TCJA by the Numbers, 2020
reportThe Tax Cuts and Jobs Act (TCJA), signed into law by President Trump at the end of 2017, includes provisions that dramatically cut taxes and provisions that offset a fraction of the revenue loss by eliminating or limiting certain tax breaks. Many of TCJA’s changes, including those benefiting ordinary families, expire at the end of 2025, whereas most of TCJA’s corporate tax changes are permanent.
This page includes estimates of TCJA’s effects in 2020. Most of the law’s benefits will go to the richest fifth of Americans, and a significant portion will go to foreign investors who own stocks in American companies and, therefore, benefit from the corporate tax cuts.
RELATED BLOG: Updated Estimates from ITEP: Trump Tax Law Still Benefits the Rich No Matter How You Look at It
Share Going to Bottom 60% |
Share Going to Richest 20% |
Total Cost CY 2020 |
| 15% | 72% | $324.2 billion |
State Impact National Impact Distribution by Race
Average Tax Change by Component Provisions