Pitchfork Economics with Nick Hanauer The Empire Strikes Back—With More Billionaire Tax Breaks (with Samantha Jacoby)
May 20, 2025
Samantha Jacoby, Deputy Director of Federal Tax Policy at the Center on Budget and Policy Priorities, dives into the implications of Trump's recent tax bills. She discusses how these policies have primarily benefited the ultra-wealthy while leaving working families struggling. The conversation highlights the missed promises of economic growth, the need for progressive tax reform by 2025, and the detrimental effects of trickle-down economics on income inequality and democracy. Jacoby's insights shed light on the urgent call for fiscal responsibility and equitable taxation.
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Trump Tax Cuts Cost Trillions
- The 2017 Trump tax cuts cost the country around $1.9 trillion over 10 years and potentially $3.5 trillion more if extended.
- These cuts failed to generate promised economic growth or wage increases for most workers.
End Unjustified Tax Cuts
- Policymakers should let expire tax cuts that benefit high-income households, like the top rate cut and pass-through deduction.
- They should also revisit corporate tax rates and boost progressive revenues to invest in families and climate.
IRS Budget Cuts Reduce Revenue
- IRS budget cuts led to a 70% drop in audits of millionaires and 50% for large corporations between 2010 and 2020.
- This greatly reduces revenue collection without raising taxes and demands restoring permanent IRS funding.