The True Cost of Trump’s Tax Plan (with Samantha Jacoby)

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Mar 19, 2024

Analyzing the true impact of Trump's tax plan on the economy, revealing how the wealthiest individuals and corporations were the primary beneficiaries, while most Americans saw no economic benefit. Discussion on the need for progressive tax policies and congressional action to address wealth inequality and failed promises of tax cuts. Exploring potential tax reforms in 2025 and debunking the myth of self-paying tax cuts.

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Introduction

00:00 • 4min

Analyzing the Future of Tax Cuts and Congressional Negotiations

03:58 • 2min

Implications of the 2017 Tax Law and Wealth Inequality

05:50 • 14min

Exploring Potential Tax Reforms and Bipartisan Efforts in Congress

19:33 • 5min

Debunking the Myth of Self-Paying Tax Cuts

24:16 • 7min

Analysis of Tax Debates and Economic Inequality

31:31 • 3min

In his State of the Union Address, President Biden made it clear that taxes and tax policy were his next big target for a middle-out makeover. However, we can't talk about the future of taxes without discussing the potential expiration of Trump’s’ 2017 tax law. Samantha Jacoby, a senior tax analyst at the Center on Budget and Policy Priorities, joins us today to help us understand the repercussions of Trump's tax policies and the opportunities ahead. Trump’s tax law was marketed as a boon for every working American, promising an average annual benefit of $4,000. But Jacoby unveils the true economic reality behind the Trump tax law: the primary beneficiaries were the wealthiest individuals and corporations; they did not pay for themselves as promised; and despite the trillions of tax giveaways to people at the top, most Americans saw no tangible economic benefit.

Samantha Jacoby is a Senior Tax Analyst with the Center on Budget and Policy Priorities. Before joining the Center in 2018, she practiced tax law at two international law firms in New York and Washington, D.C. Previously, she worked as a policy and research analyst at the Solar Energy Industries Association, where she focused on the impact of tax incentives on the renewable energy industry.

Twitter: @jacsamoby

The 2017 Trump Tax Law Was Skewed to the Rich, Expensive, and Failed to Deliver on Its Promises

https://www.cbpp.org/research/federal-tax/the-2017-trump-tax-law-was-skewed-to-the-rich-expensive-and-failed-to-deliver

IRS Funding thread by Samantha on Twitter

https://x.com/jacsamoby/status/1752088112291807298?s=20

After Decades of Costly, Regressive, and Ineffective Tax Cuts, a New Course Is Needed Bipartisan Senate Action Passes Minimal Test for IRS Funding While Multiple House Republican Bills Fail

https://www.cbpp.org/research/federal-tax/after-decades-of-costly-regressive-and-ineffective-tax-cuts-a-new-course-is

Website: http://pitchforkeconomics.com

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Nick’s twitter: @NickHanauer