Official portrait, 2017
US Federal marginal income tax rates: comparison of 2018, 2017, 2016 rates for individual and married filers
Trump at the New York Military Academy in 1964
Tax Policy Center estimate of the annual changes in GDP and budget deficit over the 2018–2027 period under the Senate version of the bill. The cumulative GDP increase of $961billion is less than the deficit increase of $1,233billion, including macroeconomic feedback effects.
Trump (far right) and wife Ivana in the receiving line of a state dinner for King Fahd of Saudi Arabia in 1985, with U.S. president Ronald Reagan and First Lady Nancy Reagan
Comparison of U.S. federal revenues for two CBO forecasts, one from January 2017 (based on laws at the end of the Obama Administration) and the other from April 2018, which reflects Trump's policy changes. Key insights include: 1) Tax cuts reduce revenue collections relative to a baseline without them; 2) Tax revenues rise each year under both forecasts as the economy grows; and 3) The gap is larger initially, indicating larger stimulus effects in the earlier years.
Trump Tower in Midtown Manhattan
CBO forecasts that the 2017 Tax Act will increase the budget deficit by $2.289 trillion over the 2018–2027 decade, or $1.891 trillion after macro-economic feedback.
Entrance of the Trump Taj Mahal in Atlantic City
Average tax rate changes for various income groups, by year, under the Conference Agreement, as of December 15, 2017. The slope of each line down to the right indicates larger benefits for higher incomes, while the upward shift of the lines over time indicates fading benefits (or increasing costs) across all income levels.
Trump and New Jersey Generals quarterback Doug Flutie at a 1985 press conference in the lobby of Trump Tower
CBO and JCT estimate of the distribution of impact by income group (average dollars per taxpayer) under the Act. On average, taxpayers in the income groups highlighted in yellow will incur a net cost (shown as a positive figure as this reduces the budget deficit), due in part to reduced healthcare subsidies. Higher income taxpayers receive a benefit via tax cuts (shown as a negative number as this increases the budget deficit). The percent of taxpayers in each income group is also shown for the 2023 period.
Trump's star on the Hollywood Walk of Fame
Distribution of benefits during 2018 by income percentile under the Tax Cuts and Jobs Act (Conf. Cmte. version) based on data from the Tax Policy Center. The top 10% of taxpayers (incomes over $216,800) receive 52% of the benefit, while the bottom 60% (incomes under $86,100) receive 17% of the benefit. This excludes the impact of reduced ACA subsidies.
Trump at a New York Mets baseball game in 2009
U.S. uninsured number (millions) and rate (%), including historical data through 2016 and two CBO forecasts (2016/Obama policy and 2018/Trump policy) through 2026. Two key reasons for more uninsured under President Trump include: 1) Eliminating the individual mandate to have health insurance (part of the Tax Act); and 2) Stopping cost sharing reduction payments.
Trump and President Bill Clinton in June 2000
Corporate after-tax profits (real or adjusted for inflation) have increased about 150% since 2000, yet real median household incomes are flat. The starting point is represented by 100.
Trump speaking at CPAC 2011
U.S. corporate profits after-tax from 1970 to Q2 2017. The dollars are near record level (blue line, left axis), while the % GDP is high relative to historical levels (red line, right axis).
Trump campaigning in Arizona, March 2016.
CBO data on share of U.S. federal revenues collected by tax type from 1967 to 2016. Payroll taxes, paid by all wage earners, have increased as a share of total federal tax revenues, while corporate taxes have fallen. Income taxes have moved in a range, with Presidents Reagan and G.W. Bush lowering income tax rates, and Clinton and Obama raising them for the top incomes.
2016 electoral vote results. Trump won 304–227
President Trump and Vice President Pence celebrate the passage of the Tax Cuts Acts with Republican lawmakers at a press conference outside the White House.
Women's March in Washington on January 21, 2017
Senator Tammy Duckworth and then House Minority Leader Nancy Pelosi press conference opposing the bill in 2017.
Trump is sworn in as president by Chief Justice John Roberts
Trump speaks to automobile workers in Michigan, March 2017
Trump and group of officials and advisors on the way from White House complex to St. John's Church
Trump examines border wall prototypes in Otay Mesa, California.
Trump with the other G7 leaders at the 45th summit in France, 2019
Trump and Xi Jinping at 2018 G20 Summit.
Trump, King Salman of Saudi Arabia, and Egyptian president Abdel Fattah el-Sisi at the 2017 Riyadh summit in Saudi Arabia
U.S. Secretary of State Mike Pompeo meeting with Taliban delegation in Qatar in September 2020
Trump meets Kim Jong-un at the Singapore summit, June 2018
Putin and Trump shaking hands at the G20 Osaka summit, June 2019
Trump and his third Supreme Court nominee, Amy Coney Barrett.
Trump conducts a COVID-19 press briefing with members of the White House Coronavirus Task Force on March 15, 2020
Poland's president Andrzej Duda visited the White House on June 24, 2020, the first foreign leader to do so since the start of the pandemic.
Trump boards helicopter for COVID-19 treatment on October 2, 2020
Trump discharged on October 5, 2020, from Walter Reed National Military Medical Center
Members of House of Representatives vote on two articles of impeachment, December 18, 2019
Trump displaying the front page of The Washington Post reporting his acquittal by the Senate
Trump at a 2020 campaign rally in Arizona
2020 Electoral College results, Trump lost 232–306
Speaker of the House Nancy Pelosi signing the second impeachment of Trump
Trump speaks at the "Rally to Protect Our Elections" in Phoenix, Arizona, July 2021.
Trump talking to the press, March 2017
Fact-checkers from The Washington Post, the Toronto Star, and CNN compiled data on "false or misleading claims" (orange background), and "false claims" (violet foreground), respectively.

