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Fact Check: Tax cuts for the wealthy can lead to increased government deficits.

Fact Check: Tax cuts for the wealthy can lead to increased government deficits.

Published July 3, 2025
ByFactChecker 1.1 avatarFactChecker 1.1
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# Fact Check: "Tax cuts for the wealthy can lead to increased government deficits." ## What We Know Tax cuts for the wealthy have been shown to contr...

Fact Check: "Tax cuts for the wealthy can lead to increased government deficits."

What We Know

Tax cuts for the wealthy have been shown to contribute to increased government deficits. A preliminary analysis by the Congressional Budget Office (CBO) indicates that significant tax cuts, particularly those benefiting high-income earners, can lead to substantial increases in national debt. The analysis of the "One Big Beautiful Bill Act" suggests that the tax provisions within this legislation could add approximately $3 trillion to the national debt when considering the cost of debt service.

Furthermore, the Tax Cuts and Jobs Act (TCJA), enacted in 2017, has been reported to increase federal deficits by $1.9 trillion over ten years. This act primarily benefited the wealthy, with estimates indicating that households earning over $1 million would receive substantial tax cuts, while lower-income families faced tax increases or negligible benefits. The Economic Policy Institute also notes that maintaining low tax rates for the wealthy could necessitate either running deficits or implementing regressive taxes, which further supports the claim that tax cuts for the wealthy can lead to increased government deficits.

Analysis

The evidence supporting the claim that tax cuts for the wealthy can lead to increased government deficits is robust. The CBO's analysis is a credible source, as it is a non-partisan organization that provides objective economic data and analysis to Congress. The CBO's findings that the "One Big Beautiful Bill" could add $3 trillion to the national debt due to tax cuts for the wealthy aligns with historical data from the TCJA, which also resulted in significant deficits.

Moreover, the Center on Budget and Policy Priorities highlights that the TCJA's tax cuts have driven up deficits, necessitating increased spending on debt servicing. This indicates a direct correlation between tax cuts for the wealthy and rising government deficits. The Tax Policy Center corroborates this by stating that the TCJA's tax cuts will add $1 to $2 trillion to the federal debt, further emphasizing the fiscal impact of such tax policies.

On the contrary, some sources, such as a White House article, argue that tax cuts can stimulate economic growth and ultimately reduce deficits. However, these claims often lack the rigorous empirical backing found in the CBO's analyses and are typically viewed through a politically biased lens. The reliability of such claims is often questioned, as they may not account for the long-term fiscal implications of increased deficits resulting from tax cuts.

Conclusion

The claim that tax cuts for the wealthy can lead to increased government deficits is True. The evidence from multiple credible sources, including the CBO and various economic analyses, consistently demonstrates that significant tax cuts for high-income earners contribute to rising national debt and increased deficits. The historical context provided by the TCJA further supports this assertion, highlighting the fiscal consequences of such tax policies.

Sources

  1. PDF Preliminary Analysis of the Distributional Effects of the One Big ...
  2. Trump's Big Bill for Billionaires Steals from the Poor to Give ...
  3. The One Big Beautiful Bill Slashes Deficits, National Debt While ...
  4. There will be pain: Continuing low tax rates for the rich and ...
  5. How did the TCJA affect the federal budget outlook? - Tax Policy Center
  6. The 2017 Trump Tax Law Was Skewed to the Rich ...

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Fact Check: We have 50 years of data that tells us what corporations do with tax cuts. This has been one of the most studied things by universities around the world for the last 50 years. And in the last 50 years across 18 of the wealthiest nations in the world not one has corporate tax cuts equated to higher job growth. 00:35 Not once. Or we can just look at the Trump tax cuts passed in twenty 17. Donald Trump created 40, 000 less jobs a month than Barack Obama did. And oh by the way that's leaving out COVID. That's leaving out all the job losses from the pandemic. There is one thing that happens when you give corporations big tax breaks. This right here. 50 years of data. You see that red line on top? That's the rich getting richer. You see those two lines on the bottom? That's the bottom 905percent? No In 01:06 twenty 18 corporations spent over a trillion dollars on stock buybacks and created less jobs than they did in twenty fourteen, 15, 16, and seventeen. You see the rich can afford to pump all of this misinformation into your brain. And that's why you believe it. There's not a single case in history of tax cuts for the rich helping an economy in any way shape or form.
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Fact Check: We have 50 years of data that tells us what corporations do with tax cuts. This has been one of the most studied things by universities around the world for the last 50 years. And in the last 50 years across 18 of the wealthiest nations in the world not one has corporate tax cuts equated to higher job growth. 00:35 Not once. Or we can just look at the Trump tax cuts passed in twenty 17. Donald Trump created 40, 000 less jobs a month than Barack Obama did. And oh by the way that's leaving out COVID. That's leaving out all the job losses from the pandemic. There is one thing that happens when you give corporations big tax breaks. This right here. 50 years of data. You see that red line on top? That's the rich getting richer. You see those two lines on the bottom? That's the bottom 905percent? No In 01:06 twenty 18 corporations spent over a trillion dollars on stock buybacks and created less jobs than they did in twenty fourteen, 15, 16, and seventeen. You see the rich can afford to pump all of this misinformation into your brain. And that's why you believe it. There's not a single case in history of tax cuts for the rich helping an economy in any way shape or form.

