Throughout his campaign and since taking office, President Donald Trump has promised to stand up for working people and families. But the most far-reaching bill he’s signed into law—the Tax Cuts and Jobs Act of 2017—was a handout for corporate America and the wealthy at the expense of working- and middle-class families. President Trump’s tax handout is estimated to cost $1.9 trillion between 2018 and 2027, according to the Congressional Budget Office (CBO). As a result of the law, large corporations are receiving a massive tax cut—even bigger than what was originally expected. And while the law is running up federal deficits, it is having little or no positive effect on the U.S. economy, according to new research from the Congressional Research Service.
Working- and middle-class families deserve better. In fact, for the same $1.9 trillion cost of President Trump’s tax giveaway, the United States could afford to completely eliminate child poverty; double its federal investment in climate science; extend universal access to affordable child care and pre-K; provide a $10,000 raise for teachers in high-poverty schools; provide free community college; and take dramatic action to tackle the opioid epidemic. (see Methodology)
In reality, these investments are even less costly than President Trump’s tax giveaway. The $1.9 trillion price tag does not include the cost of extending certain tax cuts that were enacted as temporary, which would add another $650 billionto the 10-year cost.