The history of 21st-century tax cuts in the U.S. involves the top end getting most of the proceeds, Pro Tax’s Toby Eckert reports off of a new report from the liberal Institute on Taxation and Economic Policy.
In all, the top quintile of households took in about 65 percent of the tax cut benefits since 2000, according to the report. The top 1 percent will have gotten close to a fifth of the tax cuts by 2025, when the individual provisions from the Tax Cuts and Jobs Act are slated to expire at the end of that year. ITEP also said that it does matter who’s in the White House – tax cuts were more geared to the top under George W. Bush, the group said, while tax relief under Barack Obama went more to lower- and middle-income workers and families. Read more (subscription required)