Federal Tax Cuts in the Bush, Obama, and Trump Years

 A report by Steve Wamhoff and Mathew Gardner of the Institute of Taxation and Economic Policy July 2018.

ITEP is a non-profit, non-partisan tax policy organization. We conduct rigorous analyses of tax and economic proposals and provide data-driven recommendations on how to shape equitable and sustainable tax systems. ITEP’s expertise and data uniquely enhance federal, state, and local policy debates by revealing how taxes affect both public revenues and people of various levels of income and wealth.

 OVERVIEW
Since 2000, tax cuts have reduced federal revenue by trillions of dollars and
disproportionately benefited well-off households. From 2001 through 2018, significant
federal tax changes have reduced revenue by $5.1 trillion, with nearly two-thirds of that
flowing to the richest fifth of Americans, as illustrated in Figure 1.1 The cumulative impact
on the deficit during this period is $5.9 trillion, including interest payments.
By the end of 2025, the tally of tax cuts will grow to $10.6 trillion. Nearly $2 trillion of this
amount will have gone to the richest 1 percent. By then, the total impact on the deficit
will be $13.6 trillion, including interest payments.
This analysis does not include hundreds of billions of dollars in so-called tax cut
“extenders” for corporations and other businesses that Congress has periodically enacted
under each administration.

The full report ca be found at https://itep.org/federal-tax-cuts-in-the-bush-obama-and-trump-years/

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