Donald Trump’s 2017 tax cut added significantly to the federal debt. But three other bills are poised to add nearly as much or more, and each received Democratic support: a 2019 spending bill, the 2020 CARES Act, and the 2021 American Rescue Plan.
“Americans who worked through the pandemic are being paid up to $26,000 by qualifying for the Employee Retention Credit.”A third bill making a major contribution to the national debt is the 2021 American Rescue Plan, signed by President Joe Biden with the exclusive support of Democrats. The Committee for a Responsible Federal Budget estimates that this law will increase the debt by $2.1 trillion.
Second, not all money from these bills was spent in the first year the bills were approved. Typically, legislation is"scored" on its impact on deficits over a 10-year window. Only the money spent through 2022 is reflected in today’s debt tally. This data affirms that the CARES Act and the American Rescue Plan have each added more to the debt than the Trump tax cuts have.
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