The bill was signed into law by President Donald Trump on December 22, 2017.

- Tax Cuts and Jobs Act of 2017

He signed the Tax Cuts and Jobs Act of 2017, which cut taxes for individuals and businesses and rescinded the individual health insurance mandate penalty of the Affordable Care Act.

- Donald Trump
Official portrait, 2017

7 related topics

Alpha

Official portrait, 2016

Mitch McConnell

American politician and retired attorney serving as Senate minority leader since 2021 and as the senior United States senator from Kentucky, a seat he has held since 1985.

American politician and retired attorney serving as Senate minority leader since 2021 and as the senior United States senator from Kentucky, a seat he has held since 1985.

Official portrait, 2016
President Ronald Reagan in a meeting with McConnell in the Oval Office, March 1987
President George H. W. Bush with McConnell and Elaine Chao in February 1991
Mitch McConnell in 1992
President George W. Bush shake hands with McConnell, January 2001
Donald Trump, Mike Pence, Paul Ryan, and McConnell celebrate the passage of the Tax Cuts and Jobs Act of 2017, December 2017
McConnell (left) with then-Judge Brett Kavanaugh (middle), the nominee to replace retiring Justice Anthony Kennedy, 2018.
McConnell and his wife,

In January 2017, Republican president Donald Trump nominated Neil Gorsuch to fill the Supreme Court vacancy left after Scalia's death.

He has supported stronger border security, free trade agreements, and reductions in taxes, including the Tax Cuts and Jobs Act of 2017.

The President and White House staff react to the House of Representatives passing the bill on March 21, 2010.

Affordable Care Act

Landmark U.S. federal statute enacted by the 111th United States Congress and signed into law by President Barack Obama on March 23, 2010.

Landmark U.S. federal statute enacted by the 111th United States Congress and signed into law by President Barack Obama on March 23, 2010.

The President and White House staff react to the House of Representatives passing the bill on March 21, 2010.
Jim Clyburn and Nancy Pelosi celebrate after the House passes the amended bill on March 21.
President Obama signs the Patient Protection and Affordable Care Act on March 23, 2010.
John Chafee
Mitt Romney's Massachusetts went from 90% of its residents insured to 98%, the highest rate in the nation.
President Obama addressing Congress regarding healthcare reform, September 9, 2009
Tea Party protesters at the Taxpayer March on Washington, September 12, 2009
U.S. health insurance coverage by source in 2016. CBO estimated ACA/Obamacare was responsible for 23 million persons covered via exchanges and Medicaid expansion.
This chart illustrates several aspects of the Affordable Care Act, including number of persons covered, cost before and after subsidies, and public opinion.
Excise taxes percentage 2015
States that expanded Medicaid under ACA had a lower uninsured rate in 2018 at various income levels.
The distributional impact of the Affordable Care Act (ACA or Obamacare) during 2014. ACA raised taxes mainly on the top 1% to fund approximately $600 in benefits on average for the bottom 40% of families.
Coverage rate, employer market cost trends, budgetary impact, and income inequality aspects of the Affordable Care Act
Congressional Democrats celebrate the 6th anniversary of the Affordable Care Act on the steps of the Capitol.
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Tax Cuts and Jobs Act—number of additional persons uninsured

President Donald Trump rescinded the federal tax penalty for violating the individual mandate through the Tax Cuts and Jobs Act of 2017, starting in 2019.

