Economy Risks a $1 Trillion Hit if Trump Tax Cuts Expire, Study Says

Senate Finance Committee Chairman Mike Crapo (R-Idaho) calls extension of Trump tax cuts an ‘investment in America.’

President-elect Donald Trump speaks to members of the media during a press conference at the Mar-a-Lago Club in Palm Beach, Fla., on Jan. 7, 2025. Scott Olson/Getty Images

A new study has concluded that the United States could risk a $1 trillion hit to the economy if Congress fails to extend the 2017 Tax Cuts and Jobs Act (TCJA).

According to the National Association of Manufacturers (NAM), not renewing President-elect Donald Trump’s tax reforms would cost the economy about 6 million jobs and $540 billion in lost wages.