Trump policies to cost middle-income Americans $1,700 more in 2026, while richest 1% save $12,560: Report
Trump policies could cost middle-income Americans $1,700 more in 2026, while the wealthiest 1% may save $12,560, an ITEP report estimates.
A new report by the Institute on Taxation and Economic Policy (ITEP) predicts that the economic policies introduced by US President Donald Trump will increase taxes and costs for most Americans by about $1,700 in 2026, while the wealthiest 1% will save around $12,560. The report, released on October 8, examines three major policy changes under Trump's second administration, including new tax provisions, the end of COVID-era Affordable Care Act health insurance tax credits, and price increases linked to tariffs, the Iran war, and immigration policies.
The ITEP, a left-leaning economic think tank, argues that the benefits of Trump's tax cuts are outweighed by the higher costs faced by most Americans, except the wealthiest ones. The White House, however, claims that Trump's economic policies have helped stop inflation, supported economic growth, and created private-sector jobs.
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