"Trump is promising to give big tax cuts to everybody, and to protect Social Security, Medicare and Medicaid.

But the truth is that his proposed tax cuts will benefit the wealthy at the expense of low- and middle-income Americans, and he will cut entitlements to cover any lost tax revenues.

We've seen this movie before. In 2016, Trump promised his tax cuts would favor working- and middle-class Americans.

The cuts he delivered, however, favored the wealthy, widened income inequality, and encouraged massive tax fraud (which Trump may view as normal practice, given his own bogus tax write-offs).

By the time they expire next year, Trump's tax cuts are projected to have boosted after-tax incomes of the top 1 percent of earners by 3 percent, to an average of $2.1 million. But they barely affect the bottom 60 percent of earners, increasing their 2025 incomes just 1 percent, to $41,800.

By 2025, average tax savings will amount to just $70 for the bottom 20 percent of earners, $61,090 for the top 1 percent, and $252,300 for the top 0.1 percent. If extended to 2027, the tax cuts would actually make low- and middle-income earners worse off.

Trump promised his tax cuts would pay for themselves by generating robust economic growth. But that never happened, so they ended up adding between $1 trillion and $2 trillion to the federal debt.

Our deficits are due primarily to Trump's tax cuts. Extending them would add another $4.6 trillion to the federal debt, CBO found. "

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