The American Prospect: The Republican War on the Capital Gains Tax

Also like George W. Bush, Trump has governed like a bog-standard conservative, with only tax cuts and deregulation to show for his first few years. Only one major piece of legislation is likely to get Trump’s signature in his entire first term: the 2017 Tax Cuts and Jobs Act.

The effects of those cuts were predictable. According to a report by the Institute on Taxation and Economic Policy, two-thirds of those cuts have gone to the top 20 percent of earners. The richest 1 percent are currently reaping more benefits than the bottom 60 percent of Americans. By 2025, those tax cuts will balloon to $10.6 trillion, with some $2 trillion flowing to the wealthiest 1 percent of Americans. The San Francisco Fed and others have published studies showing that there’s no indication that any of this will grow the economy at all. Read more