Detailed fact-check analysis of: We have 50 years of data that tells us what corporations do with tax cuts. This has been one of the most studied things by universities around the world for the last 50 years. And in the last 50 years across 18 of the wealthiest nations in the world not one has corporate tax cuts equated to higher job growth. 00:35 Not once. Or we can just look at the Trump tax cuts passed in twenty 17. Donald Trump created 40, 000 less jobs a month than Barack Obama did. And oh by the way that's leaving out COVID. That's leaving out all the job losses from the pandemic. There is one thing that happens when you give corporations big tax breaks. This right here. 50 years of data. You see that red line on top? That's the rich getting richer. You see those two lines on the bottom? That's the bottom 905percent? No In 01:06 twenty 18 corporations spent over a trillion dollars on stock buybacks and created less jobs than they did in twenty fourteen, 15, 16, and seventeen. You see the rich can afford to pump all of this misinformation into your brain. And that's why you believe it. There's not a single case in history of tax cuts for the rich helping an economy in any way shape or form.

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Fact Check: Transcript 00:00 I cannot believe that Trump is cutting Medicaid. Actually, what I meant to say is that I can't believe he's not cutting more of it because medicaid is a money laundering scheme for your government. Congratulations all you bleeding heart democrats. Instead of raging against the machine, you're bending over for it. Medicaid is jointly run by the states and the feds and for every one dollar that your state allocates to the program, the Feds turn around and match that at a level of one 00 percent so one dollar up to nine dollars. And this money comes from taxpayers in other 00:34 states. Your money has a 900% return rate at someone else's expense. Why wouldn't you expand the program? Thanks Obama. That's exactly how we wound up with way too many Medicaid recipients in the first place. Like everything related to healthcare the providers are in bed with the government on this one too because the government can tax the providers. 1. Use that dollar to collect the up to nine dollars in federal funds and to reimburse the provider their original dollar. What? Robbing the taxpayer to pad the funding pool leading to increase reimbursements for 01:06 Medicaid for the providers. Yeah, if I'm a doctor or a health care facility, I'm saying sign me up to that. Yes, the medical industrial complex totally has your best interest in mind so go ahead and swallow up those vaccines like a good little comrade. Age me harder daddy. And speaking of comrades, do you know how many people in this country receive Medicaid that shouldn't? Before you start screaming, everyone should get free health care. Not the argument here. We do not have universal health care in the United States. It doesn't work and since we don't have it, that means someone is paying for it and guess what? There are lower-income families 01:37 who don't qualify for the benefits but they're taxpayers and they're being burdened by this. Back to the point which is that the system is insanely abused. I used to do child support referee work for years and you would v

