Misha Hill of the Institute on Taxation and Economic Policy (ITEP) has estimated that the top 20 percent income bracket of DC residents will receive almost $700 million in federal tax cuts this year, with most ($541 million) going to the top 5 percent (with incomes above $319,000 per year). The same study finds that $265 million could be recovered as additional revenue by raising the marginal rate of the DC income tax for millionaires to 11.95 percent (or 2 percent above what they are paying now), with lower rates for those earning less than millionaires but making more than $200,000 annually. According to the Internal Revenue Service, the cumulative taxable income of DC residents with an adjusted gross income of above $200,000 in 2016 was $12.8 billion, and it’s likely even higher now. Note that recent poll results have 85 percent of DC voters supporting large-scale investment in public housing paid for by a 3 percent tax on income over $200,000. Read more