Des Moines Register: Richest Iowans Saw Most of the Benefit from 2017 Tax Cuts, Study Finds
media mentionNo group in Iowa benefits more from the 2017 federal tax cuts than the wealthiest 1%, according to a new research paper from the left-leaning Iowa Policy Project.
With an average annual income of $1 million, each member of that group receives tax cuts worth about $35,000 a year. In all, they receive a quarter of the total benefit seen in Iowa from the Tax Cuts and Jobs Act, the paper says.
Other wealthy groups also benefit disproportionately, according to the research paper released Monday.
The paper analyzes what Iowans will pay on their 2020 tax bills. It is based on data from the Institute on Taxation and Economic Policy.