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The poorest fifth of Americans would receive 1 percent of the House reconciliation bill’s net tax cuts in 2026 while the richest fifth of Americans would receive two-thirds of the tax cuts. The richest 5 percent alone would receive a little less than half of the net tax cuts that year.

The House tax plan cuts charitable giving tax incentives for donors to most nonprofit groups while roughly tripling the incentive available to donors to groups that fund private K-12 school vouchers. The bill would also allow private school voucher donors to avoid capital gains tax on their gifts of corporate stock, creating a profitable tax shelter for wealthy people who agree to help funnel public funds into private schools. The bill would reduce federal tax revenue by $23.2 billion over the next 10 years as currently drafted, or by $67 billion over the next 10 years if it is extended beyond its four-year expiration date.

Seven huge corporations recently announced that in 2024 they were allowed to collectively keep $1.4 billion in tax breaks from previous years that they had publicly admitted would likely be found illegal if investigated – all because the tax authorities were unable to identify and disallow them before the statute of limitations ran out.

Want to know more about the tax and spending megabill that President Trump recently signed into law? We’ve got you covered.

Mississippi lawmakers have approved the most radical and costly change to the state’s personal income tax system to date. House Bill 1 ultimately eliminates the state’s personal income tax and cuts state revenues by nearly $2.7 billion a year when fully implemented. This deeply regressive legislation will create a windfall for the wealthiest residents of the poorest state in the nation while simultaneously jeopardizing the state’s ability to fund public services that support Mississippians and the state’s economy.

Missouri House Bill 798 would reduce personal and corporate income tax rates, fully eliminate taxes on capital gains income from sale of assets, and eliminates the state’s modest Earned Income Tax Credit that assists many working people in lower-paid jobs. HB 798 would radically transform Missouri’s income tax code into a system that privileges income from wealth over income from work, leaving many middle-income families to pay a higher income tax rate than wealthy people living off their investments.

The U.S. needs a tax code that is more adequate, meaning any major tax legislation should increase revenue, not reduce it. The U.S. also needs a tax code that is more progressive, meaning any significant tax legislation should require more, not less, from those most able to pay.

Tax policy alone cannot solve the housing crisis but lawmakers who are focused on tax policy solutions have better options available than sweeping property tax cuts and caps: property tax circuit breakers, renter credits, vacancy taxes, land value taxes, and changes to existing property tax assessments can move the needle on the affordable housing crisis.