--- title: President Trump Brags He Was a Top Student at Wharton. Here's What They Said About His Tax Bill description: President Trump likes to brag that he graduated from the Wharton School, so its take on his tax reform bill might sting a little. canonical: https://time.com/5058855/donald-trump-wharton-tax-analysis/ author: Nash Jenkins article:opinion: false article:content_tier: free article:published_time: 2017-12-11T17:34:40.000Z article:modified_time: 2026-10-12T08:34:50.758Z article:section: Politics og:title: President Trump Brags He Was a Top Student at Wharton. Here's What It Said About His Tax Bill og:description: This might sting a little. og:url: https://time.com/5058855/donald-trump-wharton-tax-analysis/ og:site_name: TIME og:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt3cc62e95b894d1a2/6988f49a656a3f007dbd2cc3/gettyimages-889873280.jpg?branch=production&width=1200&quality=75&auto=webp&crop=16:9 og:image:width: 5032 og:image:height: 2831 og:image:alt: President Trump returns to White House from Florida og:type: article twitter:card: summary_large_image twitter:title: President Trump Brags He Was a Top Student at Wharton. Here's What It Said About His Tax Bill twitter:description: This might sting a little. twitter:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt3cc62e95b894d1a2/6988f49a656a3f007dbd2cc3/gettyimages-889873280.jpg?branch=production&width=1200&quality=75&auto=webp&crop=16:9 ---  # President Trump Brags He Was a Top Student at Wharton. 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It explains the politics, personalities and power dynamics behind the headlines, twice a week. #### Where can I get analysis of Washington politics by email? D.C. Brief is TIME's free Washington politics newsletter, available at time.com/newsletters. It is written by a TIME senior correspondent who covers the capital full time. #### Who writes TIME's D.C. Brief? Philip Elliott, a senior correspondent at TIME, writes D.C. Brief. #### Is D.C. Brief free? Yes. D.C. Brief is free at time.com/newsletters. ### Sources * TIME Newsletters: [time.com/newsletters](/c/time-nl-dcbrief-2026q3/newsletters?i=5806a44c-4210-43d4-8aac-0696e06a1eb9&cr=time-nl-dcbrief-2026q3-v1) ## Video: Senate Republicans Pass Massive Tax Reform Bill (KRN) [Watch (HLS stream): Senate Republicans Pass Massive Tax Reform Bill (KRN)](https://cdn.jwplayer.com/manifests/8WXEvLEJ.m3u8) (2:03)  _Published 2017-12-02. The Senate has passed a nearly $1.5 trillion Republican tax bill that’s historic in scope and an urgent political priority for President Donald Trump and the GOP._ by [Nash Jenkins](https://time.com/author/p-nash-jenkins/) ## Nash Jenkins Dec 11, 2017 5:34 PM UTC The Senate has passed a nearly $1.5 trillion Republican tax bill that’s historic in scope and an urgent political priority for President Donald Trump and the GOP. by [Nash Jenkins](https://time.com/author/p-nash-jenkins/) ## Nash Jenkins Dec 11, 2017 5:34 PM UTC President Trump likes to brag that he graduated from the Wharton School of the University of Pennsylvania, so its take on his tax reform bill might sting a little. In [an analysis of the tax reform bill](http://budgetmodel.wharton.upenn.edu/issues/2017/12/8/the-senate-tax-cuts-and-jobs-act-as-passed-by-senate-12217-static-and-dynamic-effects-on-the-budget-and-the-economy) which passed the Senate, the Ivy League business school found that it would increase the national debt by $1.5 trillion over the next decade, while boosting the economy only a small amount in the short term. “Penn Wharton Budget Model’s dynamic analysis projects that The Senate Tax Cuts and Jobs Act increases federal debt in both the short- and long-run relative to current policy,” the analysis reads. “In the near term, there is a small boost to GDP, but that increase diminishes over time.” According to the analysis, the bill’s tax cuts will cost the government $1.18 trillion in unearned revenue by 2027 — a higher sum than [previously estimated](https://www.washingtonpost.com/news/wonk/wp/2017/11/30/senate-gop-tax-plan-would-fall-1-trillion-short-of-trump-administrations-promises-congress-tax-analyst-says/) by the Joint Tax Committee, the nonpartisan congressional auditor, last month. The impact of slashing the corporate tax rate to 20% will be even steeper: $1.4 trillion in lost revenue. Trump has often cited his degree from Wharton as proof of his intelligence. “You know, people don’t understand. I went to an Ivy League college,” Trump once [said.](https://www.politico.com/magazine/story/2016/11/donald-trump-2016-wharton-pennsylvania-214425) “I was a nice student. I did very well. I’m a very intelligent person.” ## Transcript On this vote, the yays are 51. And the nays are 49. The tax cuts and job acts as ammended is passed. [ MUSIC ] [ MUSIC ] [ MUSIC ] We understand they have the votes to pass their bill despite a process. And a product that no one could be proud of and everyone should be ashamed of. [ MUSIC ] [ MUSIC ] [ MUSIC ] It was the biggest package in terms of tax cuts ever passed in our country. 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