According to a report from the Institute on Taxation and Economic Policy (ITEP), released on October 8, Trump administration policies could cost a typical middle-income American about $1,700 more in 2026, while the poorest 20% would pay about $750 more and the wealthiest 1% could save about $12,560. The analysis covers tax provisions in the One Big Beautiful Bill Act, the expiration of COVID-era ACA health insurance tax credits, and price increases tied to tariffs, the Iran war and immigration policies. For a middle-income taxpayer, the new tax law saves about $380, while price effects cost about $1,850 and the credit expiration about $230. The White House disputes this view, saying the policies helped stop inflation and support growth and jobs, and some policy experts question how the report calculates costs and benefits.
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