Claim: President Donald Trump claims that the current tax reform legislation represents the largest tax cut ever.
Fact: By the standards of a percent of GDP or inflation-adjusted dollars, the tax cut from the proposed legislation is not the largest.
The current tax proposal is still a work in progress, but the Senate budget resolution allows it to reduce federal revenues by $1.5 trillion over 10 years. An estimate by the Committee for a Responsible Federal Budget suggests that, when all is said and done, the reduction in tax revenues will increase to $2.2 trillion over 10 years.
The estimated cost of the Republican tax plan would not be the “largest tax cut in history” as a percentage of gross domestic product or in inflation-adjusted dollars, as CNN’s Jake Tapper explains in our latest fact-checking collaboration. President Donald Trump and others in the administration have been making the “largest tax cut” claim for months.