Institute on Taxation and Economic Policy

Toolkit: Five States with the Biggest Tax Cuts for Millionaires in 2025

This toolkit accompanies ITEP’s latest research brief, The 5 Biggest State Tax Cuts for Millionaires this Year. It provides ready-to-use social media posts, graphics, and messaging examples to help share ITEPs findings with your networks. Whether you’re communicating with journalists, policymakers, or the public, these materials are designed to make your outreach simple, accurate, and impactful.

Key Talking Points

Public opinion polling shows that just 12 percent of the American public thinks that taxes on rich families are too high today. But lawmakers in several states are charging ahead with deep tax cuts for those affluent families anyway. The five states that enacted the largest personal income tax cuts for millionaires in 2025 are Kansas, Mississippi, Missouri, Ohio, and Oklahoma.

Combined, these tax cuts for millionaires—defined here as families with over $1 million of annual income—will cost more than $800 million in 2026 and $2.2 billion a year once fully implemented.

The largest millionaire tax cuts occurred in Mississippi and Oklahoma, where lawmakers voted to eliminate each state’s income tax over a series of years. Once those policies take full effect, millionaires in those two states will get $1.2 billion in tax cuts each year.

Once fully implemented, the average millionaire tax cut ranges from $19,000 a year in Ohio to more than $130,000 a year in Mississippi and Oklahoma.

By any measure, all these tax cuts are dramatically skewed in favor of the richest in these states, with the average cuts for millionaires dwarfing those received by everyone else:

  • The average millionaire tax cut is more than 50 times the size of the average cut for non-millionaires in each of the five states included in this report. In Mississippi and Ohio the average tax cuts for millionaires are over 100 times the size of those for non-millionaires. And in Missouri, where lawmakers decided to fully exempt a large share of wealthy families’ passive incomes, the millionaire cuts are a whopping 529 times larger than the average non-millionaire cut — almost $43,000 per millionaire compared to a paltry $80 on average for everyone else.
  • Even though millionaires make up less than 0.5 percent of the population of these states, they take home over 60 percent of the total tax cut in Missouri, one-third of the cut in Ohio, and 20 percent of the cuts overall across the five states.
  • The larger cuts for millionaires are not simply a product of their larger incomes: even when taken as a percentage of income, the cuts are larger for millionaires in every case.

Social Media Graphics

Infographic titled 'More than 10 states gave tax cuts to millionaires this year.' It highlights that five states—Kansas, Missouri, Oklahoma, Mississippi, and Ohio—gave the largest tax cuts to millionaires. Together, these cuts will cost over $800 million in 2026 and $2.2 billion annually once fully implemented. A U.S. map highlights the five states in yellow with labeled callouts: Kansas: Millionaires receive 84 times more than non-millionaires (average millionaire tax cut $51,260; non-millionaire $610). Missouri: 529 times more ($42,960 vs $80). Oklahoma: 53 times more ($133,030 vs $2,460). Mississippi: 101 times more ($140,580 vs $1,380). Ohio: 167 times more ($19,010 vs $110). Source: Institute on Taxation and Economic Policy, October 2025.
Download Image
Infographic titled 'Kansas is giving out huge tax cuts to millionaires.' It states that the average Kansas millionaire tax cut is 84 times larger than the average non-millionaire tax cut. A bar chart compares average tax cuts: Kansas millionaires receive a $51,260 tax cut, while non-millionaires receive $610. Source: Institute on Taxation and Economic Policy, October 2025.
Download Image
Infographic titled 'Mississippi is giving out huge tax cuts to millionaires.' It states that the average Mississippi millionaire tax cut is 101 times larger than the average non-millionaire tax cut. A bar chart compares average tax cuts: Mississippi millionaires receive a $140,580 tax cut, while non-millionaires receive $1,380. Source: Institute on Taxation and Economic Policy, October 2025.
Download Image
Infographic titled 'Missouri is giving out huge tax cuts to millionaires.' It states that the average Missouri millionaire tax cut is 529 times larger than the average non-millionaire tax cut. A bar chart compares average tax cuts: Missouri millionaires receive a $42,960 tax cut, while non-millionaires receive $80. Source: Institute on Taxation and Economic Policy, October 2025.
Download Image
Infographic titled 'Missouri is giving out huge tax cuts to millionaires.' It states that the average Missouri millionaire tax cut is 529 times larger than the average non-millionaire tax cut. A bar chart compares average tax cuts: Missouri millionaires receive a $42,960 tax cut, while non-millionaires receive $80. Source: Institute on Taxation and Economic Policy, October 2025.
Download Image
Infographic titled 'Ohio is giving out huge tax cuts to millionaires.' It states that the average Ohio millionaire tax cut is 167 times larger than the average non-millionaire tax cut. A bar chart compares average tax cuts: Ohio millionaires receive a $19,010 tax cut, while non-millionaires receive $110. Source: Institute on Taxation and Economic Policy, October 2025.
Download Image
Infographic titled 'Oklahoma is giving out huge tax cuts to millionaires.' It states that the average Oklahoma millionaire tax cut is 53 times larger than the average non-millionaire tax cut. A bar chart compares average tax cuts: Oklahoma millionaires receive a $133,030 tax cut, while non-millionaires receive $2,460. Source: Institute on Taxation and Economic Policy, October 2025.
Download Image