This afternoon President Trump signed the tax and spending megabill into law. See below for a statement from ITEP and related resources.
STATEMENT FROM JON WHITEN, DEPUTY DIRECTOR OF THE INSTITUTE ON TAXATION AND ECONOMIC POLICY:
“With the tax and spending megabill that was signed into law today, Donald Trump and Congressional Republicans are turning back the clock on many of important American advances of the 20th century while hampering our ability to deal with critical challenges we face today and will face in the future.
They are retreating from core commitments to the common good by slashing funding for health care and food assistance that have been lifelines for decades for hundreds of millions of American families. They are retreating from our shared commitment to tackling the climate crisis by curtailing important investments that would help secure our future. And they are retreating from a sensible approach to dealing with the nation’s deficit.
And what for? All this to give massive tax cuts that will mostly line the pockets of wealthy families and corporations that surely don’t need another break. All told, the richest 1 percent of Americans will get a trillion dollars in tax cuts over the next decade, thanks to this lopsided law.
More than 70 percent of the law’s total tax cuts go to the richest fifth of people, while middle-income Americans get just 10 percent and the poorest fifth get less than 1 percent. And for 80 percent of Americans, Trump’s tariffs will offset most or all the tax cuts by raising prices on things we all buy – to make no mention of the increased costs that will come from cuts to the social safety net and public services.
To be clear, this legislation is big, but it is far from beautiful. This law will stunt our nation’s progress and create problems for future generations to solve by expanding inequality, creating undue hardship for millions, expanding the administration’s deportation agenda, and recklessly piling trillions onto our national debt.”
RECENT ITEP RESOURCES (all of these reflect provisions in the law signed today):
Analysis of Tax Provisions in the Senate Reconciliation Bill: National and State Level Estimates
Top 1% to Receive $1 Trillion Tax Cut from Trump Megabill Over the Next Decade
House Tax Bill Would Encourage Dynastic Wealth Hoarding by Further Weakening the Estate Tax
