other income groups.
Extending Temporary Provisions of the 2017 Trump Tax Law: Updated National and State-by-State Estimates
September 13, 2024 • By Steve Wamhoff
The TCJA Permanency Act would make permanent the provisions of the Tax Cuts and Jobs Act of 2017 that are set to expire at the end of 2025. The legislation would disproportionately benefit the richest Americans. Below are graphics for each state that show the effects of making TCJA permanent across income groups. See ITEP’s […]
The Quiet Effort to Make Single Parenthood More Expensive
September 9, 2024 • By Carl Davis
After the dust settles on this year’s election, one of the most pressing issues confronting the next Congress and President will be how to deal with the expiration of the 2017 Trump tax cuts and, more specifically, who will pay for the cost of extending some or all of those cuts. Among the more widely accepted ideas circulating on the right is to raise income taxes on single parents, more than four in five of whom are women and a disproportionate share of whom are people of color.
Corporate Taxes Before and After the Trump Tax Law
May 2, 2024 • By Matthew Gardner, Michael Ettlinger, Spandan Marasini, Steve Wamhoff
The Trump tax law slashed taxes for America’s largest, consistently profitable corporations. These companies saw their effective tax rates fall from an average of 22.0 percent to an average of 12.8 percent after the Trump tax law went into effect in 2018.
Biden Is Right: Corporate Tax Avoidance Has Big Problems That We Can Fix
April 1, 2024 • By Jon Whiten
Sensible reforms to the corporate tax system can help both crack down on corporate tax avoidance and ensure companies that are flourishing are paying their share for the public infrastructure that forms the building blocks of their success.
Institute on Taxation
and Economic Policy
ITEP is a non-profit, non-partisan tax policy organization. We conduct rigorous analyses of tax and economic proposals and provide data-driven recommendations to shape equitable and sustainable tax systems.
Subscribe to ITEP Emails
Tax research and policy news in your inbox.
Promote Fair Tax Policy
Your gift to ITEP promotes tax justice. With your help, we do research that supports taxing millionaires and billionaires, taxing big corporations and raising revenue for the things our people, our communities and our planet need.
Together, we can create a country with more economic justice, more racial justice, more climate justice… and more tax justice.