Republican Party (United States)

One of the two major contemporary political parties in the United States, along with its main historic rival, the Democratic Party.

One of the two major contemporary political parties in the United States, along with its main historic rival, the Democratic Party.

Abraham Lincoln, 16th president of the United States (1861–1865) and the first Republican to hold the office
Charles R. Jennison, an anti-slavery militia leader associated with the Jayhawkers from Kansas and an early Republican politician in the region
Ulysses S. Grant, 18th president of the United States (1869–1877)
James G. Blaine, 28th & 31st Secretary of State (1881; 1889–1892)
William McKinley, 25th president of the United States (1897–1901)
Theodore Roosevelt, 26th president of the United States (1901–1909)
Herbert Hoover, 31st president of the United States (1929–1933)
Ronald Reagan, 40th president of the United States (1981–1989)
Donald Trump, 45th president of the United States (2017–2021)
Calvin Coolidge, 30th president of the United States (1923–1929)
Arnold Schwarzenegger, 38th governor of California (2003–2011)
John McCain, United States senator from Arizona (1987–2018)
Donald Rumsfeld, 21st United States Secretary of Defense (2001–2006)
Colin Powell, 65th United States Secretary of State (2001–2005)
Newt Gingrich, 50th Speaker of the House of Representatives (1995–1999)
Annual population growth in the U.S. by county - 2010s
This map shows the vote in the 2020 presidential election by county.
Political Spectrum Libertarian Left    Centrist   Right  Authoritarian
U.S. opinion on gun control issues is deeply divided along political lines, as shown in this 2021 survey.

Its most recent presidential nominee was Donald Trump, who served as the 45th president of the United States from 2017 to 2021.

Other notable achievements during his presidency included passing the Tax Cuts and Jobs Act in 2017, moving the U.S. embassy in Israel to Jerusalem, creating the United States Space Force – the first new independent military service since 1947 – and brokering the Abraham Accords, a series of normalization agreements between Israel and various Arab states.

Official portrait, 2019

Nancy Pelosi

American politician serving as speaker of the United States House of Representatives since 2019, and previously from 2007 to 2011.

American politician serving as speaker of the United States House of Representatives since 2019, and previously from 2007 to 2011.

Official portrait, 2019
Pelosi, her mother, and President John F. Kennedy watch as her father is sworn in as a member of the Renegotiation Board, 1961.
Pelosi as a member of the U.S. House of Representatives, 1993
President George W. Bush meets with Speaker-designate Pelosi and House Minority Whip Steny Hoyer on November 9, 2006.
Pelosi and Barack Obama shaking hands at the 2008 Democratic National Convention
President Barack Obama meets with Congressional Leadership, July 2011.
Pelosi speaking at the United States Department of Labor on Equal Pay Day
Pelosi greets DREAMers fasting outside the Capitol, September 2017.
Congressional leaders in January 2020
Pelosi signs the article of impeachment for the second impeachment of Donald Trump on January 13, 2021.
Pelosi delivers remarks on the American Rescue Plan in March 2021.
Pelosi and Keith Ellison at his swearing-in ceremony with Thomas Jefferson's Quran in 2007
Pelosi with Aung San Suu Kyi, Myanmar's pro-democracy leader, at a Congressional Gold Medal ceremony in 2012
Pelosi at the 2013 San Francisco Pride Festival
Capitol workers remove the portrait of former House Speaker Howell Cobb of Georgia from a wall in the Speaker's Lobby of the U.S. Capitol.
Pelosi at the Tax March in San Francisco, April 2017
Nancy Pelosi at 2019 United Nations Climate Change Conference (COP25)
Nancy Pelosi at 2019 End Gun Violence, September 27, 2019
President George W. Bush and Pelosi honoring 300 Tuskegee Airmen at the Capitol, March 2007
Donald Trump with Pelosi in January 2017
Pelosi and Debbie Wasserman Schultz have supported Venezuelan opposition leader Juan Guaidó.
Pelosi with Chinese Premier Wen Jiabao during a trip to China in 2009
Pelosi with Hong Kong activists who have become prominent figures in the 2019–2020 Hong Kong protests
Pelosi and John Kerry at Estadio Latinoamericano in Havana, Cuba, March 2016
Pelosi before greeting the new King Salman of Saudi Arabia, Riyadh, January 2015
Pelosi with service members stationed at the Al Udeid Air Base in Qatar, 2010
Pelosi at AIPAC's annual Policy Conference in Washington, D.C.
Pelosi and Israeli Prime Minister Benjamin Netanyahu in Jerusalem, January 2020
Pelosi meeting with Russian president Dmitry Medvedev, foreign minister Sergey Lavrov, and ambassador Sergey Kislyak, June 2010
The city of San Francisco named a street in Golden Gate Park in honor of Pelosi after her many years representing the city in Congress.
Pelosi at the LBJ Presidential Library in 2022