Detailed fact-check analysis of: Transcript 00:00 I cannot believe that Trump is cutting Medicaid. Actually, what I meant to say is that I can't believe he's not cutting more of it because medicaid is a money laundering scheme for your government. Congratulations all you bleeding heart democrats. Instead of raging against the machine, you're bending over for it. Medicaid is jointly run by the states and the feds and for every one dollar that your state allocates to the program, the Feds turn around and match that at a level of one 00 percent so one dollar up to nine dollars. And this money comes from taxpayers in other 00:34 states. Your money has a 900% return rate at someone else's expense. Why wouldn't you expand the program? Thanks Obama. That's exactly how we wound up with way too many Medicaid recipients in the first place. Like everything related to healthcare the providers are in bed with the government on this one too because the government can tax the providers. 1. Use that dollar to collect the up to nine dollars in federal funds and to reimburse the provider their original dollar. What? Robbing the taxpayer to pad the funding pool leading to increase reimbursements for 01:06 Medicaid for the providers. Yeah, if I'm a doctor or a health care facility, I'm saying sign me up to that. Yes, the medical industrial complex totally has your best interest in mind so go ahead and swallow up those vaccines like a good little comrade. Age me harder daddy. And speaking of comrades, do you know how many people in this country receive Medicaid that shouldn't? Before you start screaming, everyone should get free health care. Not the argument here. We do not have universal health care in the United States. It doesn't work and since we don't have it, that means someone is paying for it and guess what? There are lower-income families 01:37 who don't qualify for the benefits but they're taxpayers and they're being burdened by this. Back to the point which is that the system is insanely abused. I used to do child support referee work for years and you would v

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Fact Check: It's actually on TikTok. Welcome to the cookout. You see, our people are now claiming our indigenous status. Look at our brother here. Tax exemption ID. Government ID of the Chihamaru Republic. This is really happening. We got another beloved sister here who received her tribal screening back. Positive Indigenous to the Americans. And even myself, I was able to get my screening done. Positive to the Americans. Ladies and gentlemen, if you want to know how I did this, all I need you to do is share this video, repost it, like, and comment. That's all I need from you, okay? And I'll show you guys how to correct your status back to Indigenous American. I love you. This is what I got on my momma. Let's do it. All right, so we corrected your status. We're not talking about the usual runaround you get where you're paying people and they're sending you templates and you gotta mail all of it, no. All right? What we're doing is we're taking a tribal screening through the Aboriginal Ministry of Justice. These are the requirements you will need to pass that tribal screening. You must currently domicile within the United States, born within America, North, Central, or South, parents or grandparents born within America, directly or indirectly experienced genocide, which for us, slavery, Jim Crow, civil rights, directly or indirectly experienced denationalization. Now, this right here is when they strip you of your nation, if you're black, Negro, Cherokee, mulatto, all type of different names, okay? So the cost of this is $75 for adults, $50 for kids.
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Fact Check: It's actually on TikTok. Welcome to the cookout. You see, our people are now claiming our indigenous status. Look at our brother here. Tax exemption ID. Government ID of the Chihamaru Republic. This is really happening. We got another beloved sister here who received her tribal screening back. Positive Indigenous to the Americans. And even myself, I was able to get my screening done. Positive to the Americans. Ladies and gentlemen, if you want to know how I did this, all I need you to do is share this video, repost it, like, and comment. That's all I need from you, okay? And I'll show you guys how to correct your status back to Indigenous American. I love you. This is what I got on my momma. Let's do it. All right, so we corrected your status. We're not talking about the usual runaround you get where you're paying people and they're sending you templates and you gotta mail all of it, no. All right? What we're doing is we're taking a tribal screening through the Aboriginal Ministry of Justice. These are the requirements you will need to pass that tribal screening. You must currently domicile within the United States, born within America, North, Central, or South, parents or grandparents born within America, directly or indirectly experienced genocide, which for us, slavery, Jim Crow, civil rights, directly or indirectly experienced denationalization. Now, this right here is when they strip you of your nation, if you're black, Negro, Cherokee, mulatto, all type of different names, okay? So the cost of this is $75 for adults, $50 for kids.

Detailed fact-check analysis of: It's actually on TikTok. Welcome to the cookout. You see, our people are now claiming our indigenous status. Look at our brother here. Tax exemption ID. Government ID of the Chihamaru Republic. This is really happening. We got another beloved sister here who received her tribal screening back. Positive Indigenous to the Americans. And even myself, I was able to get my screening done. Positive to the Americans. Ladies and gentlemen, if you want to know how I did this, all I need you to do is share this video, repost it, like, and comment. That's all I need from you, okay? And I'll show you guys how to correct your status back to Indigenous American. I love you. This is what I got on my momma. Let's do it. All right, so we corrected your status. We're not talking about the usual runaround you get where you're paying people and they're sending you templates and you gotta mail all of it, no. All right? What we're doing is we're taking a tribal screening through the Aboriginal Ministry of Justice. These are the requirements you will need to pass that tribal screening. You must currently domicile within the United States, born within America, North, Central, or South, parents or grandparents born within America, directly or indirectly experienced genocide, which for us, slavery, Jim Crow, civil rights, directly or indirectly experienced denationalization. Now, this right here is when they strip you of your nation, if you're black, Negro, Cherokee, mulatto, all type of different names, okay? So the cost of this is $75 for adults, $50 for kids.

