“Just as I promised the American People from this podium 11 months ago, we enacted the biggest tax cuts and reform in American history.”
FACT CHECKER | Trump repeatedly claims he passed the biggest tax cut in U.S. history, but it’s just not true. He’s earned Four Pinocchios for this claim before — but repeated it 57 times in his first year as president.
The best way to compare tax cuts (or spending plans) over time is to measure them as a percentage of the national economy. Inflation-adjusted dollars are another option, but a percentage of gross domestic product helps put the impact of the bill into context. Trump tax cut, according to Treasury Dept. data, is nearly 0.9 percent of GDP — compared to 2.89 percent of GDP for Ronald Reagan’s 1981 tax cut. Trump’s tax cut is only the eighth largest — and is even smaller than two of Barack Obama’s tax cuts.