Under Pelosi's leadership, the House of Representatives impeached President Donald Trump, first on December 18, 2019, and again on January 13, 2021; Trump was acquitted both times by the Senate.

She also opposed the tax reform signed by Trump in December 2017, calling it "probably one of the worst bills in the history of the United States of America... It robs from the future [and] it rewards the rich... and corporations at the expense of tens of millions of working middle-class families in our country."

Presidency of Donald Trump

The 2016 presidential electoral vote. Five individuals besides Trump and Clinton received electoral votes from faithless electors.
Outgoing President Barack Obama and President-elect Donald Trump in the Oval Office on November 10, 2016
Donald Trump's official portrait before his swearing in ceremony.
Inauguration swearing-in ceremony
Cabinet meeting, March 2017
Supreme Court nominee Amy Coney Barrett and her family with Trump on September 26, 2020
Fact-checkers from The Washington Post, (orange) the Toronto Star, and CNN (blue) compiled data on "false or misleading claims" and "false claims," respectively. The peaks in late 2018 correspond to the midterm elections, in late 2019 to his impeachment inquiry, and in late 2020 to the presidential election. The Post reported 30,573 false or misleading claims in 4 years, an average of more than 20.9 per day.
Trump talks to the press in the Oval Office on March 21, 2017, before signing S.422 (the NASA Transition Authorization Act)
Trump speaks to reporters on the White House South Lawn in June 2019
During a joint news conference, Trump said he was "very proud" to hear Brazilian president Jair Bolsonaro use the term "fake news."
Twitter activity of Donald Trump from his first tweet in May 2009 to September 2017. Retweets are not included.
Trump signed new anti-sex-trafficking legislation on April 16, 2018.
Trump pays tribute to fallen police officers on May 15, 2017
Trump signs the Hurricane Harvey relief bill at Camp David, September8, 2017
Trump and Boeing CEO Dennis Muilenburg at the 787-10 Dreamliner rollout ceremony
Trump signs the United States–Mexico–Canada Agreement (USMCA) alongside Mexican President Enrique Peña Nieto and Canadian Prime Minister Justin Trudeau in Buenos Aires, Argentina, November 30, 2018
Trump and Secretary of Education Betsy DeVos visit Saint Andrew's Catholic School in Orlando, Florida, March3, 2017
April 2017 Trump rally in Harrisburg, Pennsylvania
Official portrait of Scott Pruitt as EPA Administrator
HHS Secretary Alex Azar
The CBO estimated in May 2017 that the Republican AHCA would reduce the number of people with health insurance by 23 million during 2026, relative to current law.
Drug overdoses killed 70,200 in the United States in 2017.
Trump at the 15th Annual Opioid Takeback Day
Trump receives a briefing on COVID-19 in the White House Situation Room
Trump was hospitalized at the Walter Reed National Military Medical Center following his COVID-19 diagnosis on October 3, 2020.
Secretary of Housing and Urban Development Ben Carson, first day on the job
Chad Wolf, acting Secretary of the Department of Homeland Security
June 2018 protest against the Trump administration family separation policy, in Chicago, Illinois
Trump signs Executive Order 13769 at the Pentagon. Vice President Mike Pence (left) and Secretary of Defense James Mattis look on, January 27, 2017.
Trump returns to the White House after posing for a photo op at St. John's Episcopal Church, June 2020
Vice President Mike Pence, Second Lady Karen Pence and President Donald Trump watch the Crew Dragon Demo-2 Falcon 9 rocket launch from Kennedy Space Center
Anti-Trump protest in Greensboro by the anti-fascist groups Democratic Socialists of America and Industrial Workers of the World
Trump and North Korea's Communist Party leader Kim Jong-un shake hands at the Korean Demilitarized Zone, June 30, 2019
Trump and Vice President Mike Pence at the welcoming ceremony for Chairman of the Joint Chiefs of Staff Mark Milley (left) on September 30, 2019. Outgoing chairman General Joseph Dunford (right) and Secretary of Defense Mark Esper (center-right) are present.
Trump with Turkish President Recep Tayyip Erdoğan in the Oval Office, November 13, 2019
Trump with Prince Mohammad bin Salman, Washington, D.C., March 14, 2017
Robert Mueller in the Oval Office c. 2012
Tayyip Erdoğan, then the prime minister of Turkey, attended the opening of the Trump Towers Istanbul AVM in 2012.
Open hearing testimony of Fiona Hill and David Holmes on November 21, 2019
Democrat Joe Biden defeated Trump in the 2020 presidential election.

