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Did Donald Trump lower taxes on billionaires and raise them on everyone else? [1]

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Date: 2024-06-18 15:02:09+00:00

Wisconsin Watch partners with Gigafact to produce fact briefs — bite-sized fact checks of trending claims. Read our methodology to learn how we check claims.

No.

The 2017 tax cut law signed by former President Donald Trump cut income tax rates essentially across the board.

From 2017 to 2018, the average rate dropped from 4% to 3.4% for the bottom half of income earners and from 26.8% to 25.4% for the top 1%, according to the Tax Foundation.

In 2018, the Tax Policy Center estimated, 65% of households paid lower taxes.

The tax claim was made June 8, 2024, by Illinois Gov. J.B. Pritzker at the Wisconsin Democratic Party convention. His office cited a Center on Budget and Policy Priorities analysis.

It states that the cuts are skewed to the rich, with the estimated average savings in 2025 of $70 for the lowest 20% of earners (up to $27,300) and of $61,090 for the top 1% (income of $837,800 or more).

Many of the law’s tax breaks will expire after 2025 unless Congress acts.



This fact brief is responsive to conversations such as this one.

Sources

Tax Foundation: Tax Calculator: How the TCJA’s Expiration Will Affect You

GoBankingRates: Trump Era Tax Cuts Are Set To Expire — Here’s How Much More You’ll Pay

CNBC: Trump-era tax cuts set to expire after 2025 — here’s what you need to know

Tax Policy Center: The Effect of the TCJA

WisconsinEye: (4:07:55) 2024 Democratic Party of Wisconsin State Convention

Center on Budget and Policy Priorities: The 2017 Trump Tax Law Was Skewed to the Rich, Expensive, and Failed to Deliver on Its Promises

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[1] Url: https://wisconsinwatch.org/2024/06/trump-tax-cut-income-wisconsin-rich-fact-brief/

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