Trump’s policies raised costs for all but the top 1%, report says

Photo: President Donald Trump signs the One Big Beautiful Bill Act on the South Lawn of the White House, Friday, July 4, 2025, during the 4th of July picnic. (Official White House Photo by Molly Riley). Attribution: “P20250704MR-0430” by The White House via Flickr. United States Government Work. Article by Daniel de Visé. USA Today – October 18, 2026. Report: Institute on Taxation and Economic Policy.

The Trump administration’s economic policies have driven up taxes and costs for all but the wealthiest 1% of Americans, according to a new analysis from an economic think tank.  A typical American consumer, someone in the middle 20% by income, will pay about $1,700 more in taxes and other costs in 2026 because of Trump’s policies, the report found. The poorest 20% will pay about $750 more.  Only the top 1% of earners will pay less: $12,560 less, according to the report from the Institute on Taxation and Economic Policy (ITEP), a left-leaning think tank. […]

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