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The 2017 Trump Tax Law Was Skewed to the Rich, Expensive, and Failed to Deliver on Its PromisesA 2025 Course Correction Is NeededUPDATED JUNE 13, 2024 | BY CHUCK MARR, SAMANTHA JACOBY AND GEORGE FENTONA high-stakes tax policy debate will accelerate this year through 2025 over the pending expiration of the individual income and estate tax provisions of the 2017 Trump tax law. Policymakers should use this opportunity to work toward a tax code that raises more revenues, is more progressive and equitable, and supports investments that make the economy work for everyone.As this debate unfolds, policymakers and the public should understand that the 2017 Trump tax law:Was skewed to the rich. Households with incomes in the top 1 percent will receive an average tax cut of more than $60,000 in 2025, compared to an average tax cut of less than $500 for households in the bottom 60 percent, according to the Tax Policy Center (TPC).[1] As a share of after-tax income, tax cuts at the top — for both households in the top 1 percent and the top 5 percent — are more than triple the total value of the tax cuts received for people with incomes in the bottom 60 percent.[2]
A 2025 Course Correction Is Needed
UPDATED
JUNE 13, 2024
| BY CHUCK MARR, SAMANTHA JACOBY AND GEORGE FENTON
A high-stakes tax policy debate will accelerate this year through 2025 over the pending expiration of the individual income and estate tax provisions of the 2017 Trump tax law. Policymakers should use this opportunity to work toward a tax code that raises more revenues, is more progressive and equitable, and supports investments that make the economy work for everyone.
As this debate unfolds, policymakers and the public should understand that the 2017 Trump tax law:
