Official government announcements, legislative records

Biden and Trump Clash Over Accuracy and Impact of $2 Trillion 2017 Tax Cuts

Jun 28, 2024, 01:11 AM

President Joe Biden and former President Donald Trump have both made inaccurate claims regarding the size of Trump's tax cuts. Contrary to their statements, Trump's tax cuts were not the largest in U.S. history, either in terms of percentage of GDP or in inflation-adjusted dollars. The Tax Cuts and Jobs Act (TCJA) implemented under Trump in 2017 did result in substantial tax reductions across all income brackets, with the top 1% of earners seeing a decrease in their tax burden. Trump has also claimed that the $2 trillion tax cuts were the largest in history, a statement that has been widely disputed. Biden and his administration argue that the tax cuts have disproportionately benefited the wealthy, including billionaires and corporations, and increased the national deficit. Trump also touted the largest regulation cut in history. The debate over the impact and fairness of these tax cuts continues to be a contentious issue in U.S. politics.