The Sacramento Bee: A Jackpot for the 1 Percent, a Pittance for the Rest of Us

In California, the bottom line would be even more unfair. The 1 percent with the highest incomes – an average of more than $2.7 million a year – would get nearly two-thirds of the total tax cut, an average of nearly $150,000 each in 2018, the nonpartisan Institute on Taxation and Economic Policy estimated this month. The middle fifth of taxpayers would get less than 7 percent of the total savings, an average of $770 each; the poorest fifth would get an average of $120 each.

These huge tax benefits for the rich make even less sense when you consider worsening income inequality in California and America. A small group reaped the biggest benefits during the last economic boom, and it’s happening again during the recovery. For every millionaire in Silicon Valley, there are many more stuck in low-wage jobs. Read more.