#TrumpTaxCuts Extension of the term ending in 2017 tax The Tax Cuts and Jobs Act (TCJA) will reduce federal tax revenues by $4.5 trillion from 2025 to 2034. Long-term GDP will increase by 1.1 percent, offsetting $710 billion, or 16 percent, of revenue loss. Long-term GNP (a measure of American income) will increase by only 0.4 percent, as some benefits from tax cuts and economic expansion will go to foreigners in the form of higher interest payments on debt.