Our new study, based on our advance estimates of Census Bureau data on income shows big money gains for all income groups under Trump, and almost no gains for the poor and middle class under Biden. You can get a summary of the findings in today’s major feature piece in the New York Post.

The findings resoundingly contradict the Left’s frequent claims that Trump’s tax and budget policies primarily favored the rich. In truth, the purchasing power of Americans in the bottom quarter of household income rose by 10% during his first White House term. The poor lost income under Biden policies because of the high inflation. Even though his priority was to reduce income inequality, the gap between rich and poor grew wider from 2020-24.

Those income gains under Trump 1.0 likely would have been much higher if COVID lockdowns hadn’t choked off large sectors of the economy in 2020. Also, these numbers in the chart are pre-tax, so when we take into account the Trump 2017 tax cuts, the average family gained about $8,000 in after-tax incomes.