Research
New economic analysis finds that nearly all Americans will pay more in taxes this year, with just the top 5% of earners getting a tax cut.
According to an analysis by the Institute on Taxation and Economic Policy (ITEP), President Trump has raised taxes on most Americans in ways that more than offset the tax cuts he has signed into l...
According to an analysis by the Institute on Taxation and Economic Policy (ITEP), President Trump has raised taxes on most Americans in ways that more than offset the tax cuts he has signed into law, with the net effect this year of all his tax policies being to increase taxes on the average American in all income groups aside from the richest 5 percent. The key drivers include dramatically increased tariffs on foreign goods — a tax economists widely agree is mostly borne by American consumers — the termination of the Enhanced Premium Tax Credit, and the One Big Beautiful Bill Act, which overwhelmingly benefits the rich and corporations. For a large majority of Americans, the tax increase from Trump's tariffs and the ending of health care tax credits more than offsets any tax cuts provided by OBBBA, with the exception being the richest 5 percent — particularly the richest 1 percent — for whom the net result is a tax cut.
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Source: research