Summary

The 2017 Tax Cuts and Jobs Act (TCJA), championed by Trump, boosted corporate investment and wages but fell short of offsetting significant revenue losses.

Researchers found corporate tax revenue dropped by 40%, with wage increases averaging $750 instead of the predicted $9,000.

Long-term GDP growth remained below 1% annually. While provisions like accelerated depreciation created economic value, others, such as pass-through business tax cuts, delivered regressive benefits favoring high earners.

Extending the TCJA’s expiring provisions would further worsen deficits, raising concerns about inflation and reduced government investment capacity.