Donald Trump's tenure as the 45th president of the United States began with his inauguration on January 20, 2017, and ended on January 20, 2021.

In economic policy, he partially repealed the Dodd–Frank Act and signed the Tax Cuts and Jobs Act of 2017.

Map of states involved after cases were consolidated

California v. Texas

United States Supreme Court case that dealt with the constitutionality of the 2010 Affordable Care Act (ACA), colloquially known as Obamacare.

United States Supreme Court case that dealt with the constitutionality of the 2010 Affordable Care Act (ACA), colloquially known as Obamacare.

Map of states involved after cases were consolidated

The case in California followed after the enactment of the Tax Cuts and Jobs Act of 2017 and the change to the tax penalty amount for Americans without required insurance that reduced the "individual mandate" to zero, effective for months after December 31, 2018.

In 2016, the Republican Party held control of both the House and Senate and gained control of the Executive branch with the election of President Donald Trump.

United States national debt as a percent of GDP over time

National debt of the United States

Historically, the U.S. public debt as a share of gross domestic product (GDP) increases during wars and recessions and then subsequently declines.

Historically, the U.S. public debt as a share of gross domestic product (GDP) increases during wars and recessions and then subsequently declines.

United States national debt as a percent of GDP over time
Intergovernmental and public US National debt
Interest on the debt
The amount of U.S. public debt, measured as a percentage of GDP, held by the public since 1900.
Detailed breakdown of government holders of treasury debt and debt instruments used of the public portion
U.S. debt from 1940 to 2021Q2. Red lines indicate the "debt held by the public" and black lines indicate the total national debt or gross public debt. The difference is the "intragovernmental debt," which includes obligations to government programs such as Social Security. Stated as a formula, National Debt = Debt held by the Public + Intragovernmental Debt. The second panel shows the two debt figures as a percentage of U.S. GDP (dollar value of U.S. economic production for that year). The top panel is deflated so every year is in 2012 dollars
U.S. intra-governmental debt components, which totaled $5.47 trillion as of September 2016. This debt mainly represents obligations to Social Security recipients and retired federal government employees, including military.
A timeline showing projected debt milestones from the CBO.
Comparison of deficits to change in debt in 2008
Estimated ownership each year
Composition of U.S. Long-Term Treasury Debt 2000–2014
U.S. Net International Investment Position over time
Congressional Budget Office (CBO) baseline scenario comparisons: June 2017, April 2018 (which reflects Trump's tax cuts and spending bills), and April 2018 alternate scenario (which assumes extension of the Trump tax cuts, among other current policy extensions).
The actual and projected United States Federal Debt Held by the Public as percentage of GDP.
Federal Budget Outlays Projection
Spending for mandatory programs is projected to rise relative to GDP, while discretionary programs decline
Historical and projected US Federal Government revenues and spending from 2018 GAO financial report
Interest on the federal debt Total interest payment Fiscal year
Interest to GDP, a measure of debt burden, was very low in 2015 but is projected to rise with both interest rates and debt levels over the 2016–2026 period.
Components of interest on the debt
1979 $10,000 Treasury Bond
Federal interest payments
Revenue and Expense as percent of GDP
Deficit and Debt Increases 2001–2016

The CBO added that "about half of the decline ... occurred since June" when some of the provisions of the Tax Cuts and Jobs Act of 2017 took effect, which included the "new lower corporate tax rate and the expanded ability to immediately deduct the full value of equipment purchases".

According to the Treasury report in October 2018, summarized by Business Insider's Bob Bryan, the U.S. federal budget deficit rose as a result of the Tax Cuts and Jobs Act of 2017 signed into law by President Donald Trump on December 22, 2017 and the Consolidated Appropriations Act, 2018 signed into law on March 23, 2018.