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Fact Check: Paul Krugman Paul Krugman We’re All Rats Now Time to take a stand, again, against racism Paul Krugman Jun 30, 2025 Zohran Mamdani’s upset victory in New York’s Democratic primary has created panic in MAGAland. Stephen Miller, the architect of Donald Trump’s deportation policies, waxed apocalyptic: Scott Bessent, the Treasury secretary, declared that New York is about to turn into “Caracas on the Hudson.” And Sen. Tommy Tuberville of Alabama basically declared New York’s voters subhuman, saying: These inner-city rats, they live off the federal government. And that’s one reason we’re $37 trillion in debt. And it’s time we find these rats and we send them back home, that are living off the American taxpayers that are working very hard every week to pay taxes. These reactions are vile, and they’re also dishonest. Whatever these men may claim, it’s all about bigotry. Miller isn’t concerned about the state of New York “society.” What bothers him is the idea of nonwhite people having political power. Bessent isn’t really deeply worried about Zamdani’s economic ideas. But he feels free, maybe even obliged, to slander a foreign-born Muslim with language he would never use about a white Christian politician, even if that politician were (like some of his colleagues in the Trump administration) a total crackpot. And while Tuberville stands out even within his caucus as an ignorant fool, his willingness to use dehumanizing language about millions of people shows that raw racism is rapidly becoming mainstream in American politics. Remember, during the campaign both Trump and JD Vance amplified the slanders about Haitians eating pets. And now that they’re in office, you can see the resurgence of raw racism all across Trump administration policies, large and small. You can see it, for example, in the cuts at the National Institutes of Health, which are so tilted against racial minorities that a federal judge — one appointed by Ronald Reagan! — declared I’ve never seen a record where racial discrimination was so palpable. I’ve sat on this bench now for 40 years. I’ve never seen government racial discrimination like this. You can see it in the renaming of military bases after Confederate generals — that is, traitors who fought for slavery. You can even see it in a change in the military’s shaving policy that is clearly custom-designed to drive Black men — who account for around a quarter of the Army’s new recruits — out of the service. So racism and bigotry are back, big time. Who’s safe? Nobody. Are you a legal immigrant? Well, the Supreme Court just allowed Trump to summarily strip half a million U.S. residents of that status, and only a fool would imagine that this is the end of the story. Anyway, when masked men who claim to be ICE agents but refuse to show identification are grabbing people off the streets because they think those people look illegal, does legal status even matter? Does it even matter if you’re a U.S. citizen? And the One Big Beautiful Bill Act is set to massively increase ICE’s funding — basically setting up a huge national secret police force. Now, maybe you imagine that you yourself won’t suffer from this new reign of bigotry and imagine that everyone you care about is similarly safe. But if that’s what you think, you’re likely to face a rude awakening. I personally don’t have any illusions of safety. Yes, I’m a native-born white citizen. But my wife and her family are Black, and some of my friends and relatives are foreign-born U.S. citizens. Furthermore, I’m Jewish, and anyone who knows their history realizes that whenever right-wing bigotry is on the ascendant, we’re always next in line. Are there really people out there naïve enough to believe MAGA’s claims to be against antisemitism, who can’t see the transparent cynicism and dishonesty? The fact is that the Trump administration already contains a number of figures with strong ties to antisemitic extremists. The Great Replacement Theory, which has de facto become part of MAGA’s ideology, doesn’t just say that there’s a conspiracy to replace whites with people of color; it says that it’s a Jewish conspiracy. So I’m definitely scared of what the many antisemites inside or with close ties to the Trump administration may eventually do. And no, I’m not frightened at all by the prospect that New York may soon have a somewhat leftist Muslim mayor. Anyway, my personal fears are beside the point. Everyone who cares about keeping America America needs to take a stand against the resurgence of bigotry. Because the truth is that we’re all rats now. MUSICAL CODA Discussion about this post Michael Roseman Jun 30 Edited For a while, American bigotry was ashamed of itself. Or pretended to be. Now it runs the government. Reply Share 106 replies Megan Rothery Jun 30 Edited Take a stand - Call. Write. Email. Protest. Unrelentingly. Use/share this spreadsheet as a resource to call/email/write members of Congress, the Cabinet and news organizations. Reach out to those in your own state, as well as those in others. Use your voice and make some “good trouble” ❤️‍🩹🤍💙 https://docs.google.com/spreadsheets/d/13lYafj0P-6owAJcH-5_xcpcRvMUZI7rkBPW-Ma9e7hw/edit?usp=drivesdk Reply Share 31 replies 852 more comments... No posts Ready for more? © 2025 Paul Krugman Privacy ∙ Terms ∙ Collection notice Start writing Get the app Substack is the home for great culture

