Economic policy of Donald Trump

Donald Trump's signature economic policy proposals, sometimes referred to as MAGAnomics or Trumponomics, include trade protectionism, immigration reduction, individual and corporate tax reform, the dismantling of the Dodd–Frank Wall Street Reform and Consumer Protection Act, and the repeal of the Patient Protection and Affordable Care Act ("Obamacare").

Bills to repeal and replace the Affordable Care Act ("Obamacare") did not pass Congress in mid-2017. However, Trump's tax reform plan was signed into law in December 2017, which included substantial tax cuts for higher income taxpayers and corporations as well as repeal of a key Obamacare element, the individual mandate. The Joint Committee on Taxation (JCT) reported that the new tax law would increase the debt by $1.4 trillion over a decade ($1.0 trillion after macroeconomic feedback effects), in addition to a nearly $11 trillion debt increase forecast under prior law and the $20 trillion existing national debt. JCT also expected it to slightly increase the size of the economy (level of GDP) by 0.7% total over a decade.

The Congressional Budget Office (CBO) reported that lower-income groups would incur net costs under the tax plan, either paying higher taxes or receiving fewer government benefits: those under $20,000 by 2019; those under $40,000 from 2021–2025; and those under $75,000 in 2027 and beyond. Up to 13 million fewer persons would be covered by health insurance relative to prior law, due to repealing the individual mandate to have health insurance. As a result, critics argued the tax bill unfairly benefited higher-income taxpayers and corporations at the expense of lower-income taxpayers, and therefore would significantly increase income inequality.

Real gross domestic product, a measure of both production and income, grew by 2.3% in 2017 vs. 1.5% in 2016. While job creation was marginally slower in 2017, the unemployment rate fell and labor force participation among prime-aged workers (age 25–54) improved. Both the budget deficit and trade deficit were higher than the prior year. The stock market and household net worth continued to climb beyond 2016 record levels. The number and percentage of persons without health insurance increased from 2016 to 2017.The number of persons on food stamps rose by 7%, home prices rose by 9% and corporate profits rose by 10%. Trump initiated several deregulatory efforts regarding banking, net neutrality, and the environment.

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