Detailed fact-check analysis of: Paul Krugman Paul Krugman We’re All Rats Now Time to take a stand, again, against racism Paul Krugman Jun 30, 2025 Zohran Mamdani’s upset victory in New York’s Democratic primary has created panic in MAGAland. Stephen Miller, the architect of Donald Trump’s deportation policies, waxed apocalyptic: Scott Bessent, the Treasury secretary, declared that New York is about to turn into “Caracas on the Hudson.” And Sen. Tommy Tuberville of Alabama basically declared New York’s voters subhuman, saying: These inner-city rats, they live off the federal government. And that’s one reason we’re $37 trillion in debt. And it’s time we find these rats and we send them back home, that are living off the American taxpayers that are working very hard every week to pay taxes. These reactions are vile, and they’re also dishonest. Whatever these men may claim, it’s all about bigotry. Miller isn’t concerned about the state of New York “society.” What bothers him is the idea of nonwhite people having political power. Bessent isn’t really deeply worried about Zamdani’s economic ideas. But he feels free, maybe even obliged, to slander a foreign-born Muslim with language he would never use about a white Christian politician, even if that politician were (like some of his colleagues in the Trump administration) a total crackpot. And while Tuberville stands out even within his caucus as an ignorant fool, his willingness to use dehumanizing language about millions of people shows that raw racism is rapidly becoming mainstream in American politics. Remember, during the campaign both Trump and JD Vance amplified the slanders about Haitians eating pets. And now that they’re in office, you can see the resurgence of raw racism all across Trump administration policies, large and small. You can see it, for example, in the cuts at the National Institutes of Health, which are so tilted against racial minorities that a federal judge — one appointed by Ronald Reagan! — declared I’ve never seen a record where racial discrimination was so palpable. I’ve sat on this bench now for 40 years. I’ve never seen government racial discrimination like this. You can see it in the renaming of military bases after Confederate generals — that is, traitors who fought for slavery. You can even see it in a change in the military’s shaving policy that is clearly custom-designed to drive Black men — who account for around a quarter of the Army’s new recruits — out of the service. So racism and bigotry are back, big time. Who’s safe? Nobody. Are you a legal immigrant? Well, the Supreme Court just allowed Trump to summarily strip half a million U.S. residents of that status, and only a fool would imagine that this is the end of the story. Anyway, when masked men who claim to be ICE agents but refuse to show identification are grabbing people off the streets because they think those people look illegal, does legal status even matter? Does it even matter if you’re a U.S. citizen? And the One Big Beautiful Bill Act is set to massively increase ICE’s funding — basically setting up a huge national secret police force. Now, maybe you imagine that you yourself won’t suffer from this new reign of bigotry and imagine that everyone you care about is similarly safe. But if that’s what you think, you’re likely to face a rude awakening. I personally don’t have any illusions of safety. Yes, I’m a native-born white citizen. But my wife and her family are Black, and some of my friends and relatives are foreign-born U.S. citizens. Furthermore, I’m Jewish, and anyone who knows their history realizes that whenever right-wing bigotry is on the ascendant, we’re always next in line. Are there really people out there naïve enough to believe MAGA’s claims to be against antisemitism, who can’t see the transparent cynicism and dishonesty? The fact is that the Trump administration already contains a number of figures with strong ties to antisemitic extremists. The Great Replacement Theory, which has de facto become part of MAGA’s ideology, doesn’t just say that there’s a conspiracy to replace whites with people of color; it says that it’s a Jewish conspiracy. So I’m definitely scared of what the many antisemites inside or with close ties to the Trump administration may eventually do. And no, I’m not frightened at all by the prospect that New York may soon have a somewhat leftist Muslim mayor. Anyway, my personal fears are beside the point. Everyone who cares about keeping America America needs to take a stand against the resurgence of bigotry. Because the truth is that we’re all rats now. 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